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Commodities markets summary

Reported by AAP
Wednesday, November 26, 2014
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A summary of trading in key commodities markets overseas:


Oil prices have tumbled, with the US benchmark down 2.2 per cent, on expectations that the OPEC cartel will not agree to cut output on Thursday despite ample global supplies.

The key US futures contract, West Texas Intermediate for January delivery, dived $US1.69 on the New York Mercantile Exchange, closing at $US74.09 a barrel, its lowest level since mid-September 2010.

Benchmark Brent North Sea crude for delivery in January settled at $US78.33 a barrel in London, down $US1.35 from Monday's close.

The 12-nation Organisation of the Petroleum Exporting Countries (OPEC) will hold one of its toughest meetings in recent years on Thursday, with members under pressure to address tumbling prices that have slashed their revenues.


Gold prices have edged higher, after a day of shuffling between gains and losses as two sets of economic data gave varying pictures of the state of US recovery.

Gold for December delivery, the most actively traded contract, on Tuesday closed up 0.1 per cent at $US1,197.10 a troy ounce on the Comex division of the New York Mercantile Exchange, after trading between $US1,189 and $US1,202.20 during the session.

Prices for palladium and platinum turned higher after Johnson Matthey, a specialty-chemicals maker that is one of the world's largest platinum buyers, said Monday that supplies of the two metals look set to show their largest deficits since the firm started keeping records 30 years ago.

Platinum for January rose 1.4 per cent to $US1,224.50 a troy ounce, while December palladium gained 0.7 per cent to $US795.60 a troy ounce.


Copper futures closed down on the London Metal Exchange, propelled lower by moderate trading volumes allowing bears in the marketplace to direct prices.

The LME's three-month copper contract was down 1.0 per cent at $6,606.00 a metric ton at Tuesday's PM kerb close.

Positive US third-quarter data was neutralised by disappointing consumer confidence numbers.

The US economy grew at a robust 3.9 per cent pace in the third quarter.

But consumer confidence index fell to 88.7 from 94.1 in October.

Turnover was low "as the market winds down for US Thanksgiving," said Liz Grant at Sucden Financial.

Aluminium closed up 0.1 per cent at $US2,049.00 a ton, zinc closed 0.9 per cent lower at $US2,271.00 a ton, nickel fell 0.8 per cent to finish at $US16,525.00, lead closed down 0.4 per cent at $US2,052.50 a ton, and tin closed down 1.4 per cent at $US20,200.00.

26/11/2014 16:14Sydney, Australia. 26 November,2014