Commodities were off to a mixed start this morning after a bumpy ride last week that saw NYMEX crude oil futures approach $50 per barrel. This morning, Reuters reports that “Oil prices rose on Monday after Saudi Arabia said producer club OPEC and Russia should restrict supplies to current levels, while Washington's withdrawal of a tariff threat against Mexico removed a cloud over the global economy.”
In New York, NYMEX crude futures were up over $54/bbl this morning while COMEX copper was little changed around $2.63/lb. In London, base metals lacked direction this morning with LME 3-mo copper and nickel slightly firmer around $5,810/mt and $11,665/mt, respectively, while 3-mo. aluminum eased to $1,753/mt, similar to earlier trading in Shanghai. In equities trading, most of the major bourses in Asia and Europe started the week in positive territory as the trade outlook improved. In foreign exchange trading, the euro was trading around $1.13 this morning while the greenback was buying 108.67 Japanese yen.