Commodities Update

At 06:00 SAST today, Brent crude oil is trading almost unchanged at $110.61/bl, as investors focused on meetings of the central banks in the UK and the eurozone for signs of more monetary policy stimulus. Yesterday, Brent crude oil fell 0.9% to settle at $110.59/bl, after the US Energy department reported that crude oil inventories climbed 3.83mn bls last week.

Yesterday, corn spot prices fell 2.7% to $7.09/bushel, on speculation that the US Department of Agriculture, in its monthly world supply-and-demand report to be released tomorrow, might lower its estimates on global corn supply.

At 06:00 SAST today, gold prices declined 0.1% to trade at $1,582.01/oz. Yesterday, gold gained 0.5% to close at $1,583.90/oz.

Yesterday, copper declined 1.1% to close at $7,658.00/mt. Aluminium closed 1.2% lower at $1,910.00/mt, amid demand concerns after data suggested a fall in the US factory orders in January. Meanwhile, reports indicated that copper stockpiles monitored by the LME rose 48.0% this year.

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