The Bloomberg Commodity Index was up around 0.2% in early trading this morning as firmer energy prices more than offset mostly weaker precious and industrial metal prices. In New York, NYMEX crude oil futures were up over $57 per barrel this morning, “…supported by hopes that U.S. President Donald Trump may signal progress on trade talks with China and lower inventories at a U.S. oil hub,” Reuters reports.
In London, LME 3-mo. aluminum was little changed around $1,778 per metric ton (=80.6 cents/lb.) this morning while 3-mo. copper and zinc dipped to $5,872/mt and $2,472/mt, respectively. In foreign exchange trading the U.S. dollar edged up against most major trading partners as the euro and British pound eased to $1.101 and $1.284, respectively and the dollar was buying 109.17 Japanese yen.