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At 06:00 SAST today, Brent crude oil is trading flat at $118.63/bl. The International Energy Agency’s chief economist, Fatih Birol, warned that crude oil prices are restraining the global economy. Yesterday, Brent crude oil fell 0.5% to settle at $118.63/bl.
On Friday, corn spot prices settled at $7.10/bushel. Markets in the US were closed yesterday on account of Presidents’ Day holiday.
At 06:00 SAST today, gold prices advanced 0.3% to trade at $1,615.10/oz. Markets keenly await a raft of economic data in Europe and the Federal Reserve’s minutes of the last monetary policy meeting scheduled later in the week for further direction.
Yesterday, copper declined 1.1% to close at $8,085.25/mt. Aluminium closed 2.4% lower at $2,077.00/mt. Base metal prices dropped amid concerns about a slowdown in global economic growth, following last week's weak Gross Domestic Product data in the eurozone and dismal US industrial production figures.
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