The Bloomberg Commodity Index was little changed (+0.01%) early this morning as firmer crude oil prices were offset by mixed precious and industrial metal prices. In New York, NYMEX crude oil futures were up around $54 per barrel this morning.
Reuters reports “Oil prices largely held steady on Monday, recouping some early losses as investors took stock of global economic pressures that could impact oil demand.” With no major U.S. economic releases due out this morning, markets will be paying closer attention to Brexit developments, with the WSJ reporting “Mr. Johnson will try as soon as Monday to secure the votes he needs to win approval, potentially paving the way for the U.K. to leave the EU after more than three years of negotiation and fierce debate. Downing Street would hope to use a win to attempt to race through the final stages of legislative scrutiny in time for an Oct. 31 deadline and make any extension unnecessary.” In London, LME 3-mo. aluminum and copper were little changed around $1,744 and $5,825 per ton, respectively, while LME 3-mo. nickel briefly dipped as low as $16,050/mt this morning. In foreign exchange trading the British pound was holding steady around $1.297 this morning while the euro slipped to around $1.117.