Copper prices in China have remained under pressure following the holiday break. In Shanghai earlier today, most actively traded SHFE copper futures settled 0.5% lower following losses on Tuesday. But copper prices were faring better in London early today, with LME 3-mo. copper back up over $5,700 per mt while LME 3-mo. nickel reportedly traded as high as $17,640/mt this morning.
In New York, crude oil futures were back up around $53 per barrel and gold futures traded as high as $1,516.9 per troy ounce this morning, helping to pull the Bloomberg Commodity Index 0.2% higher in early trading. Reuters reports that “Attacks on Saudi oil facilities have had no impact on Saudi Aramco’s position ahead of a planned partial stock market listing, its Chief Executive Amin Nasser told an Oil & Money conference on Wednesday.” On Wall Street, stock futures were pointing higher this morning following gains at most of the major European bourses. In foreign exchange trading the euro advanced to $1.0984 while the greenback was buying 107.33 Japanese yen.