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This Morning

This morning, the major commodity price indexes were mixed as firmer crude oil futures were offset by mostly weaker precious and industrial metal prices.

But nickel prices bucked the trend among the major base metals, with SHFE nickel settling 1.5% higher in Shanghai today while LME 3-mo. nickel traded as high as $13,405/mt (=$6.08/lb.) this morning. In New York, COMEX copper futures slipped to around $2.90 per pound in early trading after having touched $2.9775 early last week, while NYMEX crude oil futures rebounded to over $56 per barrel. Reuters reports that “Oil prices rose on Monday, buoyed by OPEC output cuts and reports that the United States and China are inching closer to a deal on a tariff row that has slowed global economic growth.” In foreign exchange trading, the euro slipped to around $1.134 ahead of European Central Bank meetings this week while the British pound was steady at $1.320.

ThisMorning0304

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