Gold prices - retained small overnight gains on Wednesday, but caution prevailed ahead of a Federal Reserve policy statement later in the session as investors waited for clues on the timing of a U.S. rate hike. Bullion was supported after data on Tuesday showed a second straight drop in a gauge of U.S. business investment in September and a decline in consumer confidence this month, hinting at economic weakness. Many investors also chose to stick to the sidelines ahead of a statement by the Fed on Wednesday following a two-day policy meeting.
MCX Copper Tips - LME copper slipped to USD 5,162/mt after starting at USD 5,181/mt overnight. But later, LME copper rebounded to USD 5,238/mt, tracing Chinese stocks, and closed up USD 19.5/mt at USD 5,207.5/mt. Trading volumes and positions stayed steadily. LME copper inventories fell 3,875 mt to 274,075 mt. Chinese shares finished Tuesday with gains, bolstering market. US dollar index fell back due to poor reading of US economic figures but later the index regained losses. Crude oil prices continued to slide, boding ill for base metals. LME copper will move in USD 5,180-5,230/mt during Asian trading hours.% from August, better than the 2.3% slip in August.
Crude oil prices - U.S. crude futures rose from multi-week lows in thin early Asian trade on Wednesday after an industry group reported that stocks fell at the Cushing hub in Oklahoma, the delivery point for U.S. oil contracts. Oil prices fell a third straight session to multi-week lows on Tuesday on the persistent global supply glut ahead of data expected to show another increase in U.S. crude inventories. U.S. crude oil production cuts - from a peak of around 9.6 million barrels per day to around 9.1 million - and optimism over demand have failed to translate into higher prices, said Ric Spooner, chief market analyst at Sydney's CMC Markets.
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