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Commodities under spotlight - ANZ

FXStreet (Guatemala) - Analysts at ANZ offered an insight to the commodity sector.

Key Quotes:

"Crude oil prices were weaker overnight. China’s crude imports rose in September as the world’s second-largest consumer took advantage of low prices to build the reserves and boosted the refiners processing. On the other side US shale players continue to remain under pressure. EIA estimate crude output at major US shale plays are forecast to fall to 5.12m b/d in November from 5.21m b/d in October.

Base and precious metal prices were mixed on Tuesday. Strong China copper imports for September were not able to support base metal prices with rising global growth concerns. Copper supply cuts continue to emerge amid lower prices. The world’s biggest copper supplier, which is redesigning its expansion of its Andina operation in Chile, has lowered its production forecast for this mine by ~150k t/yr.

Iron ore prices fell sharply on Tuesday. China trade data suggests iron ore imports increased to the highest level this year in September as purchases picked up before the holidays. The biggest suppliers in Australia and Brazil continue to boost shipments. The weak Chinese domestic steel market has forced steel producers to look at export markets to clear surplus steel production. China steel exports hit an all-time high of 11.25 million tonnes in September."

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