MUMBAI – Rubber contracts on the Indian Commodity Exchange ended in the red today due to absence of demand from tyre makers and major bulk buyers, traders said.

The coronavirus 2019 (COVID-19) pandemic has reshaped the outlook by triggering the largest peacetime contraction in the global economy since the Great Depression. Uniquely in the postwar period, the pandemic is a shock to both demand and supply. This said, the reaction in commodity markets indicates that the loss in aggregate demand is more significant and offsets any disruptions to supply. As measured by our IHS Markit Materials Price Index (MPI), commodity prices are now projected to fall by more than 32% year over year (y/y) in the second quarter.

Crude oil production in the seven major US shale basins will fall by a record 197,000 barrels per day next month, the Energy Information Administration reported on Monday.

TOKYO (Reuters) - Oil prices rose on Tuesday, extending gains for a fourth straight session, amid signs that producers are cutting output as promised just as demand picks up, stoked by more countries easing out of curbs imposed to counter the coronavirus pandemic.

Oil prices have surged to two-month highs on growing signs of a rebound in oil demand, as the easing of lockdowns spread worldwide. At its peak in April, global lockdown measures affected around 3.9 billion people. But an estimated 3.7 billion people are now living in areas that are experiencing some version of a “reopening,” according to an estimate from Raymond James. 

WASHINGTON (Reuters) - Asian shares were set to rise on Tuesday after data from an early-stage trial for a coronavirus vaccine lifted hopes for a near-term economic recovery, sending global equity markets and oil prices surging.