• Weekly Market Report

This Morning

The Bloomberg Commodity Index rebounded 0.7% this morning as higher crude oil prices pulled the major commodity indexes higher.

Reuters reports that “oil prices rose on Tuesday after the world’s top oil exporter Saudi Arabia said explosive-laden drones had attacked two pumping stations belonging to state oil company Aramco.” In New York, NYMEX crude oil futures traded as high as $62 per barrel this morning while COMEX copper futures were little changed around $2.72 per pound. In London, base metal prices were mostly firmer this morning with LME 3-mo. copper recently trading around $6,040/mt as 3-mo. aluminum and nickel edged up to $1,835/mt and $11,860/mt, respectively. In foreign exchange trading the euro slipped to $1.1214 while the British pound was down to $1.292 as trade jitters continue to ripple through the forex markets.


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