- U.S. natural gas futures fell to a fresh three-year low on Friday as the market focused on warm weather forecasts at the start of the winter heating season in November. March-April is usually the widest month-to-month spread of the year since it marks the end of the winter heating season and the start of spring, making it one of the most widely traded gas spreads. It is known as the widow-maker because it can quickly turn against speculators with changing winter forecasts. Both the U.S. and European weather models called for continued well above normal temperatures over the next two weeks, expected to keep residential, commercial and industrial heating demand lower than normal during that time, according to Thomson Reuters Analytic.
- Copper fell on Friday, retreating from a one-week high after a strong dollar offset optimism stemming from top metals consumer China cutting interest rates to boost its slowing economy. Prices on the London Metal Exchange had surged after China’s central bank cut interest rates for the sixth time in less than a year and again lowered the amount of cash that banks must hold as reserves. A continued decline in LME copper stocks, which are at their lowest levels since February, helped support prices, as did news of more production cuts. Freeport-McMoRan said on Thursday it would cut copper output further as it posted a bigger-than-expected quarterly loss.
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