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Commodity Brief: Little change over the weekend

Little changes in commodity prices in the early start of the week so far, as Gold moves higher from previous weekly close Friday, last at $1583 in the spot rate, off session and weekly highs at $1585, bouncing from session lows at $1575, while Oil moves around the $93 level down -0.12%.

Iron ore printed Friday another lower low for Feb above the $152 mark, off Feb 20 highs around the $160, with local share markets in the green overall except Korean Kospi down -0.17%. Nikkei index is the big winner up more than +1.5% on headlines of a new BoJ gov in the pipeline awaiting to be officially appointed, one of most dovish options available, market sources say.

HSBC flash manufacturing PMI for China came in quite worse than expected at 50.40 when previous and consensus was in the 52.3 range, putting commodity currencies such as Aussie on selling pressure, making fresh session lows, while Italian election results keep dominating the risk events ahead, as first outcomes will be released as soon as voting ends around midday Monday.

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