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Analysts at TD Securities noted the current environment surrounding the commodity complex.

Key Quotes:

“Talk of tighter fundamentals, stabilizing gold environment Could See Platinum Follow Palladium into a Higher Lease Rate Environment.

Metals markets will focus on US housing data and US/EU manufacturing PMIs. Energy traders will also keep a close eye on the weekly DOE numbers.

Geopolitical news-flow could come back into the limelight with potential comments on Rusal sanctions and China tariffs.

Nickel prices bounced off the 2018 lows on news of fresh trade talks with China and held on to gains despite President Trump’s less optimistic tweet which saw the remainder of the base metal complex take back gains.

Tightening fundamentals amid falling US inventories and less optimistic supply outlooks from industry reports, along with data suggesting Iranian sanctions have been hitting supply faster than expected, saw crude oil gain on the week.

A stable US dollar, and somewhat disappointing inflation data in the US saw precious metals steady, while a recovery in the South African Rand and some fundamental tightness saw platinum outperform.

Base metals, for the most part, finished the week lower as traders faded the initial trade talk rally as Trump’s tweet saw any meaningful length remain on the sidelines.”

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