Commodities heavily sold-off - ANZ

Analysts at ANZ noted that commodities were heavily sold as the USD strengthened and concerns about Chinese demand re-emerged.

Key Quotes:

"Iron ore led the falls as Chinese steel prices continued to weaken. Large falls in iron ore futures on the Dalian exchange also weighed on the global physical indexes.

Oil reversed the gains achieved yesterday as concerns over disruptions to oil sands output eased as the Canadian wildfires headed away from the oil-producing region.

Gold wasn’t spared either, with the weaker yen the main driver behind the selling. The cooling in China’s industrial metal imports in April helped drive base metal prices lower."