At 06:00 SAST today, Brent crude oil rose 0.1% to trade at $109.18/bl, after the American Petroleum Institute reported that crude oil inventories declined 1.38mn bls last week. Yesterday, Brent crude oil fell 0.4% to settle at $109.11/bl, after the US Energy Information Administration lowered its 2013 global crude oil price and global consumption forecast. Additionally, the OPEC boosted its crude oil production to the highest level in three months in February, due to increased production from Saudi Arabia and Iraq.

Yesterday, corn spot prices rose 0.5% to $7.37/bushel.

At 06:00 SAST today, gold is trading almost unchanged at $1,593.28/oz. Yesterday, gold prices gained 0.7% to close at $1,592.80/oz, on prospects for further monetary easing from the ECB, after Jens Weidmann stated that the central bank would maintain its accommodative stance so long as it is necessary.

Yesterday, copper rose 0.9% to close at $7,797.75/mt. Aluminium closed 1.6% higher at $1,939.00/mt.

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