Crude oil hits 60 dollars to lead commodity rally

When the world's most important commodity, crude oil, began to break through, the rise of other commodities suddenly seemed logical. Following the overnight rally of 5.77%, approaching 60 dollars/barrel integer PASS, the international crude oil futures electronic disk yesterday morning again "bolted."　　The New York Mercantile Exchange (NYMEX) delivered a lightweight crude oil plate in July that easily spanned $60 a barrel, reaching a maximum of $60.99/barrel, with a maximum gain of nearly 2.5% per cent. Encouraged by this, the domestic futures market yesterday a large area floated red.　　Among them, the Shanghai Futures exchange period copper contracts closed all trading, aluminum, zinc, fuel oil, natural rubber contracts are good performance; agricultural commodities, the Dalian Commodity Exchange, soybean, soybean meal, soybean oil, palm oil and other contracts have also been quite impressive. Industry insiders said that the oil fell 60 U.S. dollars/barrels, in the technical graphics formed a platform breakthrough in the Bulls trend. Once the market confirms a breakthrough, oil prices are expected to challenge the 75 dollar/barrel position.　　If so, oil prices will certainly play a very strong role in other commodities. Overnight, international crude oil futures by multiple positive news stimulus shocks higher. The fiercest outbreak of an armed conflict in Nigeria, an oil-producing country, and a fire in a US refinery have caused the pipeline to explode.　　Some in the market are worried that the global supply of crude oil may be tight in the short term, triggering a massive increase in safe-haven buying; But more insiders believe the US's April housing start rate is more far-reaching than the March forecast, which may mean a step closer to the bottom of the U.S. economy. The news of the overnight oil rally has been a significant boost for the domestic futures market. Yesterday morning, most commodity contracts were open and high. In the afternoon, the non-ferrous metal exerting force on the attack, the Shanghai copper contract took the lead in sealing up the rise, led Shanghai zinc, Shanghai Aluminum contract group rally.　　To close, the main contract of Shanghai zinc 13710 yuan/ton, compared with the previous trading day Rose 565 yuan, up to 4.48%; Shanghai Aluminum main contract closed to 12875 yuan/ton, rose 205 yuan, up 1.62%. In fact, yesterday's rebound in commodity markets did not dispel all concerns. Industrial Futures Research and Development department Zhang Wenli said the strong crude oil will provide support for non-ferrous metals prices.　　However, it is noteworthy that the domestic metal spot market transactions generally, copper fundamentals in the short term still maintain oversupply situation, which will be the trend of metal futures caused a certain drag. TIANMA Futures Research and Development Center, although the current stock market, commodities and other high-risk asset markets liquidity surplus is still obvious, but the domestic stock market, the upward momentum of the weakening, which still may cause a drag on domestic copper prices. In addition, the current domestic and foreign copper prices fell to around 1:8, showing that the domestic copper oversupply situation is serious, which will lead to a weakening demand for copper, and eventually lead to international copper prices fall.