As expected, it was a choppy week price-action wise, with rough weather in Australia threatening to shut down some export capacity. However, most commodities sold off toward the end of the week as the “O-my-God” Covid variant emerged from South Africa. The rand immediately sold off further. Japan added to some of the early upside commodity price pressure with coal plant outages triggering increased demand for liquefied natural gas imports. China is ensuring the country’s power supply is firmly protected for winter and spring, with coal storage at plants hitting an all-time high.