This Morning

Harry Tchilinguirian, global oil strategist at BNP Paribas in London, told the Reuters Global Oil Forum that “the shift of open interest away from June will have negative consequences for the liquidity of the contract, potentially leading to greater volatility in its price.” In London, base metal prices were mixed this morning as LME 3-mo. tin jumped as high as $15,500 per ton while 3-mo. copper and aluminum were little changed around $5,190/mt (=$2.354/lb.) and $1,510/mt (=68.5 cents/lb.), respectively. In foreign exchange trading the dollar lost ground against most major trading partners this morning, with the euro buying $1.086 while the greenback was trading at just over 107 Japanese yen. In equities markets, most of the major Asian and European exchanges started the week in positive territory and U.S. stock futures were pointing to a higher open as policymakers look to reopen their economies.