Analysts at ANZ noted the commodities sector's action.

Key Quotes:

"Energy prices were weaker. Brent and WTI both dipped to monthly lows, taking the lead from Saudi Arabia’s comments about any possible output freeze. Money managers have started to turn bearish and are likely to remain cautious until the 17 April meeting when key producers will again try and reach an agreement on controlling supply.

Precious metals were weaker. Gold prices tracked sideways during the day in a tight USD8/oz range. Gold closed at the lower end of the daily range of USD1,215/oz and within just USD5/oz of the month low."

Iron ore prices were unchanged. Chinese markets were closed with the benchmark physical 62% Fe price delivered China quoted unchanged at USD54.80/tonne.

Copper prices were weaker. Copper prices continued to retrace from March highs, with copper prices showing a strong correlation with movements in crude oil in the last two months.

Agriculture markets were mixed. The decline in the ags complex was led by sugar with prices falling 3.5%. Sugar prices fell to a three-week low on speculation that Brazil’s state-controlled oil company may cut gasoline prices."