Metals has seen divergent moves coming. Steel prices continue to gain up but that hasn’t given any support to the iron ore prices which have declined for a fifth straight day. Steel prices continue to trade around those 7-week highs.
In the base metal space, aluminium prices have seen some strength continue. There are concerns with what might happen with Rusal.
US weekly inventories build up by 2.2 million barrels, the imports into US have been on the higher side.
There are statements from US and France about the Iran nuclear deal perhaps not such a strong step has been taken towards that but having said that US still has time until May 12 to come out with a final decision.
Until then this market is going to be choppy so there is some premium yet again building up in case of crude oil prices early in Asia.