Actionn from the commodities sector wrapped-up- ANZ

Analysts at ANZ offered the action from the commodities sector.

Key Quotes:

"Commodities were mixed as conflicting issues battered the markets."

"Oil prices continued their period of weakness as investors remained concerned that increasing exploration activity in the US would see US production and inventories remain high. Signs of an end to several supply disruptions and a stronger USD also played their part in keeping sentiment bearish."

"Gold was also weaker as a risk-on tone saw investors move back into equities. Industrial metals were largely higher, as investors focused on speculation Japan will spur growth through new spending."

"The gains were once again lead by nickel, where strict policing of new environmental laws in the Philippines could see nickel exports constrained, tightening a market already in deficit. Iron ore was also stronger, as news emerged that the province of Hebei (China) would start restricting mill output in late July to improve air quality. This has likely seen steel mills increase purchases ahead of this."