Commodities prices fell almost exclusively on Tuesday. The front-month futures contract on Brent (ICE) settled below 110 USD per barrel (USD/bbl) although Reuters reported that the demand for North Sea oil continued to pick up yesterday and Forties premium to Dated Brent hit a four-week high. Regarding news, OPEC secretary general said yesterday the oil market was comfortable ahead of the cartel’s meeting scheduled for the next week (12th December). We think that the OPEC will keep the official production target (30 million barrels per day, mbpd) unchanged as well as will maintain current production which is about 1 mbpd above the target.
LME aluminium gave up some previous gains on Tuesday and the price of the three-month contract fell by more than one percent. Today in early trading, however, aluminium breached back above 2100 USD per ton (USD/t) level. Meanwhile, copper price edged higher and hit seven-week high (see the chart). At the time of writing, copper is hovering at support at 8046 USD/t.