Commodities traded on a softer note – ANZ

Research Team at ANZ, notes that the commodities were slightly weaker overnight.

Key Quotes

“Precious metals are a little softer ahead of Fed Chair Yellen’s speech at the end of this week, while base metals also closed lower. Stockpiles of copper on the LME rose by 8.9% – the biggest gain in more than six weeks.

Oil also slipped overnight, ending a long run of daily gains as Iraq moves to boost crude shipments by about 5% over the next few days and Nigerian militants called an end to hostilities. Softs were mixed overnight, with sugar prices up 3.4% and wheat down 3.6%.”