• Weekly Market Report

This Morning

Most of the major commodity indexes started the week in positive territory thanks to firmer crude oil and industrial metal prices, with the UBS Bloomberg CMCI up 0.28% in early trading.

In New York, NYMEX crude oil futures were recently trading up around $56.62 per barrel (+1.0%) as Reuters reported “Oil prices rose on Monday, lifted by comments from Saudi Energy Minister Khalid al-Falih that an end to OPEC-led supply cuts was unlikely before June and a report showing a fall in U.S. drilling activity.” After having come under pressure late last week, nonferrous prices were mostly firmer in London this morning. LME 3-mo. copper advanced to around $6,415/mt (=$2.91/lb.) while LME 3-mo. aluminum was little changed at $1,865/mt (=84.6 cent/lb.). In comparison, precious metal prices were off to a softer start this morning as COMEX gold futures slipped below $1,297 per troy ounce while silver futures eased to $15.33/to. In foreign exchange trading the British pound dipped to $1.2986 ahead of more Brexit excitement this week, while the euro edged up to $1.124 after the ECB’s monetary policy statement briefly pulled the euro as low as $1.1176 last week.


Back to Main

Have Questions?