Commodity prices traded in a relatively narrow range this week, despite M. Macron’s decisive win in the French Presidential election, weak commodity trade data out of China, a drop in US oil stocks and the publication of the US Department of Agriculture’s May WASDE report.
Looking ahead, there are few key data releases on the horizon apart from China’s April activity and investment numbers on Monday, which may determine the direction of the more industrial commodities. We expect the data to be somewhat weaker. Otherwise, the oil market will be speculating on the outcome of the OPEC meeting on 25th May. We think the group is likely to extend its production cuts.
Become a client to read more
This is premium content that requires an active Capital Economics subscription to view.
Already have an account?
You may already have access to this premium content as part of a paid subscription.
Sign in to read the content in full or get details of how you can access it
Register for free
Sign up for a free account to:
- Unlock additional content
- Register for Capital Economics events
- Receive email updates and economist-curated newsletters
- Request a free trial of our services