Dire Sentiment Continues to Pressure Commodities, NDRC's Treatment on Fuel Prices Unveiled Inflationary ConcernsCommodities extend weakness in European session amid growth concerns. We have a light calendar today and data released were largely better-than-expected. However, investors are unnerved and worried that growth cannot sustain. Crude oil remains soft after the yesterday's selloff while gold pulls back on profit-taking as the yellow metal soared to a 2-week high yesterday.
- Capitals flowed into the commodity market on Monday as world market leaders pledged to continue the stimulus measures. Crude oil price rose to an intra-day high of 80.19 in NY session but selling pressure above 80 was quite strong. The benchmark contract settled at 79.43, up +2.6%, for the day.