ASIA-PAC COMMODITY UPDATE: Commodities underpinned by support for China’s property sector, but crude oil trims earlier gains

Analysis details (02:29)

WTI and Brent front-month futures resumed trading on a firmer footing, with added tailwinds from reports that China is boosting its property sector feeding into a rosier demand for commodities. However, the upside for the futures is capped as the region traded cautiously in the run-up to the Biden-Xi meeting which is poised to take place on Monday, whilst China’s COVID case count hit a new recent high. Furthermore, the Iraqi PM suggested that Iraq will be asking OPEC+ to reconsider and allow for a raise in its quota – the Iraqi PM added that Iraq needs to raise its oil production to generate more revenues and is keen to maintain stable oil prices of "not above USD 100/bbl. Elsewhere, spot gold is softer intraday as the Dollar attempts to nurse recent losses, but the yellow metal remains above Friday’s USD 1,746.28/oz trough. Base metals meanwhile have been spurred by the source reports that the PBoC and China's Banking and Insurance Regulator told financial institutions to extend support for property firms, with Dalian iron ore posting gains of over 5.5% in early trade, whilst LME copper extends above USD 8,500/t.

14 Nov 2022 - 02:28- MetalsResearch Sheet- Source: Newsquawk