Commodities News Update
Gold prices-Gold prices eased slightly on Wednesday, languishing close to their lowest in nearly six years, as the U.S. dollar rose and investors braced for the first U.S. interest rate rise in nearly a decade next month, offsetting safe-haven bids. Bullion prices have fallen for 14 out of the past 15 sessions under pressure from expectations that the U.S. Federal Reserve is set to raise interest rates next month. Data on Tuesday showing U.S. consumer prices increased in October fed those expectations
MCX Copper Tips-LME copper started at USD 4,703/mt and drifted lower to USD 4,590/mt during Asian trading hours. LME copper rallied during European and US trading hours and closed at USD 4,674.5/mt, down USD 29/mt. US dollar remains at highs, weighing on base metals prices. LME copper will move in USD 4,640-4,700/mt during Asian trading hours. Base metals prices are expected to remain range-bound. US October housing starts and construction permits will be released today. US September construction permits fell 5% MoM, with multi-family building permits down 12.1% MoM.
Crude oil prices-U.S. crude oil prices edged above $41 a barrel in early trading in Asia on Wednesday following reports of falling stockpiles and rising refinery activity, but analysts said the market would remain under pressure for the rest of the year and into 2016. Industry group American Petroleum Institute (API) said late on Tuesday that U.S. crude stockpiles fell last week by 482,000 barrels due to lower imports and higher refinery runs. Official inventory data is due later on Wednesday from the U.S. government's Energy Information Administration.
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