Commodity Capsule: Brent crude oil rise; gold steady | Watch video

Commodity Capsule: Oil prices rose in Tuesday's trade as geopolitical tensions in the Middle East continued to spur concern.

Gains were limited on bearish demand sentiments, while the market waited for monthly reports from oil agencies.

Brent futures for May delivery held past $82.47/barrel. WTI's April contract steadied near $78/barrel.

Capping gains, however, are outlooks for weaker demand and increasing supply from producers outside of OPEC.

International Energy Agency expects oil supply to grow to a record high of about 103.8 million bpd, largely driven by the United States, Brazil, and Guyana.

China's crude oil imports rose in the first two months of the year versus the same period in 2023, but they were weaker than in the preceding months.

Nonferrous metals prices fell in London on Tuesday, retreating from gains in the previous session, as investors and traders pulled back ahead of key data in China and the United States.

Copper on the London Metal Exchange rangebound with a weak bias past $8,600/metric ton, aluminum hovered at $2,250, and zinc dropped to $2,563.

London prices have been pressured by a subdued economic growth outlook, poor manufacturing data, and the lack of big stimulus support from China.

US inflation data due later in the day could move the dollar.

China is also scheduled to release its loan data this week. Chinese bank's lending is expected to have pulled back sharply in February from a record high a month earlier due to seasonal factors.

Gold prices were steady on Tuesday, as traders refrained from taking new positions ahead of US consumer prices data that could offer clues on the Federal Reserve's monetary policy trajectory.

Spot gold was flat under $2,180 per ounce, after rising for nine consecutive sessions.

US gold futures were holding under $2,185.

The dollar held broadly steady on Tuesday, near the 102.4 level.

The US consumer price index report for February is forecast to rise 0.4 per cent for the month and keep the annual pace steady at 3.1 per cent.

US Core inflation is seen rising 0.3 per cent, which will nudge the annual pace down to the lowest since early 2021 at 3.7 per cent.

Other US economic data this week includes retail sales, producer price index, and weekly initial jobless claims print on Thursday.

Data last week showed signs of a cooling US jobs market, while Fed Chair Powell said they are not far from gaining the confidence they need in falling inflation to cut interest rates.

Global edible oil prices are on the rise with Malaysian palm oil futures hovering close to eight-month highs.

CBoT soyoil futures are hovering near one month high.

Malaysia's palm oil stocks at the end of February dwindled to their lowest levels in seven months as production hit a 10-month low, offsetting the slowdown in exports.

Inventories at the end of February fell 5 per cent m/m to 1.92 million metric tons, CPO production declined 10.18 per cent to 1.26 million tons, while exports plunged 24.75 per cent to 1.02 million tons-- Malaysian Palm Oil Board.

Exports of Malaysian palm oil products for March 1-10 rose 6.8 per cent to 382,640 tons from 358,365 tons shipped during the previous month-- Intertek Testing Services. 

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