Crude On Tuesday, the front-month contract on Brent (ICE) gained about 0.8 percent and therefore lagged behind the most of commodities. Still, Brent price is still seen close to three month high hit in previous week, i.e. about one third above this year’s low below 90 USD per barrel (USD/bbl) reached in June. Base Metals Copper has been trading sideways in last three months as deeper than expected deficit in the market for refined copper was offset by a slowdown in global economic activity. The ICSG said yesterday that the deficit reached about 400 thousand tones in first five months of this year. The market, however, remains broadly balanced which is indicated by shape of forward curves at LME and ShFE. Precious Metals Gold price surged by more than one percent on Tuesday and in intraday trading breached 1640 USD per troy ounce (USD/toz), i.e. the highest level since mid May. Today in early trading, gold extends previous gains and is therefore seen at 55 days average at 1645 USD/toz. Later today, Fed will release minutes from the August meeting. We think that the Minutes will be soft and show the FOMC stands ready to take more measures but we are aware that the latest economic indications since the FOMC meeting suggest that the low point in the cycle has been reached and some reacceleration in growth is occurring. At the same time, also the tensions on the euro financial markets have eased. Therefore, we do not expect significant price action after the release.

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