Analysts at ANZ noted the action in the commodity sector overnight. Key Quotes: "Energy prices were weaker. Brent and WTI traded in a range of USD39-41/bbl last week. In the US, rigs targeting oil fell by 15 to 372 after one rig was added the previous week. The decline suggests capital conservation is still the top priority for shale producers, even with prices trading around USD40/bbl. Investor positioning data suggests money managers continue to cover shorts. Precious metals were stronger. Gold trended higher after early declines in the Asian trading session. ETF demand is still looking strong even after the 4% decline in gold prices over the month. Gold holdings in ETF increased by more than 7 tonnes last week, to 1,770.4t. Central bank buying is still robust even at these elevated price levels. Bulks were weaker. The seaborne iron ore price continued its loosing spree to close at USD55.76/t on Monday. The most active rebar on the Dalian Futures Exchange closed at CNY2,165/t (USD333/t) after making a year high of CNY2,195/t last week. Chinese iron ore port stocks have tracked sideways in 2016 and currently stand at 94.80mt. Industrials were unchanged. Copper prices have failed to break above the 200 day moving average and are currently trading USD50/t below the average. The Chinese copper premium has collapsed to a year low of USD50/t compared with a year high of USD122.5/t, suggesting that physical demand may not be that strong after all. Agriculture prices were stronger. Gains in the ags complex were led by wheat, with US weather concerns supporting prices. The USDA is expected to issue a plantings report on Thursday, with expectations that forecast wheat acres will slide 5.5% from last year." For more information, read our latest forex news.