Commodity Capsule: Gold surged to nearly $2050, copper price were flat
Commodity Capsule: Gold surged to nearly $2050; Now about $35 away from a record high touched earlier this year Silver prices on Comex and MCX are hovering 4 months high each, at $25 and Rs 75,000+ levels respectively
Commodity Capsule: Global Gold prices are hovering near a seven-month high as a string of dovish signals from Federal Reserve officials ramped up bets on an early pivot by the central bank. Drop in the dollar to near 4-month lows as did the retreat in US Treasury yields, aided by yellow metal. 10-year rate fell to over a two-month low Caution before a string of key economic readings this week- from the US and China- also kept safe haven demand for gold upbeat, especially as several weak readings from Japan and the eurozone fed concerns over a global economic slowdown.
Spot gold surged to nearly $2050; Now about $35 away from a record high touched earlier this year Silver prices on Comex and MCX are hovering 4 months high each, at $25 and Rs 75,000+ levels respectively.
Copper prices were flat near the $8,500 a tonne level on Wednesday, hovering near 3 month high Supply disruptions in Peru and Panama helped ease uncertainty before key Chinese economic data this week. LME copper is poised for its first monthly rise in four. Weakness in the dollar aided copper prices. A copper mine operated by Canadian miner First Quantum was ordered to shut down by the Panama government on the grounds that its contract was unconstitutional.
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This coincides with a planned strike at MMG Ltd’s Las Bambas copper mine in Peru. Output disruptions pointed to tighter copper markets in 2024 Markets on edge before key purchasing managers index data from China, which is expected to show a continued decline in manufacturing activity
Oil moved in a narrow range on Wednesday as investors turned cautious ahead of the OPEC+ meeting to decide output policy in the next months Supply disruption in the Black Sea provided the floor for prices. Brent crude futures are hovering at $81.50 a barrel level, while WTI is trading under $77 a barrel. Both benchmarks gained about 2 per cent on Tuesday on the possibility that OPEC+, will extend or deepen supply cuts, as well as concerns over Kazakh oil output and a weaker U.S. dollar.
Investors covered short positions ahead of the OPEC+ meeting amid worries over supply disruption from Kazakhstan OPEC+ is due to hold an online ministerial meeting on Thursday to discuss 2024 production targets, after delaying the meeting from November 26. A Severe storm in the Black Sea region has disrupted up to 2 million bpd of oil exports from Kazakhstan and Russia Kazakhstan's largest oilfields are cutting combined daily oil output by 56% from Nov. 27--Kazakh energy ministry Oil found support from the dollar's weakness and a drop in U.S. crude inventories.