Commodity prices were mixed in early morning trading today as investors digested the latest news on Chinese PMI, U.S.-China trade relations, and the continued social unrest in the United States.
Reuters reports this morning that “Copper prices rose on Monday as stronger manufacturing data from top consumer China and loosening of lockdowns to contain the new coronavirus stoked expectations of healthier demand prospects.” In London, LME 3-mo. copper traded as high as $5,457.50/mt earlier in the session while LME 3-mo. nickel was recently trading around $12,500/mt. In New York, COMEX copper futures edged up to around $2.44 per pound in early trading while NYMEX crude oil futures were little changed around $35.20 per barrel. On Wall Street, stock futures were trending higher before the open following gains at most of the major Asian exchanges. In foreign exchange trading, the dollar was trading lower this morning as the euro advanced to $1.115 while the British pound was buying $1.24.
