FXStreet (Delhi) – Research Team at ANZ, presents the commodity market overview. Key Quotes “Crude oil was weaker. Lingering concerns about growing supply continued to outweigh the implications of rising tensions in the Middle East. Focus returned to the US, where the market is worried about inventory data that will be released over the next two days. We are expecting a rise in crude oil inventories, which should put further downward pressure on prices. A stronger USD also weighed on the sector. Base and precious metal prices were mixed. Gold’s strong start to the year was interrupted as a stronger USD crimped investor demand. This kept volumes low and gains relatively muted. A halt to China’s equity market rout seemed to support base metal markets, with copper, nickel and zinc ending the day higher. However underlying concerns around China’s economy could see this support evaporate quickly. Iron ore markets were weaker. Prices ended their recent rally yesterday as market participants become cautious about the longevity of recent demand from Chinese steel mills. With production cuts looming post the Chinese New Year, the likelihood of prices remaining well bid in the short term is low. Agricultural markets were mostly stronger driven by a broad short covering rally. CFTC data showed that investors had moved into net short position in all the major US-traded agriculture markets. This induced producers to curtail new speculative selling, helping support prices as well. The sugar market was affected by recent rain in Brazil and an expected delay to harvesting in China.” For more information, read our latest forex news.