Iran on nuclear talks
Not a strong catalyst: P5+1 talks ended today in Kazakhastan, according to western officials with unclear results. Iran's Fars news agency has reported that there will be another meeting with the world powers in Almanty, previous talks in Istanbul sessions. While it is too early to make any analysis on the development of the negotiation process, we believe that easier sanctions on Iranian imports will probably be on their way, in exchange of limits to Uranium 20% enrichment. Iran would continue to enrich uranium at the previous level. Therefore, the talks will not become a catalyst in the markets on commodities; as there does not seem to be any unexpected result.
The next round of negotiations to be realized in Istambul appear to be rather technical than political, which is a good sign for the markets. However, since elections are aproaching in June, it seems that nothing really meaningful will be decided before this crucial month.