COM - Commodity Roundup: Oil markets await OPEC meeting; gold set for 8th day of losses

2023-10-04 06:05:32 ET

Oil prices dropped on Wednesday with Brent crude trading around $90 a barrel as investors positioned for the much-awaited OPEC meeting, while demand fears arising from a high interest rate environment countered supported from Saudi Arabia's decision to extend output cuts until the end of this year.

Top oil exporter Saudi Arabia's energy ministry confirmed on Wednesday it will continue its voluntary 1 million barrel per day (bpd) crude supply cut until the end of this year.

In the metals market, gold ( XAUUSD:CUR ) extended losses for the eight straight day despite a decline in the dollar, with palladium, platinum and silver also moving lower. The focus this week will be on the closely watched Friday’s U.S Non-Farm Payrolls numbers, after the JOLTS data pointed to an unexpected rise in August jobs U.S. job openings. Signs of a tight labour market could compel the Federal Reserve to raise interest rates next month, after a pause in September.

Copper prices also ticked lower extending their losses for the third straight day amid prospects of tighter monetary policy. "Subdued manufacturing activity in China and in the U.S. added to the bearish market sentiment," ANZ analysts said in a note. LME copper inventories rose to 168kt, the highest level since June 2022.

In the agricultural market, wheat futures eased, while cocoa and soybeans gained.

Recent Commodity Price Movements

• Energy

  • WTI Crude Oil ( CL1:COM ) -1.10 to $88.13.
  • Natural Gas ( NG1:COM ) +1.12% to $2.98.

  Metals

  • Palladium ( XPDUSD:CUR ) -1.66% to $1,169.49.

  • Silver ( XAGUSD:CUR ) -0.29% to $21.09.
  • Copper ( HG1:COM ) -0.12% to $3.61.

  Agriculture

  • Corn ( C_1:COM ) -0.13% to $486.89.
  • Wheat ( W_1:COM ) -1.17% to $561.87.
  • Soybeans ( S_1:COM ) +0.69% to $1,281.50.

  Commodity ETFs

  Gold ETFs:

  • SPDR Gold Shares ETF ( NYSEARCA: GLD )
  • VanEck Gold Miners ETF ( NYSEARCA: GDX )
  • VanEck Junior Gold Miners ETF ( NYSEARCA: GDXJ )
  • iShares Gold Trust ETF ( NYSEARCA: IAU )
  • Direxion Daily Gold Miners Index Bull 2X Shares ETF ( NYSEARCA: NUGT )
  • Sprott Physical Gold Trust ( NYSEARCA: PHYS )

  Other Metal ETFs:

  • iShares Silver Trust ETF ( NYSEARCA: SLV )
  • Sprott Physical Silver Trust ( NYSEARCA: PSLV )
  • Global X Silver Miners ETF ( NYSEARCA: SIL )
  • U.S. Copper Index Fund, LP ETF ( NYSEARCA: CPER )
  • abrdn Physical Palladium Shares ETF ( NYSEARCA: PALL )

  Oil ETFs:

  • U.S. Oil Fund, LP ETF ( NYSEARCA: USO )
  • Invesco DB Oil Fund ETF ( NYSEARCA: DBO )
  • U.S. 12 Month Oil Fund, LP ETF ( NYSEARCA: USL )
  • U.S. Brent Oil Fund, LP ETF ( NYSEARCA: BNO )
  • U.S. Natural Gas Fund, LP ETF ( NYSEARCA: UNG )
  • U.S. Gasoline Fund, LP ETF ( NYSEARCA: UGA )

  Agriculture ETFs:

  • Invesco DB Agriculture Fund ETF ( NYSEARCA: DBA )
  • Teucrium Soybean ETF ( NYSEARCA: SOYB )
  • Teucrium Wheat ETF ( NYSEARCA: WEAT )
  • Teucrium Corn Fund ETF ( NYSEARCA: CORN )

For further details see: