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Crude Futures Extend Session Gains, Strikes Aid Copper Recovery

COMMODITIES
  • Both WTI and Brent crude futures have increased their gains to ~2.5% on the day, having fully retraced Tuesday and Wednesday's sell-off. Yesterday's DoE inventories data continued to underpin the supportive price action.
  • Precious metals were unable to extend on gains made in the first half of the European session. Despite the weaker US dollar, momentum waned and both spot gold and silver suffered as a result, posting small losses on the session of 0.16% and 0.5% respectively.
  • Copper maintained a bullish tone. Continuing wage talks following strikes at Antofagasta's top Chile mine have kept copper futures buoyant, rising just under 3% on the day, close to the best levels of the week.

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