Commodities exchange to be established in St. Petersburg

Deputy Economic and Trade minister Kirill Androsov said that the international commodities exchange in St. Petersburg will be registered in September or October 2007.

Speaking to journalists in Moscow, Androsov said the exchange would have an initial capital of $US 50 MLN and it would specialise in commodities such as aluminium, timber and metals, and particularly a new Russian export blend crude oil REBCO and oil products.

Leading Russian companies have been invited to participate, with a limit of 10% ownership for founding members.

source

Crude Oil update

September Crude Oil (CLU7) bottomed at 54.30$ after topping out at 79.90$.

Still unclear if current level is sustainable.

Resistance between 77$ – 79.90$.

Support between 69$ - 70$.



Crude Oil(CLU7) weekly chart

Platinum, Ready for new highs?

The price of platinum registered a new all time high at May 2006, followed by a three wave correction (A, B, C) . In October 2006 the price bottomed at around 1050$ an ounce and a new rally has begun (primary direction is up so 5 wave pattern is expected). May 2007 another all time new nominal high slightly above 2006 high.

Potential Inverse head and shoulders pattern with 1475$ as initial price objective.