Commodity Capsule: Oil prices edged up on Wednesday ahead of key global central bank meetings this week including the US Federal Reserve.

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

Brent crude is hovering near a three-week low of around $85 a barrel, while WTI crude is trading near a month's low close to $81.

October turned out to be the worst-performing month for Brent crude, since August 2022. The crude benchmark slipped over 10 per cent last month.

Crude oil inventories in the US rose by about 1.3 million barrels last week-- American Petroleum Institute.

In Europe, October inflation in the Eurozone was at its lowest level in two years, falling to 2.9 per cent from 4.3 per cent in September.

The Bank of England will meet on Thursday.

In China, factory activity unexpectedly contracted in October, adding to weak manufacturing numbers a day earlier, raising questions over fragile economic recovery.

Goldman Sachs forecast Brent prices would reach $100 per barrel by next June

Gold prices started November lower on Wednesday as cautious investors awaited the U.S. Federal Reserve's policy decision.

Spot and Futures gold fell under the key $2,000 an ounce mark due to the firm dollar index and US treasury yield.

Spot gold posted a 7.3 per cent jump in October after prices accelerated over the $2,000 threshold last week from their lowest in seven months at $1,809.5 on October 6.

Market focus is on the outcome of the Fed's two-day monetary policy meeting which concludes later in the day, followed by the U.S. monthly jobs report on Friday.

Copper prices were under pressure on Wednesday as China's manufacturing data failed to meet market expectations, denting the demand outlook.

LME copper recorded a third consecutive monthly loss in October.

Caixin/S&P Global manufacturing PMI fell to 49.5 in October from 50.6 in September, marking the first contraction since July.

Copper output in Chile rose 4.1 per cent year-on-year in September to 457,393 tons.

Investors are also awaiting US economic figures, before the Fed meeting later in the day.

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