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Punchy Open Before Profit-Taking Prompts Sluggish Trade

COMMODITIES
  • Lumber rolled higher at the open to hit a new cycle high, further stoking market-wide inflation fears, before prices rolled over shortly following the open, with profit-taking knocking prices off by near 4%.
  • This seemed to undercut the broader commodity complex as the likes of gold, silver, WTI and Brent crude futures followed suit to edge off recent highs in a move largely pinned on profit-taking and position-squaring ahead of key Fed speakers and US inflation releases this week.
  • WTI and Brent crude futures came under pressure ahead of the close, before reports of warning shots fired at Iranian fast boats from US Coast Guard vessels helped stem the losses slightly.
Energy BulletsCommodities
Energy BulletsCommodities

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