USD weakened further in European session amid rising concerns in deficit problems. Investors also took profits from last week’s rally ahead of the FOMC meeting and retail sales. Commodities benefited as the dollar declined with the front-month WTI contract climbing to as high as 88.94 and the benchmark Comex gold contracts soaring for a second day to 1407.9. In the base metal sector, copper stayed firm as China refrained from hiking interest rates and demand/supply remained tight. The LME contract for 3-month delivery rallied to a new record high of 9248 before closing at 9225.
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Commodities Remain Strong ahead of FOMC Meeting
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