Commodities: Oil futures recoup part of previous session´s losses

Commodity markets were little changed at the start of the holiday-shortened trading week on Monday, although the results of a survey published on 18 March showing an up-tick in US oil sector activity continued to be a 'talking point' in markets.

The Baker Hughes US oil rig count ticked higher by one to 387 in the week ending on 18 March.

US oil rigs in operation peaked at 1,607 in late 2014 and were standing at 825 by the end of the same week one year prior.

Despite the potential fledgling signs that America´s tight oil sector might be on the cusp of a small reprieve, the May 2016 ICE-traded West Texas Intermediate crude oil futures contract was rising by 1.057% cents to $41.64 per barrel as of 19:36GMT.

Traders may have drawn some comfort from the latest weekly tally from the US Commodity Futures Trading Commission showing that short positions held by speculators in West Texas Intermediate, which benefit if the oil price drops, fell by 20% - to the lowest since June. Longs climbed 2.4%, the biggest gain in six weeks.

In parallel, ICE-traded natural gas futures for delivery in May 2016 edged lower by 0.52% to $1.90/MmBtu.

Iron ore futures tacked on another 2.51% gain to hit $57.5 per tonne according to Metal Bulletin Index.

Data released on Friday showed Chinese home prices in Tier 3 cities edged up by 0.1%, their first increase since April 2014.

As well, on 18 March Reuters reported that top iron-ore producer Vale had in the previous session announced it might lose as many as 100m tonnes of annual iron ore output oevr the next three years, in the state of Minas Gerais, due to pending environmental licenses.

The figures came alongside others showing a jump in housing starts in Tier-3 cities in Asia´s largest economy during the first two months of 2016.

Bloomberg´s Commodity index was little changed, drifting just 0.04% higher to finish at 162.91 points.

Gold futures for delivery in April 2016 retreated 0.86% to stand at $1,243.50 per ounce by the end of trading on COMEX, although spot platinum was to be seen 0.95% higher as of 19:22GMT on COMEX.

In the agriculture space, corn futures for delivery in May 2016 rose 0.68% to trade at $369.50 per bushel on the Chicago Board or Trade, alongside gains of 0.76% in wheat to $466.50 per bushel.

ICE-traded Cotton futures recovered a large part of the prior Friday´s losses, with the May 2016 gaining 1.77% to $58.17 per pound.

Live cattle futures for June 2016 delivery lost 0.97% to $127.85 per pound over on the CME.