[MARKET ANALYSIS] Commodities lack demand amid the holiday closures in Asia and North America

WTI/Brent: WTI Mar'26 -0.2% / Brent Apr'26 -0.2%

• Oil prices are rangebound amid light energy-specific newsflow from over the weekend and after last Friday's indecisive performance, with a source report noting that OPEC+ is said to be leaning towards resuming oil output hikes from April, but with no decision made.

Gold: -0.4%

• Takes a breather after edging higher in the aftermath of the recent softer-than-expected US inflation data, with price action also contained amid the holiday closures across Asia and North America.

Copper: -0.5%

• Lacks demand amid the ultimately mixed risk appetite, and with its largest buyer away for over a week due to the Chinese New Year/Spring Festival holiday.

Commodity prices are showing weakness largely due to diminished demand from holiday closures in Asia and North America. With OPEC+ hinting at potential output increases yet making no decisive moves, oil remains rangebound, while metals like copper are struggling as major consumers are absent from the market. This backdrop suggests ongoing price pressure may persist, which could have implications for inflation and related asset classes.