FXStreet (Guatemala) - Analysts at ANZ noted the action in the commodities sector and note the forthcoming OPEC meeting that will be a key event.

Key Quotes:

Crude oil closed the week higher. The focus for markets this week will be the 168th OPEC Conference on Friday, the bloc’s first conference since June. Saudi Arabia’s position so far has been to hold production steady in the face of declining prices. We don’t see this changing, despite some recent rhetoric that OPEC’s de facto leader – Saudi Arabia – was working to stabilise prices.

Base metal prices were weaker on Friday, helping to erase mid-week gains. In a volatile week, the rally initially appeared to be driven by short-covering as investors took profits after stellar gains. In one session alone last week, zinc open interest declined by 37,000 contracts, or 14% on the Shanghai Futures Exchange, as speculators closed short positions.

Iron ore prices rose back above USD44/tonne on Friday. Capesize freight rates continued to rise, consistent with a pickup in seasonal restocking from China. Unfavourable weather in North China has delayed some transfers of iron ore from ports to steel mills, leaving stocks uncomfortably low for some Chinese mills.

Wheat prices fell in Friday’s session on lower volumes than normal as part of the Thanksgiving long weekend. Weekly US wheat export sales were poor at just over 300,000 tonnes, or 30% below the average of last month. NZ milk powder futures fell on Friday as the market reacted negatively to NZ October milk production falling less than expected – down 2.7% y/y.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD falls toward 1.19 after robust US Nonfarm Payrolls data

EUR/USD is trading above 1.19 after dipping below that number in response to the US Nonfarm Payrolls, which showed an increase of 379K jobs in February. Higher yields in response to Powell are keeping the dollar bid.


GBP/USD recovers after post-NFP dip below 1.38

GBP/USD is trading above 1.38 bus till down the day. The US gained 379.000 jobs, roughly double than expected and supporting the dollar. The Senate's stimulus debate is eyed.


XAU/USD battles 1700 level

Gold is staging a rebound toward $1,700 amid proift-taking ahead of the weekend but remains on track to close the third straight week in the negative territory.

Gold News

Ethereum price primed for a swift recovery as the network prepares for a major update in July

Ethereum price aims for a significant recovery towards $2,000. A major upgrade scheduled for July intends to fix the problem with gas fees on Ethereum. ETH miners are not happy with the decision.

Read more

US Dollar Index pushes higher to 92.20 on stellar Payrolls

The march north in the greenback remains unabated and trade in fresh 2021 highs beyond the 92.00 hurdle when tracked by the US Dollar Index (DXY).

US Dollar Index News