Commodity Capsule | Crude oil prices range-bound, copper moves up | Watch video
Commodity Capsule: Traders widely expect the producers' group to deepen and extend cuts to oil production amid fears of supply being consistently higher than demand.
Gold prices held firm on Tuesday, hovering one-month high amid growing bets that Federal Reserve will not raise interest rates any further.
Anticipation of a slew of economic readings this week kept safe haven demand for the yellow metal upbeat
Markets await more signs of cooling US economic growth and stalling Chinese rebound.
Dollar sank to three-month lows in overnight trade on bets of no more Fed rate hikes.
Global gold futures hovering around $2,015 an ounce level; highest level since late-October.
International silver slipped under $23.70 an ounce, however traversing highest levels since late-August
Oil prices largely rangebound on Tuesday, ahead of a crucial meeting of OPEC+
Traders widely expect the producers' group to deepen and extend cuts to oil production amid fears of supply being consistently higher than demand.
Brent crude futures is hovering $80 a barrel mark, on track to snap a four-day losing streak.
OPEC+ will hold an online ministerial meeting on Nov. 30 to discuss production targets for 2024
Strong production by non-OPEC countries such as the United States has added to pressure on prices
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Copper prices in London climbed on Tuesday as dollar slid to three-month low, although gains were limited by soft demand outlook in China.
Copper on the London Metal Exchange edged close to $8,400 per metric ton
US dollar edged lower on Tuesday after slipping overnight on weaker-than-expected new home sales data
Traders hunkered down on bets that the Federal Reserve could start cutting interest rates in the first half of next year.
Profits at China's industrial firms recorded a notable slower growth in October, data showed on Monday, disappointing traders.
Shanghai tin fell to 7-month low on Tuesday due to adequate supply and subdued demand, offsetting support from weak US dollar.
December tin contract on the Shanghai Futures Exchange lost 3.3% to 193,540 yuan/metric, the lowest since April.
Prices were under supply pressure as domestic production remained steady, plus higher imports
China imported 25,299 tons of tin concentrate in October, up 248.3% from September and up 124.2% from last October, customs data showed.
Demand for the metal used in electronics remained tepid as end users focused on destocking at year-end
Weighing on prices further was a gloomy demand outlook as China recorded a slower-than-expected growth in industrial profits last month.
12:45 PM IST