Commodities: Slightly weaker on the close - ANZ

Research Team at ANZ, notes that the commodities were slightly weaker on the close, with investors taking profits after some positive gains during the week.

Key Quotes

“A stronger USD also helped weaken investors’ appetite, with base metals down. The one exception was nickel, where reports of a potential ban on ore exports from the Philippines continue to support the price.

Crude oil prices experienced some wild swings on Friday, with the price up strongly in early trade on Friday on the back of further headlines around production freezes. However, another rise in the rig count in the US saw investors sell oil quickly. The total number of rigs rose by 10 to 491 this week. Iron ore ended the week in the positive, with further curbs on steel-making in Tangshan supporting steel and raw material prices. Gold struggled against a slightly more positive USD, ending the day a touch lower.”