Commodity Capsule| Brent crude inches higher; gold consolidates, copper rises
Commodity Capsule: Brent crude futures hovered past $83 a barrel, while U.S. West Texas Intermediate crude futures rose to the $78 a barrel mark.
Commodity Capsule: Oil inched higher on Thursday as investors remained cautious ahead of expected production cuts by the OPEC+ group.
Weaker-than-expected Chinese factory data underscored slowing growth in China.
Brent crude futures hovered past $83 a barrel, while U.S. West Texas Intermediate crude futures rose to the $78 a barrel mark.
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Brent Crude was poised for its second straight monthly loss, although the crude oil benchmark is set for 1st weekly gain in six weeks.
Oil markets in the previous session found support from hopes of some form of price-supportive resolution from the OPEC+ group.
China's manufacturing activity contracted for a second straight month in November and at a quicker pace than expected.
Official purchasing managers' index fell to 49.4 in November from 49.5 in October, staying below the 50-point level demarcating contraction from expansion.
US Energy Information Administration reported a surprise build in US crude oil and distillate fuel stocks last week.
Gold prices consolidated in a tight range and hovered close to a near seven-month high on Thursday.
Investors awaited key inflation print to gauge whether interest rate cuts in the US would come sooner than previously expected.
Global gold traversed the $2,045 per ounce level, after hitting its highest since May 5 on Wednesday, and was poised for its second straight monthly gain.
The dollar index drifted near three-month lows and was set to log its worst monthly performance in a year in November.
Yields on 10-year Treasury notes hit a two-and-a-half-month low of 4.22 per cent.
Federal Reserve officials this week flagged the possibility of a rate cut in the months ahead and cooling inflationary pressures.
Copper prices rose on Thursday as slowing manufacturing activities in China raised hopes for more stimulus amid supply concerns from Panama.
Copper on the London Metal Exchange rose past $8,460 per metric ton.
On a monthly basis, LME copper is set for its first monthly gain in four, up 4.4 per cent, and SHFE copper rose 1.4 per cent.
The gain was partly supported by a weaker dollar this month.
Activities in the Chinese manufacturing sector contracted for a second straight month in November and at a quicker pace, suggesting more policy support measures are needed to help shore up economic growth.
Panama's president directed Canadian miner First Quantum to shut down the Cobre Panama copper mine after the country's Supreme Court declared its contract unconstitutional.
01:02 PM IST