Commodity Capsule: Brent holds above $90; gold flat; copper prices rise | Watch video

Commodity Capsule: Brent holds above $90; Eyes on US CPI, ECB

Brent crude futures held above $90 a barrel on Tuesday.

Traders would be watching August U.S. consumer price index data, due for release on Wednesday.

Federal Reserve is widely expected to leave interest rates unchanged at a policy meeting in September.

European Central Bank will announce its interest rate decision on Thursday. 

European Commission on Monday forecast the eurozone to grow more slowly than previously expected in 2023 and 2024.

Investors await industry data on U.S. crude stocks on Tuesday. Crude inventories were expected to have fallen for the fifth straight week, for the week ended September 8.

The International Energy Agency and Organisation of the Petroleum Exporting Countries will release monthly reports.

Gold flat as investors look to US inflation data for Fed clues

Gold prices were listless on Tuesday as investors eye US inflation figures that could provide a view on interest rates after a widely expected pause by the Federal Reserve next week.

The US dollar index steadied after posting its biggest intraday loss in two weeks, in the last session, ahead of US CPI data due on Wednesday.

Americans' overall views on inflation were little changed in August, even as they predicted rising price hikes for things like rent, homes, and food while downgrading their views of their personal financial situations-- New York Fed reported on Monday.

Eurozone economy will grow slower than previously expected this year and next-- European Commission forecast on Monday.

Bank of England policymaker Catherine Mann said on Monday that it was too soon for BoE to stop raising interest rates.

Industrial metals extended gains from the last session, as LME copper hovers past the $8400/Tonne level.

Copper prices rose sharply on Monday, supported chiefly by improved Chinese inflation readings released over the weekend, rebounding from over three-week low.

Chinese consumer inflation returned to positive territory in August, while producer price inflation fell at a slower pace than seen earlier this year.

The data, coupled with Beijing rolling out more supportive measures for the property sector, helped brew some optimism over an economic recovery.

But other readings for August still painted a mixed picture of the Chinese economy, as it struggles with slowing post-COVID recovery.

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