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Commodities: US dollar weakness, talk of China tax cuts buoys complex

By Alexander Bueso

Date: Sunday 17 Mar 2019

Commodities: US dollar weakness, talk of China tax cuts buoys complex

(Sharecast News) - Commodity prices found a small bid at the end of the week, with the buying pressure strongest among precious metals and agricultural futures.
Most benchmark energy contracts meanwhile ran into selling, but talk overnight of tax cuts in China helped copper overcome an early sell-off and move higher.

By the end of trading, the spot US dollar index was down by 0.20% at 96.5950 and Bloomberg's commodity index up by 0.29% to 81.58.

Meanwhile, front month Brent crude oil futures were edging lower by 0.1% to $67.16 a barrel on the ICE.

To take note of, according to Baker Hughes the US onshore oil rig count increased by one over the week ending on 15 March to reach 833.

Three-month LME copper futures on the other hand managed to rise from $6,392 per metric tonne at the open to $6,431 by the close.

However, aside from nickel, the other main base metals futures ended lower.

In parallel, April gold on COMEX added 0.60% to $1,320.9/oz.. Silver also climbed, rising 1.01% to $15.32/oz..

Among soft commodities, May wheat on the Chicago Board of Trade rose 2.1% to $4.6225 a bushel while ICE #2 cotton gained 1.62% to $0.7750.



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