Commodities in a Snapshot, Energy Higher - ANZ
Analysts at ANZ noted the action the commodities sector overnight an that energy prices were stronger.
Key Quotes:
Brent prices pushed above USD41/bbl with the front month Brent-WTI price spread consistently trading above USD1.6/bbl.
The General Administration of Customs data suggest China exported 790,000 tonnes of diesel fuel in February, an increase of 587% compared to the same month last year.
Precious metals were weaker. Gold prices traded sideways overnight
after a decline in the Asian trading session. ETF demand is still looking
robust. On Friday gold holdings in ETF increased more than 21 tonnes in
one day.
Industrials metals were stronger. The LME copper price was stronger with rising Chinese import demand. Imports of refined copper jumped more than 50% yoy to 328,604 tonnes in February."
(Market News Provided by FXstreet)
