Reuters reports this morning that “Oil prices steadied on Monday after slipping by around 2 percent last week, but remained under pressure from oversupply and concern over the prospects for global economic growth and fuel demand.”
Slower industrial production in China reported late last week took a toll on investor confidence as markets gear up for this week’s Fed announcement. In New York, NYMEX crude oil futures steadied around $51.90 per barrel while COMEX copper futures dipped below $2.74 per pound. In London, base metal prices were mostly softer this morning with LME 3-mo. copper trading around $6,100 per ton while 3-mo. aluminum dipped below $1,925/mt (= 87 cents/lb.). In foreign exchange trading the euro edged up to around $1.134 while the dollar was buying 113.3 Japanese yen.