LONDON (Commodity Online): Global markets are higher across the board after China’s central bank cut reserve requirements for banks by 50 basis points and there are continued hopes for a resolution that will result in Greece receiving another rescue package, said R.J. O’Brien & Associates in a briefing.
According to R.J. O’Brien, European and Asian equities rose. A weaker U.S. dollar is providing a boost to commodity prices. Further, crude oil has edged to a nine-month high after Iran ordered a halt to its oil sales to Britain and France in a move seen as retaliation against tightening European Union sanctions.
As of 7:47 a.m. EST, the euro was up to $1.3257 from $1.3137 late Friday. London three-month copper was $65 higher at $8,240 a metric ton and spot gold was $10.40 higher at $1,733.40 an ounce.
