Oil and gold driving the commodities market - ANZ

Research Team at ANZ, notes that the OPEC meeting in Istanbul has finished with Russian and Saudi producers largely agreeing to the idea of an oil production cut, but this was undermined by Rosneft’s later comments.

Key Quotes

“Spot WTI crude fell 0.9% to USD50.8/bbl. This is off the recent highs, but above the key USD50/bbl level. Natural gas prices were marginally lower on warmer North American weather.

In the metals market, gold slipped as expectations of a rate hike from the FOMC remain, while positioning in the futures markets remains at the lowest level in some time. Base metals saw weakness in aluminium, copper, nickel, lead and tin, while zinc had its largest fall in ten months. In softs, sugar was marginally higher, while cocoa prices fell to the lowest level in almost three years.”