Oil led commodity gains overnight - ANZ

Research Team at ANZ, notes that the WTI oil futures rose 3.7% (Brent +2.8%) as the Saudis indicated optimism about a future agreement with OPEC members and Russia said it would support a deal to restrict supply.

Key Quotes

“Gold rose 0.2% after sharp falls last week amid data showing solid inflows into gold ETFs. Base metals were all higher, led by nickel, after China reopened after the Golden Week.

Iron ore rose 1.4% while International Finance Corp indicated it will exit Rio Tinto’s USD20bn Simandou iron ore project in Guinea. In the soft commodities market, grain prices rose across the board while meat prices closed lower.”