Commodities news covering oil, metals, agricultural products, commodity prices, and futures market developments.
Copper prices slumped to their lowest level since July, driven by a Democratic sweep of the US Congress that undermines bullish drivers for industrial metals. European markets also declined sharply as AI slowdown fears triggered a brutal rotation in tech stocks and concerns over stalled infrastructure plans weighed heavily.
Money managers reduced combined net-long crude oil positions by 78,492 lots through November 3, marking the steepest decline in five months. Net-long holdings on West Texas Intermediate and Brent benchmarks fell to 272,075 lots as traders adjust exposure amid shifting geopolitical dynamics.
Wheat futures climbed in Chicago trading after Russian consultancy IKAR cut its 2026-27 wheat export forecast to 39.5 million tons. The revision also lowered total grain estimates to 49.5 million tons, snapping a two-day decline amid Black Sea supply disruptions. December wheat prices increased by 0.75 cents to $6.00 a bushel.
Yahoo Finance outlines Lloyds Metals & Energy’s record H1 FY27 performance, driven by expanded EBITDA margins and operational efficiencies like the new slurry pipeline. The summary emphasizes structural shifts toward value-added products and diversification into copper and cobalt, while noting seasonal monsoon impacts on recent profitability.
Spot gold fell 1.02% to US$4,045 an ounce on Friday as the US dollar index rose 0.72% and Treasury yields increased, pressuring non-yielding assets. A strong jobs report with 165,000 new October jobs bolstered the dollar, while silver funds slipped slightly.
The article contends that geopolitical instability and U.S. fiscal deficits have driven investor demand for precious metals and resources, benefiting award-winning commodity funds. Portfolio managers argue that concerns over the U.S. dollar's reserve status and global reindustrialization provide tailwinds for gold and silver investments despite recent price volatility.
U.S. natural gas futures rose 1.7% to $2.995/mmBtu in early trading on Friday, supported by cooler weather forecasts and liquefied natural gas export demand. While near-term prices may gain further upside, analysts warn that medium-term outlooks remain weak due to high storage levels and rising production.
The article reports that silver futures opened at $51.72 per ounce, down 1.3% from Thursday, while early trading shows a slight recovery to $52.03. It links these price movements to upcoming US employment data, suggesting strong job growth could bolster the Federal Reserve's confidence for a December rate hike.
Goldman Sachs rates Newmont and Northern Star as Buy, citing attractive valuations and cost performance despite recent gold price volatility. The analysis highlights Newmont's earnings beat and Northern Star's growth prospects from the De Grey Mining acquisition as key drivers for these Australian gold stocks.
The Indian Express reports that gold prices in India are holding steady near record highs on Dhanteras, driven by a marginal upward trend since November 1. The commentary suggests that while US midterm election results eased some uncertainty, investors remain cautious regarding potential policy shifts on the Iran conflict and their impact on oil prices and inflation.