Commodity prices were mostly firmer in early trading this morning as the Bloomberg Commodity Index advanced 0.6% amid firmer crude oil and precious metal prices and a weaker dollar.
In New York, NYMEX crude oil futures were up around 2.5% this morning to more than $49 per barrel. Reuters reports, “The oil prices are drawing support from an agreed supply cut by the Organization of the Petroleum Exporting Countries, well as some non-member countries such as Russia and Oman.” While nonferrous metal prices got off to a positive start in Shanghai this morning, trading in London and New York was mixed as COMEX copper futures slipped to around $2.64 per pound early on. In London, LME 3-mo. aluminum edged up to $1,880/mt this morning while 3-mo. copper eased to $5,915/mt and nickel was holding steady around $11,125/mt. In forex trading the euro advanced to $1.145 while the greenback was buying 108.30 Japanese yen.
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