Commodities looking for better second half in February

COMMODITIES head towards Valentine’s Day looking for some love after a tough week attracting buyers.

Commodities looking for better second half in February Commodities looking for better second half in February Commodities looking for better second half in February Commodities looking for better second half in February Commodities looking for better second half in February

The selling came in the wake of the routs suffered by equities, with the ANZ commodities team suggesting that in base metals the “risk-off” tone had been exacerbated by some weaker fundamentals.

That data included numbers showing aluminium stockpiles jumping on the LME despite the narrative claiming Chinese production would be lower on smelters being shut down due to environmental issues.

Still bulks were again showing resilience, with the Metal Bulletin iron ore price only slightly down.

Meanwhile, as far as equities were concerned, the mining sector in London will open the new week after closing little changed Friday, with Glencore’s loss of more than 1% offset by the gains of its peers.

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