What's the demand picture

There is nothing resembling a coherent picture in the commodities market today.

In FX, rates and equities there's a worry about more US jobs leading to Fed rate hikes. The oil market bumped higher on the ADP number too, perhaps signaling better demand. But elsewhere it's a decidedly mixed bag.

At the moment, metals prices are getting some attention. Copper is down 3% to $4.46/lb and platinum is down along with it. The chart is looking like a textbook head-and-shoulders top targeting $4.00.

What's the demand picture

But it's not all industrial metals. Iron ore is back above $200/tonne despite China's efforts to drive the price lower. Nickel is also up 0.6% today.

I tend to come down on the demand side as key. Strong jobs are good for commodities, no matter what the Fed does. Emerging markets are also showing signs of life and China's failure to curb prices is telling.