• Weekly Market Report

This Morning

Nonferrous metal prices started the week in negative territory in Shanghai early this morning but were faring somewhat better in London and New York. At the LME, 3-mo. copper traded as high as $5,837/mt in early trading before slipping to around $5,813/mt as 3-mo. aluminum eased to around $1,755/mt.

In New York, most-actively traded COMEX copper futures were little changed around $2.63 per pound early this morning while NYMEX crude oil futures dipped to around $52 per barrel. Reuters reports that “Iran's oil minister is scheduled to meet his Russian counterpart in Iran later on Monday, industry sources said, raising hopes of progress in resolving a month-long impasse over when OPEC and its allies will hold their next policy gathering.” In precious metal trading, COMEX gold futures fell below $1,340 per troy ounce after having traded as high as $1,362.20/to last week. In forex trading, the dollar was little changed this morning as the British pound approached $1.126 while the dollar was buying 108.66 Japanese yen ahead of key monetary policy statements from central bankers later this week.


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