The price of Brent fell below $45 per barrel this week, reflecting investor concerns about oversupply. In contrast, the prices of most industrial metals rose, despite little in the way of positive news. It may be that the rally in Chinese equities boosted investor sentiment more generally.
Commodity markets could struggle to find direction next week in the absence of any major economic releases or events. That said, US data releases – core durable goods orders in May (Monday) and the personal income and spending release (Friday) – should be positive for the US dollar, which may weigh on commodity prices.
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