Commodity Capsule: Brent crude oil stutters; gold moves little; copper subdued

Commodity Capsule: Oil prices stutter at lowest levels in over three months, weighed down by concerns over waning demand in the United States and China.

Brent futures fell under $82/barrel and WTI crude dipped close to $77/barrel in the previous session; declining to the lowest since July 24.

US crude oil stocks rose by almost 12 million barrels last week-- American Petroleum Institute.

US Energy Information Administration will delay the release of weekly inventory data until the week of November 13.

Crude oil production in the United States this year will rise by slightly less than previously expected while demand will fall.

EIA now expects total petroleum consumption in the country to fall by 300,000 bpd this year, reversing its earlier forecast of a 100,000 bpd increase.

Gold prices moved little on Wednesday, but were nursing steep losses over the past two sessions.

Spot gold hovers under $1970 an ounce, the lowest level in two weeks

Markets await upcoming speech by Fed Chair Jerome Powell squarely in focus.

Gold saw some gains in the past week after the Fed meeting and softer-than-expected nonfarm payrolls pushed up hopes for an end to the Fed’s rate hike cycle.

But several Fed officials downplayed expectations for a pause, citing the need for more hikes amid strength in the economy and sticky inflation. 

This dented the outlook for gold, given that higher rates diminish the opportunity cost of investing in the yellow metal. 

Copper prices were subdued on Wednesday amid a stronger US dollar and a hazy demand outlook for the metal.

Copper on the London Metal Exchange little moved at $8,200 per metric ton.

The dollar index gained moved past 105.40, gaining on the euro after a larger-than-expected fall in German industrial production in September.

Some analysts expected a slower growth of China's copper demand in 2024 amid an uneven economic recovery.

Codelco has offered to sell copper at a premium of $89/metric ton to major Chinese clients for its 2024 contracts, down from this year's $140 a ton.

Chicago soybean extended gains, with prices trading to over two months high, amid adverse weather conditions in Brazil and strong Chinese demand.

China imported 5.16 million metric tons of soybeans in October, up 25 per cent year-on-year (YoY).

ICE cotton futures hover over a four-month low, pressured by concerns about demand from China as the harvest season for the natural fiber progressed.

Cotton contracts for December fell to 76 cents per lb.

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