Commodity Capsule: Brent crude oil, gold, silver, copper, all trade lower | Watch video
Commodity Capsule: Benchmark for U.S. gold futures tumbled 4 per cent last week for its biggest weekly decline since a nearly 6 per cent plunge during the week to June 11, 2021.
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Commodity Capsule: Comex Gold and silver sank to a seven-month low on Tuesday, as the dollar hit 10-month highs indicating a rush of investors towards the U.S. currency.
Comex October Gold contract is trading near $1820 an ounce, down $56 in two trading sessions.
Benchmark for U.S. gold futures tumbled 4 per cent last week for its biggest weekly decline since a nearly 6 per cent plunge during the week to June 11, 2021.
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Comex gold wrapped the third quarter down 3 per cent after a 4 per cent drop in the second quarter.
Silver prices tanked briefly under $21, the lowest since mid-March. The metal lost nearly 12 per cent in the last two trading sessions.
Oil prices slipped, on Tuesday, to near a three-week low, on a stronger US dollar, rising US bond yields, and mixed supply signals.
Both the crude benchmarks gave up 5 per cent in the last 2 trading sessions.
The US dollar rose to a 10-month high against a basket of major peers after the US government avoided a partial shutdown.
US economic data fuelled expectations that the Federal Reserve will keep rates higher for longer, which could slow economic growth.
An announcement from Turkey's energy minister that the country will restart operations this week on a pipeline from Iraq that has been suspended for about six months further weighed on prices.
OPEC+ will meet on Wednesday but is unlikely to tweak its current oil output policy.
LME Copper hits over four-month low on firm dollar
Copper prices in London fell to their lowest in over four months on Tuesday on a firm dollar.
LME Copper shed $200 in the previous session to settle near $8,000 per metric ton, the lowest since May 26.
LME lead hit a 7-week low to $2,135 a ton.
The dollar held on to fresh highs after strong U.S. economic data bolstered the view that the Federal Reserve will keep interest rates higher for longer.
Copper inventories in LME-registered warehouses rose to 169,300 tons, the highest since May 2022. The most recent increase was in warehouses in the US and Taiwan.
LME lead stockpiles were last at 78,325 tons, the highest since June 2021.
COMEX data showed money managers were net short 21,220 copper contracts on Sept. 26, the biggest since May 30.
Malaysian palm oil futures edged higher on Tuesday after extending losses for two trading sessions when buyers in China put off purchases due to holidays.
Palm oil futures dropped over 6 per cent on a monthly basis in September after posting two consecutive monthly gains.
Dalian Commodity Exchange is closed from September 29 to October 6 for Mid-Autumn Festival and National Day.
CBoT Soybean Prices have dropped to three-month lows to $12.70 a Bushel.
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