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A case of the jitters hits commodity markets

Oil prices have continued to fall on fears that the OPEC supply cuts will not be sufficient to clear the excess in the market. In addition, a weak May unofficial PMI reading out of China on Thursday depressed sentiment towards most industrial commodities. Meanwhile, US non-farm payrolls came in lower-than expected on Friday, but the drop in the unemployment rate to a 17-year low means that we continue to expect a rate hike this month.

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