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.
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