This Morning
The Bloomberg Commodity Index was little changed in early trading this morning (+0.07%) as weaker crude oil futures were offset by firmer precious and industrial metal prices.
- In London, LME 3-mo. copper and aluminum traded as high as $5,708.50/mt and $1,612/mt, respectively, while 3-mo. nickel was recently trading up around $13,080/mt.
- In New York, NYMEX crude oil futures dipped below $39 per barrel while COMEX copper was trading around $2.57/lb. at the time of this writing.
- Reuters reports, “Oil slipped on Monday after Saudi Arabia said an extension of output cuts by OPEC+ nations would not include extra voluntary cuts by a trio of Gulf producers.”
- On Wall Street, the major stock indexes opened higher following modest gains at most of the Asian and European exchanges despite the reported 18% drop in German industrial production in April.
- In foreign exchange trading, the dollar eased against most major trading rivals as the euro firmed to $1.1308 while the British pound was buying $1.269.
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