Research Team at ANZ, lists down the recent developments in the commodities market. Key Quotes “Crude oil prices were mixed. WTI prices tested USD27.50/bbl during the intraday session. EIA data showed inventories fell by 0.75m bbl last week against market expectation for a 3.2m bbl gain. Drawdowns in stocks were supported by weak US imports, which fell 14% to 7.12m bbl per day, the biggest slide since December 2014. The market took the view, however, that the decline in US crude stockpiles would be temporary and this kept downward pressure on prices overnight. Base and precious metals were mixed. Gold baulked once again at the USD1200/oz level as some profit-taking emerged. Fed chair Janet Yellen acknowledged further market turmoil could delay the central bank hiking rates. During the day, the front end of the futures curve rose strongly, suggesting prices are likely to get some support from a dovish Fed outlook. Base metals continued to be weighed down by concerns around global growth. Iron ore prices were unchanged. The Chinese New Year holidays saw no trades through Singapore. But we believe the downside risk are rising for prices post the Chinese New Year. Seasonality trends suggest a lack of restocking by Chinese mills. This should push port stocks higher and weigh on prices. Agri markets were mixed. A series of trade bans continues to batter ags markets. Earlier in the year Egypt returned French wheat cargos. Now Russia has banned US corn and soybean imports, saying shipments are often contaminated with fungus or other infections, and certificates guaranteeing quality are inaccurate.” For more information, read our latest forex news.