Copper price neediness to the positive momentum led it to form more correction waves, to move away from $6.6600, to keep providing weak sideways trading by its stability near $6.3500 level.

The sideways trading might continue with potential test to the initial support at $6.1000, which forms confirmation key for the suggested trend in the near period, breaking the support and holding below it will push the price to resume the corrective attempts, which might target $5.8200 reaching $5.5000.

The expected trading range for today is between $6.1000 and $6.5100

Trend forecast: Bearish

Brent crude oil price remains in a narrow range this week as investors watch the new developments in the ongoing US-Iran crisis. It was trading at $95.40 today, June 5, after Hezbollah rejected the new ceasefire agreement between Israel and Lebanon.

Odds of new fighting rise as Hezbollah rejects ceasefire

Brent and the West Texas Intermediate have barely moved this week as investors assessed the current phase of the US-Iran crisis and the dwindling US Strategic Reserves.

Odds of a quick deal between the two sides have now dropped substantially this week as ceasefire talks stalled. Worse, the recent ray of hope between Israel and Lebanon found a major roadblock after Hezbollah rejected the ceasefire.

Hezbollah argued that the ceasefire was not in Lebanon’s interest and amounted to surrender. This means that the fighting between Hezbollah and Israel will continue in the foreseeable future, something that Israel wants.

The challenge, however, is that Iran has insisted that any deal with the US will be contigent on the developments in Lebanon.

Therefore, there is a real risk that the US and Iran will restart their bombing campaigns. Just this week, Iran launched a barrage of missiles towards Kuwait in response to US attacks on its targets.

A renewed phase of fighting would be risky for the world economy, as it would push crude oil prices much higher than where they are today. Besides, data show that US oil inventories have continued falling, while drawdowns from the Strategic Petroleum Reserves (SPR) have accelerated and moved to the lowest level in years. If this trend continues, chances are that these reserves wil run out in months.

US driving season is underway

At the same time, the US is now in its driving season,where petroleum demand is usually at its highest. As a result, some top officials and experts warn of an impending danger in the world’s oil market if the Strait of Hormuz continues its closure for longer.

Before the war, 20.3 million barrels of oil used to pass through the Strait of Hormuz each day. This figure has now been reduced to near zero by Iran’s closure and the US blockade.

The world has found some extra oil, with Saudi Arabia boosting its pipeline exports, surging to 7 million barrels per day. Oil exports from the US and other countries like Canada has soared. This, however, has not been enough to offset the losses from the Strait.

Brent crude oil price technical analysis

Brent crude oil price chart | Source: TradingView

The daily chart reveals that Brent crude oil price has been sending mixed signals in the past few weeks. On the one hand, it has moved below the 50-day Exponential Moving Average (EMA), a sign that bears remain in control.

Brent has also formed a double-top pattern, a common bearish reversal sign in technical analysis. If this happens, Brent may drop to the key support level at $60.

On the other hand, Brent has formed an island reversal pattern, which happens after a big down gap. If this happens, the price may rebound and move above the key resistance level at $100. Such a move may also push it to $110 and above.

Copper price ended the bullish rally by reaching $6.6300 level, forcing it to provide some corrective waves by reaching $6.3750, due to stochastic exit from the overbought level to delay the bullish rally temporarily.

While the main stability above $6.1000 support forms a main factor to confirm the continuation of the positivity in the upcoming trading, therefore, we will keep waiting for gathering new momentum, to attempt to form a new support at $6.2500 level, to reinforce the chances of renewing the bullish attempts to target $6.7500 reaching $6.9400.

The expected trading range for today is between $6.2800 and $6.5500

Trend forecast: Fluctuating

Copper price ended the bullish rally by reaching $6.6300 level, forcing it to provide some corrective waves by reaching $6.3750, due to stochastic exit from the overbought level to delay the bullish rally temporarily.

While the main stability above $6.1000 support forms a main factor to confirm the continuation of the positivity in the upcoming trading, therefore, we will keep waiting for gathering new momentum, to attempt to form a new support at $6.2500 level, to reinforce the chances of renewing the bullish attempts to target $6.7500 reaching $6.9400.

The expected trading range for today is between $6.2800 and $6.5500

Trend forecast: Fluctuating

• Silver has fallen during trading here on Wednesday as we continue to see a lot of back-and-forth action.
• Quite frankly, this is a market that is going to continue to pay close attention to interest rates.
• And unfortunately, interest rates remain stubbornly high and that, of course, works against the value of silver.

If silver price were to fall from here, the market could go looking to the $70 level. I think that would be an area that a lot of people would be very interested in.

With this being the case, I am watching this market very closely. It is a market that has been very choppy and sideways for a while now as we just do not have any clear direction. I think $70 and $80 both are important levels that people will pay close attention to in this environment.

Interest Rates and Geopolitical Drivers

I also recognize that you have a situation where the Middle East is really what’s driving everything as traders are trying to sort out whether or not the supply chain reopens because we have issues with energy inflation being a real threat. And if that’s going to be the case, then interest rates will remain higher for longer and that’s just kind of weird feedback loop we’re in.

So, with that being said, I think we basically stay where we’re at, I’m not looking for any big moves. But if we were to break above the $80 level and rates start to drop, I think that’d be a sign that maybe we’re changing regimes, we could go looking at the $90 level.

Long term, I am very positive on silver. There is a massive amount of demand and there is nowhere near enough supply, but at the same time, it’s worth noting that it is a non-yielding asset. So, what I mean by that is we continue to see high rates really work against it. I like buying dips, but I wouldn’t put a lot into this market, at least not right now.

Ready to trade our daily forex analysis and predictions? Here are the best Silver trading brokers to choose from.

Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex. He favours a longer-term trading style, and his trades often last for days or weeks.

As seen on: Pairs Of Aces Podcast,The Trader Guy, FXEmpire

Domestic coffee prices

The domestic coffee market in the morning trading session of June 4, 2026 recorded a sharp decline after yesterday’s short-term recovery session.

According to survey data in key growing areas of the Central Highlands, bulk purchase prices simultaneously decreased from 1,200 to 1,400 VND per kg compared to the trading session on June 3, 2026, bringing the average price level of the whole region back to the 86,000 VND per kg mark.

Specifically, in Dak Lak, Gia Lai and Dak Nong (old), the purchase price recorded decreases of 1,200 VND, 1,200 VND and 1,300 VND respectively, currently fluctuating in the range of 86,000 VND per kg. In the Lam Dong area, the price of raw coffee beans decreased the most by 1,400 VND, to 85,300 VND per kg.

In other items, the price of pepper increased by 1,000 VND, to 140,000 VND per kg, while the USD/VND exchange rate at Vietcombank remained unchanged at 26,092 VND.

World coffee prices

On international futures exchanges, coffee prices in the nearest closing session witnessed a simultaneous “slump”. On the London exchange, Robusta futures for July 2026 delivery fell sharply by 91 USD, equivalent to 2.63%, closing the session at 3,371 USD per ton.

Similarly, on the New York exchange, Arabica futures prices for delivery in July 2026 decreased by 6.10 cents, equivalent to 2.35%, falling to 253.10 cents per pound.

Selling pressure on both exchanges mainly came from information forecasting coffee production for the 2026/27 crop year of Brazil announced by the Foreign Agricultural Service Administration (FAS) under the US Department of Agriculture (USDA), with a forecast of reaching a record level of 71.9 million bags, an increase of 14% compared to the same period last year. This information completely changed the supply prospects, causing investment funds to accelerate position liquidation.

Coffee price assessment and forecast

The coffee market is currently in a period of strong technical correction as global supply prospects are clearly improved.

In addition to the latest report from USDA/FAS on record crops in Brazil, Rabobank has also just raised its global Arabica coffee surplus forecast for the 2026/27 crop year to 9.5 million bags.

The improvement in supply prospects in Brazil, combined with strong export data from Vietnam (up 15.8% in the first 4 months of the year), is creating negative pressure on prices.

However, this picture still has long-term supporting factors to note. Although Arabica inventories on the ICE exchange fell to 427,840 bags on Wednesday, the tight supply due to the closure of the Strait of Hormuz still increased global shipping and logistics costs.

In addition, concerns about the “Super El Niño” phenomenon in the second half of 2026 are still a major risk variable for next year’s crop. In the short term, coffee prices may continue to be under adjustment pressure as the market responds to record crop information, but in the long term, the possibility of deep price drops will be limited by increased production and logistics costs.

JAKARTA – Analysts have again raised their global oil price forecasts for 2026 as energy supply disruptions continue due to the Iran conflict and trade flows through the Strait of Hormuz remain below pre-crisis levels.

According to a Reuters survey of 33 economists and analysts, the average price of Brent crude is now expected to reach US$90.44 per barrel in 2026, up from the previous month’s forecast of US$86.38 per barrel.

Meanwhile, West Texas Intermediate (WTI) crude is projected to average US$84.63 per barrel, higher than April’s forecast of US$80.07 per barrel.

The latest increase marks the third consecutive upward revision since the Iran conflict began in late February. Compared with forecasts before the outbreak of the war, Brent and WTI price projections for 2026 have surged by around 40%.

Since the conflict started, Brent and WTI prices briefly climbed to their highest levels in four years, exceeding US$126 and US$119 per barrel respectively, as global energy supplies were disrupted following the closure of the Strait of Hormuz.

Nevertheless, analysts believe the likelihood of oil prices reaching new record highs remains limited.

“The possibility of prices reaching a new record this year is very low. Although we expect prices to continue rising through July, any increase will be only marginal from current elevated levels,” said Surabhi Menon of EIU India.

“This assumption is based on the expectation that the situation in Iran will remain broadly unchanged, with the ceasefire holding and the Strait of Hormuz remaining closed, at least until the end of July.”

Data from Kpler show that Middle Eastern crude oil exports have fallen sharply since the crisis began. Export volumes, which previously averaged 18.3 million barrels per day, have now declined to approximately 8.8 million barrels per day.

NORD/LB analyst Thomas Wybierek expects energy distribution disruptions to persist longer than initially anticipated.

“These disruptions will last longer than expected until trade flows through the Strait of Hormuz return to pre-crisis levels,” he said.

“Even in the event of a ceasefire or some form of short-term peace agreement, we do not expect seaborne oil and gas shipments in 2026 to return to previous levels.”

Most analysts forecast that the global oil market will face a supply deficit throughout 2026. Estimates of the shortfall range from 500,000 to 8 million barrels per day.

On the demand side, the Organization of the Petroleum Exporting Countries (OPEC) has reduced its forecast for global oil demand growth next year to 1.17 million barrels per day from a previous estimate of 1.38 million barrels per day.

The US Energy Information Administration (EIA) has gone further, forecasting that global oil demand will decline by around 420,000 barrels per day.

“From a demand perspective, headwinds are increasing due to weaker macroeconomic conditions. Higher prices, weaker trade flows and downgraded GDP forecasts are weighing on consumption growth.

In essence, the conflict is tightening supply while simultaneously slowing demand growth,” said analysts at Crisil.

Although several OPEC+ members are expected to agree to a production increase at the upcoming 7 June meeting, analysts believe additional supply will provide limited relief as long as export routes through the Strait of Hormuz remain disrupted.

“The binding constraint is not production quotas but the physical inability to move additional barrels through the Strait of Hormuz, meaning production policy remains largely symbolic while exports continue to be disrupted,” said UniCredit analyst Tobias Keller. (DH/LM)

Downtrend Structure Points to Lower Targets

Other than the potential support zone near the uptrend line and 200-day moving average, gold is in a downtrend correction that has established a series of lower swing highs and lower swing lows since it peaked in January at $5,597. The projection of that trend would lead to another test of support near the $4,091 price zone. Since it currently aligns with another long-term uptrend line, it takes on added significance as a potential support zone. However, a decisive decline below the short-term trend low of $4,366 points toward the next downside target zone near the 78.6% Fibonacci retracement at $4,262. That price area will soon be joined by the rising 50-week moving average, now at $4,229.

Conditions for Stabilization or Reversal

Despite the potential for a bearish continuation, key support has held so far, and it may continue to do so, which would instead open the door to a corrective bounce and potential bullish reversal signals. That could result in a bounce and eventual bullish reversal signals. Gold has been falling since the lower swing high of $4,891 was established in April. But the decline has been relatively slow, with ongoing signs of consolidation rather than impulsive selling.

Short-Term Resistance Levels Define Recovery Threshold

Strength would first be indicated on a rally above Wednesday’s high but with little conviction. That leaves the three-day high of $4,546 as a short-term resistance that might provide an early warning for a potential breakout above the lower swing high of $4,595, which would represent a more meaningful bullish confirmation as it would also coincide with a reclaim of the 20-day moving average.

Copper price continued forming bullish waves, achieving clear gains by reaching $6.6300 level, facing the recently achieved historical top to settle near it.

Note that the positive factors that are represented by forming extra support at $6.2500 level, and providing positive momentum by the main indicators, which makes us keep the bullish scenario, to expect targeting new historical stations that might begin at $6.7400 reaching $6.9400.

The expected trading range for today is between $6.4700 and $6.7400

Trend forecast: Bullish