Commodities: Oil & Metals, Further Gains Ahead

October Brent Crude held above the US$66.00/bbl area, and bounced to a level of US$70.10/bbl at one point yesterday. The contract has eased slightly in this morning's trade to US$69.30/bbl, but we expect that it will remain well supported. Indeed, while yesterday's move was also the result of a weaker US dollar, we believe that the medium uptrend in prices remains in place, as illustrated by multi-month trendline support. Furthermore, OPEC meets today for its 154th Ordinary Meeting in Vienna, but we doubt they will decide to cut production. That said, in recent statements, OPEC has reiterated that demand for

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