Commodity prices drifted a bit towards the end of the week as the US markets were closed for the Thanksgiving holiday. Otherwise, the prices of most of the industrial and energy commodities rose, supported by a somewhat weaker US dollar. In contrast, the prices of many agriculturals fell again, despite signs that investor sentiment is turning more positive.
Looking to next week, the big event will be the OPEC meeting on Thursday. We expect the group to announce an extension of its output cuts until the end of 2018. Anything less is likely to lead to a drop in oil prices. On the data front, the official and unofficial China manufacturing PMIs are scheduled to be published on Thursday and Friday respectively and will give us some indication of commodity demand this month. We expect softer readings.
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