FXStreet (Guatemala) - Analysts at ANZ noted the recent key activity in the commodities sector. Key Quotes: "Crude oil was prices were weaker on Friday. Rising US crude stockpiles continue to be a major headwind, pushing above 500Mbbls last week. Another steep decline in the US oil rig count, which fell by 31 to 467, failed to buoy the market. One reason may be the fact that oil production per rig continues to make new highs. In Permian basin, each rig is producing 418 bbl/day against 240 bbl/day a year before. "Base and precious metal prices were mixed. Gold remained the investors pick amid heightened global growth concerns. The recent CFTC data suggests speculators continue to trim short positions and bulls are also returning to the market. The uncertainty around fed tightening cycle is likely to support gold prices in coming weeks. The stronger USD weighed on the base metals complex, helped by ongoing concerns around Chinese economic growth." Iron ore prices were strong on Friday. The effort to protect the domestic steel industry is gaining momentum across Asia. In a recent move, India imposed a minimum import price on steel products to help stem a sharp increase in cheaper shipments coming from overseas. Rising trade restrictions continue to raise questions about the sustainability of Chinese steel exports. For more information, read our latest forex news.