The Bloomberg Commodity Index was down 0.4% this morning as mostly softer energy and metals prices more than offset firmer agriculture futures. In London, LME 3-mo. aluminum and nickel futures dipped below $1,740 per metric ton and $14,600 per mt, respectively, this morning.
In London, COMEX copper futures were little changed around $2.65 per pound while NYMEX crude oil futures fell below $57.40 per barrel. Market sentiment continues to be shaped by a potential U.S.-China trade deal, with Reuters reporting “U.S. national security adviser Robert O’Brien on Saturday said that an initial trade agreement with China was still possible by the end of the year. Chinese daily Global Times on Monday cited experts close to trade talks as saying that China and the United States have reached a broad consensus on the first phase of the trade deal, though some differences remain over the removal of tariffs.” In Shanghai, most-actively traded SHFE copper futures settled 0.4% higher earlier today. In foreign exchange trading, the dollar was practically unchanged against the euro ($1.102) but firmer to 108.88 Japanese yen.