Commodities were mixed, with oil and iron ore prices higher, but the stronger US dollar weighing on gold and base metals notes analyst at ANZ.
Key Quotes
“Crude oil prices rose on news that OPEC is aiming to achieve full compliance to the production cut agreement. Adding to the bullish tone, Russia’s energy minister said that Russia plans to reach its output target by the end of April. WTI rose to its highest level in seven weeks.”
“Base metals prices were lower. Copper took a breather from the recent rally, despite expectations that the Escondida strike is likely to continue. Other base metal prices were weighed down by the stronger US dollar, with nickel prices leading the way lower on news from the International Nickel Study Group that nickel production exceeded demand in December.”
“Iron ore prices continued their march higher on the back of higher steel futures in China, and despite warnings from BHP that prices are at risk of decline given “moderating Chinese steel demand, high port inventories and incremental low-cost supply”.”
“Gold prices were broadly flat, as comments from the Fed’s Harker that a March rate hike is not off the table saw the US dollar strengthen.”
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