Commodity Capsule: Brent crude oil rangebound; gold, silver, copper slips | Watch video

Commodity Capsule: Gold and silver futures continued their downward trend for the seventh consecutive day on Wednesday.

Bullion faces headwinds due to the surge in US yields and firm dollar index.

U.S. dollar strengthened on data showing U.S. job openings unexpectedly increased in August.

Federal Reserve officials see rising yields on long-term U.S. Treasury debt as evidence their tight-money policies are working, but for now, at least say they are not triggering alarm bells for the economy.

Benchmark U.S. 10-year bond yields were at 16-year highs COMEX gold is hovering $1820 an ounce mark, near its lowest level since March 2023.

Comex Silver recovered after dipping under $21 an ounce in the last session and slipped to its lowest since mid-March.

Copper prices slipped below a supportive level of $8,000 a metric ton

Copper prices dipped as a firm dollar and rising inventories in exchange warehouses weighed.

LME Copper sank below $8,000 on Tuesday for the first time since May 26.

The dollar charged higher to near an 11-month high on the back of upbeat US job openings data that unexpectedly increased in August, making greenback-priced metals more expensive to holders of other currencies.

Discount of LME cash copper to the three-month contract was at $70 a ton, hovering near its 31-year wide level of $77.50 hit on Tuesday, as on-warrant inventory in LME warehouses of 166,475 tons was at its highest in two years.

Discount of LME cash nickel to the three-month contract expanded to $277.50 a ton on Tuesday, the widest since August 15, as inventories in LME warehouses rose 14 per cent in September alone.

Oil prices are largely rangebound on Wednesday ahead of a panel meeting of OPEC+ ministers

The market weighed expectations of supply tightness against fears that high-interest rates could reduce fuel demand.

US job openings increased by the largest amount in more than two years, prompting a further sharp rise in Treasury yields.

Oil benchmarks have been pressured by concerns that a strengthening dollar would dent demand.

OPEC+ is expected to keep output policy unchanged when it meets on Wednesday after Saudi Arabia and Russia extended output cuts to year-end.

Saudi Arabia is expected to raise its November official selling price of Arab Light crude to Asia for a fifth straight month-- Reuters survey

ICE raw sugar prices dropped steeply under 26 cents a lb level to one month low

Arabica coffee slipped to $1.4875 per lb, having hit its lowest since mid-January last week.

Dealers noted that rains have arrived in most producing areas in Brazil renewing hopes for positive production next year.

Malaysian palm oil futures are largely bound to face some pressure due to weak demand from top overseas buyers.

Palm oil futures dropped over 6 per cent on a monthly basis in September after posting two consecutive monthly gains.

Catch latest stock market updates here. For all other news related to business, politics, tech, sports and auto, visit Zeebiz.com.