The Bloomberg Commodity Index was up nearly 0.6% this morning as higher energy and precious metal prices more than offset softer industrial metal prices. In New York, NYMEX crude oil futures were up 2.7% in early trading to approach $66 per barrel.
Reuters reports that oil prices high the highest levels so far this year “…as the United States was set to announce a further clampdown on Iranian oil exports, tightening global supplies.” However, copper prices didn’t track oil prices higher, with COMEX copper slipping 2 cents to around $2.90/lb. this morning. (The London Metal Exchange is closed for the Easter Monday holiday). In foreign exchange trading, the euro was a little firmer around $1.125 while the British pound dipped below $1.30. Stocks in Asia got off to a mixed start this morning as the Shanghai Composite Index declined 1.7% while the Nikkei edged up 0.08%.
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