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Copper Squeezed to New High

COMMODITIES

Another day, another high for copper futures as the squeeze continued, boosting prices to $350.10. Industrial metals rallied alongside precious on Tuesday, helping gold to claw back Friday's losses and recovery back above the 200-dma at $1,801.32.

Oil futures inched lower, but held the bulk of recent gains as markets ponder the probability of an OPEC+ deal to extend recent output curbs. The latest reports suggest talks have been delayed by a further two days in order to allow for out-of-meeting negotiations so an agreement could be struck by end-of-week.

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