Another Day Passes With No OPEC Deal

Oil traded poorly as internal resistance to OPEC+'s proposals to extend a series of output curbs failed to find its way through the committee. Sources reported that the group were deferring any such decision, keeping focus on any comments emerging from the group over the next few days.

WTI crude futures initially benefited from USD weakness Monday, prompting a test on last week's highs of 46.26, before prices reversed into the close and energy markets were contained.

Copper continues to outperform, with fresh multi-year highs printed at 349.85 for the active contract. The continued outperformance of copper over precious metals (particularly gold) has put the copper/gold ratio at it's highest since June last year, with the rotation into growth assets persisting following the vaccine news over the past few weeks.
Gold weakness extended below the 200-dma after Friday's break, putting the metal at its lowest since early July.