The oil price fell in the fifth consecutive session on Monday and the front-month contract on Brent (ICE) settled below 110 per barrel (USD/bbl) level. In the North Sea market, traders still wait for the restart of production at Buzzard oil field (currently expected to be back online on Oct 25-26).
Base metals extend previous losses and both copper and aluminium (LME) thus hit six-week low today in early trading. Although the initial reaction to last week’s Chinese macroeconomic figures was positive, the aluminium price is seen well below 2000 USD per ton (USD/t) level. As regards copper, Reuters reported that China’s demand for the physical metal remains rather muted (which is confirmed by the shape of the forward curve which is more or less flat).