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Oil Benchmarks Consolidate Gains, Copper Marches On

COMMODITIES
  • OPEC+ provided no surprises, sticking to the timeline for a phased easing of oil production restrictions from May to July. Forecasts for a more optimistic demand outlook kept crude benchmarks in positive territory. WTI crude futures consolidated gains back above $62, rising 0.87% on the session.
  • Nonetheless, a resurgence of COVID in India remains a cause for concern and has clouded the outlook for energy demand. An OPEC+ statement also confirmed the June 1 date for the next meeting as expected.
  • Subdued markets left precious metals close to yesterday's closing levels as we approach the FOMC decision on Wednesday. Spot gold lost 0.2% to trade at $1,777.40, in line with a marginally stronger dollar.
  • Copper futures maintain a firmer tone and the active futures contract has traded higher again today (+1.08%) to a fresh trend high print of $452.50. This week's break of the Feb 25 high, 437.00, confirmed the resumption of the underlying uptrend. Supply anxieties relating to Chilean mining union protests continue to buoy the red metal.
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