David Fuller's view Will commodity inflation be a problem? You will find all tradable commodities in the Subscriber's Chart Library.

Tin (LME 3M) was one of the strongest metals in the last cycle and has repeated this leadership since bottoming with an upside weekly key reversal in January 2009. However its latest and persistent advance had become overextended once again relative to the trend mean represented by the 200-day moving average. Today's downward dynamic has checked this move and some consolidation of gains appears likely before the 2008 top area is further tested.

Copper (HG1) rebounded following its failed break beneath the February reaction low but remains rangebound overall. A consolidation of recent gains is underway and a close back beneath 300¢ would be required to question current scope for sideways and eventually higher ranging in a test of the 2006 to 2008 peaks.

Corn (C ) rallied to the upper side of what appears to be a large developing base formation before encountering resistance last Thursday. A short-term consolidation of gains is currently underway and a close beneath the last reaction low near 375¢ would be required to question the current outlook for renewed strength in coming weeks.

White Sugar (QW1) checked a six-week rally last week with a downward dynamic but support from a small base formation checked the decline today. If sugar can hold above $500 during an additional support building phase, this pattern should sustain additional gains over the medium term.

Crude Oil (CL1) has a chart pattern remarkably similar to a number of largely western stock market indices - a predominantly ranging pattern, an April high and sharp decline in May. Thereafter crude oil began to recover a little more quickly than most US and European equity indices. This correlation appears to reflect risk appetite rather than just being coincidental. Crude oil is currently consolidating the late-July gains and a close beneath the last small reaction low near $76 would be required to question scope for somewhat higher prices over the medium term.

Overall, the majority of commodities show a recent and also medium-term bias to the upside, due to a soft USD, accommodative monetary conditions, Asian-led GDP growth and speculative interest which remains correlated to stock market performance. (See also Eoin's comments on commodities and food shares below.)