Commodity prices mostly started the week in positive territory this morning as crude oil futures jumped more than 10 percent higher and nonferrous metals advanced, helping to pull the Bloomberg Commodity Index nearly 3 percent higher. Rebounding Chinese oil demand helped to push NYMEX crude oil futures as high as $32.75 per barrel, near the pre-lockdown level, Bloomberg reports.
In London, base metal prices were trading higher across the board this morning with LME 3-mo. copper and aluminum recently trading around $5,334/mt and $1,500/mt, respectively. In foreign exchange trading the dollar was softer this morning as the euro advanced to $1.088 while the British pound was buying $1.2205. On Wall Street, stocks rallied higher this morning with the Dow Industrials up more than 3.5% following solid gains at most of the major European bourses.