· Metals: Copper +1.5% to $4.35lb, iron ore -1.04% to...

· Metals: Copper +1.5% to $4.35lb, iron ore -1.04% to US$161.75/t

· Energy: Brent crude +2.6% to US$70.9/bbl, WTI +2.7% to US$68.3/bbl

· Keyovernight stock moves: BHP LND +0.9%, Rio Tinto LND +1.2%, S32 (LDN) -0.9%, Anglo +1.2%, Glencore +1.5%, Vale +1.5%, Shell +0.5%, BP +1.1%, Exxon +1.7%, Chevron +1.8%, ConocoPhillips +1.9%

· GlobalIndices: S&P 500 +0.10%, DOW +0.46% & FTSE +0.40%

The world’s biggest steel producer, China Baowu Steel Group, pledged to cut output in the secondhalf of the year in response to Beijing’s commitment to limit annual productionin order to reduce carbon emissions. The steel giant said late Monday that it would ensure efficiency and performance in the remainder of the year, while controlling production. “This is a political issue with no room for bargaining, and it must be resolutely implemented,” the producer said in a statement, citing its Chairman Chen Derong. China promised no annual growth in 2021 crude steel production, although its output had jumped 11.8% year-on-year in the first six months. (Reuters)

China’s top steel hub will join the campaign to ensureblue skies for Beijing’s Winter Olympics by capping output and ordering othermeasures to slash pollution. Tangshan will extend existing steel curbs to March 13 next year to ensure good air quality for the games, researcher Mysteel reported, citing a draft document issued by the city’s environment office. Air pollution in Tangshan should fall by at least 40% year-on-year in the days leading up to and during the Games, which start on Feb. 4. The city’s steelmakers account for 8% of global output, and are a regular target when authorities in the nearby capital want clean air for high-profile events. When Beijing hosted the Summer Olympics in 2008, authorities shut a swathe of factories in the industrial regions near the capital. The operation, dubbed “Olympic Blue”, was a success: Beijingers enjoyed blue skies for an entire month. (Bloomberg)