Strong Yuan, Weak Buyers, Tight Barrels
Commodity markets spent much of the session correcting lower as energy and agricultural markets paused following recent strength. ICE gasoil settled near $1,191.50/mt, down from recent highs around $1,300/mt, while Singapore 10ppm gasoil traded near $161/bbl and NWE ULSD cargoes corrected toward $1,168/mt. Palm oil also weakened with BMD down 38 ringgit to 4,400. The immediate market narrative centered on softer energy and profit taking, but several broader signals continue pointing in another direction.
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