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Yesterday was a weak day for commodities - DB

FXStreet (Barcelona) - Jim Reid, Market Strategist at Deutsche Bank highlights that commodity markets were noticeably weaker in yesterday’s session.

Key Quotes

“Moving on to markets it was a notably weaker session for Commodities yesterday. WTI and Brent shed 1.8% and 1.3% respectively to US$77.4/bbl and US$82.3/bbl. Gold (-2.3%) also paid back some of Friday’s gains to close at US$1151/oz.”

“On the subject of Gold, there is a Swiss referendum scheduled at the end of the month in which voters will be asked whether or not the Swiss National Bank should increase its Gold reserves to 20% from 8% currently.”

“Early opinion polls are generally mixed on the subject but it does come at a delicate time for policy making for the SNB. The Swiss Franc has rallied to within 0.2% of its 1.20 level versus the Euro after having appreciated about 2% YTD against the neighboring currency.”

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Copper, on the Comex division of the New York Mercantile Exchange, declined for the second consecutive session as the investors started moving back into the US Dollar.
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The daily inventory data released by the London Metal Exchange (LME) today showed a decline in the inventory levels of Aluminium, Lead, Zinc, Nickel. Meanwhile, the data showed a rise in the inventory levels of Copper.
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