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Commodities Daily

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Commodities had another good session with Brent above USD69/bbl

Fri, Jul 24 2009, 10:40 GMT
by Danske Research Team

Danske Bank A/S  |  View company's profile


  • After a very strong US equity session yesterday, with Dow Jones above the important 9000 level – its highest level since the beginning of the year – commodities had another good session with Brent above USD69/bbl.
  • Aluminium continued its recent strength overnight and is this morning trading around USD1785. It is being reported that – despite the large inventory overhang – physical aluminium premiums have risen in most markets due to the fact that much of the inventory is tied up in financing deals which implies that it is not available for delivery.
  • Main focus today will be on the IFO indicator and PMI surveys for the Eurozone as well as a speech by an ECB official. The consensus expectation for IFO is for a continued pick-up in both current conditions for June and expectations for July as well as the overall business climate for July. PMI surveys for July are also expected to rise. We expect a modest decline in the University of Michigan consumer confidence for July.


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