The traders are simply taking profits. They want to lock-in their gains before the inventory report comes out on Wednesday.
More Quotes from Victor Shum:
Perhaps one could surmise that they wanted the listed company to be more independent and decide what to buy on their own rather than becoming an arm of a state-owned company.Victor Shum
At the end of the day, physical asset acquisition is going to give banks more leverage over their trading positions.
Victor Shum
The current Iranian developments, though they will not cause any immediate disruption to oil supply, have caused some anxiety on the part of traders.
Victor Shum
A lot of the price rise is due to geopolitical concerns fuelling speculative interest.
Victor Shum
The market is showing signs of upward buying and is really extending gains from last week. The focus is on the supply disruption, primarily out of Nigeria.
Victor Shum
A lot of uncertainty remains in how the Iranian situation will work itself out. There is some concern in the Asian market on whether Iran is a reliable supplier.
Victor Shum
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