The Reuters/Jefferies CRB index increased 0.3% today as firmer crude oil, copper, and platinum prices more than offset weaker agricultural futures as the U.S. and China approached the signing of the phase one trade deal in Washington.
Reuters reports “Commodity traders and analysts are struggling to map out how China will reach the eye-popping amounts it is committing to buy from the United States under Phase 1 of their trade deal.” In New York, COMEX copper futures traded as high as $2.875 per pound today while NYMEX crude oil futures rose 0.5% to more than $58 per barrel. In London, base metal prices were mixed today with LME 3-mo. copper and aluminum advancing to $6,310/mt and $1,808/mt, respectively, while 3-mo. nickel eased back to around $13,890 per ton late in the day. In foreign exchange trading the U.S. Dollar Index was little changed (-0.02%) this afternoon with euro buying $1.113 and the British pound trading around $1.302.