This Morning

Reuters reports “Commodity traders and analysts are struggling to map out how China will reach the eye-popping amounts it is committing to buy from the United States under Phase 1 of their trade deal.” In New York, COMEX copper futures traded as high as $2.875 per pound today while NYMEX crude oil futures rose 0.5% to more than $58 per barrel. In London, base metal prices were mixed today with LME 3-mo. copper and aluminum advancing to $6,310/mt and $1,808/mt, respectively, while 3-mo. nickel eased back to around $13,890 per ton late in the day. In foreign exchange trading the U.S. Dollar Index was little changed (-0.02%) this afternoon with euro buying $1.113 and the British pound trading around $1.302.