The Bloomberg Commodity Index jumped 1.75% higher this morning as crude oil and industrial metal prices advanced.
- In New York, NYMEX crude oil futures were up 3% to around $40 per barrel in late morning trading while COMEX copper futures gained 0.6% to $2.70 per pound.
- Reuters reports “OPEC has cut oil output in June by 1.25 million barrels per day (bpd) from May levels as it works to implement a supply restraint agreement with Russia and other allies, according to estimates from tanker-tracking company Petro-Logistics.”
- In London, LME 3-mo. copper and aluminum traded as high as $5,993mt and $1,614.50/mt, respectively, earlier today while 3-mo. nickel advanced to around $12,800 per mt.
- On Wall Street, the major stock indexes started the week in positive territory (Dow Industrials +1.8%) this morning following gains at most of the major European exchanges.
- In foreign exchange trading, the dollar was little changed against the euro ($1.123) or British pound ($1.228) this morning but firmed to 107.7 Japanese yen.
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