Action in the commodities sector - ANZ

Besides the downside in il today after the Doha story, analysts at ANZ noted the key action from last week's commodities sector.

Key Quotes:

"Precious metals were stronger. The gold price was stronger after disappointing US economic data. The failure of the Doha meeting for a crude oil production freeze should lend support to gold prices in any riskoff rally. 

Bulks were weaker. The decline in steel prices led the fall in iron ore prices on Friday. Chinese port stocks declined last week with strong seaborne lump demand by steel mills. 

Industrial metal prices were slightly weaker. Floods have impacted the copper supply at the Codelco mine in Chile. Codelco said “service restoration work to resume production is estimated to take at least three days, equivalent to 5,000 metric tons of copper production.” 

Ag prices were flat to firmer. Wheat prices tracked sideways but sugar prices jumped sharply to the highest in seven weeks amid increasing expectations as to the size of the global production shortfall over the next 18 months."