Commodity Capsule| Brent crude oil slips; copper climbs to 2-month high; gold rise
Commodity Capsule: December gold futures are inching closer to the key $2,000 an ounce mark, hovering at its two-week high.
Commodity Capsule: Oil prices fell on Tuesday after rebounding sharply over the past three sessions.
Anticipation of more Federal Reserve cues and speculation over production cuts by major suppliers kept sentiment muted.
Pressure on prices came chiefly from a string of weak economic readings from across the globe, raising concerns over slowing demand.
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The market is rife with speculations that the Organization of Petroleum Exporting Countries will trim production further when it meets on November 26.
Analysts said that any more production cuts by the two will likely tighten supply and support prices going into 2024.
Both crude oil benchmarks saw some profit-taking after three straight days of strong gains.
Oil prices are expected to find stability at an average of $83 per barrel in 2024, despite economic headwinds, says JPMorgan.
Gold prices rose on Tuesday, supported by a weaker U.S. dollar.
Investors look forward to minutes from the Federal Reserve's latest meeting for more guidance on its interest rate outlook.
December gold futures are inching closer to the key $2,000 an ounce mark, hovering at its two-week high.
The dollar languished near a three-month low against its rivals, as investors expect U.S. interest rates to fall next year.
Minutes from the Fed's latest meeting are due at 1900 GMT on Tuesday.
Markets are widely expecting the Fed to leave rates unchanged in the December meeting and currently pricing in a greater than 50 per cent chance of a rate cut by May.
US 10-year Treasury yields were hovering near two-month lows touched last week.
Copper prices rose to two-month highs on Tuesday, buoyed by supply concerns in Peru and Panama and a weaker US dollar.
Copper on the London Metal Exchange rose past $8,450 per metric ton, the highest since September 15.
December copper contract on the Shanghai Futures Exchange advanced to highest since September 21.
Workers at the Las Bambas copper mine in Peru will kick off an "indefinite" strike next week.
First Quantum Minerals will carry out maintenance at its Cobre Panama mine from November 23 due to coal supplies being blocked by protesters.
The dollar index hit its lowest since Sept. 1 on the expectation that US interest rates would fall next year.
Malaysian palm oil futures rose for 2nd session on Tuesday amid signs of an increase in Chinese soy demand, although easing exports and stronger ringgit cap gains.
BMD palm oil contract rose to near- 4,000 ringgit a metric ton.
China's soybean imports from Brazil rose 71 per cent in October year-on-year, boosted by cheaper prices following bumper crops in the South American nation.
China imported 4.81 million metric tons of the oilseed from Brazil last month