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.
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