Analysts at TD Securities explained the latest developments in the commodities sector.
Key Quotes:
“Copper prices surged in response to growing fears of a potential strike at Escondida, the world’s largest copper mine.”
“Zinc also performed well amid copper strength and a weaker dollar, while a widening cash-3m backwardation gave a reminder that the market is still tight.”
“Silver was the outperformer of the precious complex as hefty short positions began covering, while length has come off the bottom as rates and the dollar ease.”
“Crude oil was down only slightly last week, as headlines of OPEC+ discord prevented a further rout, even as inventories have been disappointing.”
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