Analysts at ANZ noted the key events taking place in recent activity within the commodities sector. Key Quotes: "Crude oil prices jumped sharply on Friday. OPEC supply cut rumours supported the prices, with oil gaining more than 12% in a day. The UAE’s Energy Minister said that OPEC was ready to negotiate. The wide swing on Friday hurt speculators badly with the latest data showing specs were at an all-time high net short in WTI by Tuesday of last week. Base and precious metal prices were mixed. Gold remained investors’pick amid heightened global growth concerns. The recent CFTC data suggest speculators continue to trim short position and bulls are also returning to the market. The net non-commercial position has rebounded from 9,750 (1 December 2015) contracts to 98,428 (9 February 2015) in gold. Copper prices also received some support from short covering last week. Iron ore prices fell sharply on Friday as participants started to return to the market after the Chinese New Year holiday. The 3.5% decline in iron ore prices on Friday suggests the strong supply growth from key iron ore exporters is easing temporary tightness in the Chinese market. A rebound in Chinese steel prices holds the key for any rebound in seaborne iron ore prices. Agri markets were slightly weaker. Corn is witnessing a shift in investor sentiment; the CFTC net non-commercial position for corn has declined from +25,730 to -14,999 contracts on 9 February. A similar trend is observed in wheat, with grain markets at risk of falling further in the short term." For more information, read our latest forex news.