Commodities markets summary
ENERGY
US oil prices edged higher in quiet trade, a day ahead of a key weekly report on US petroleum inventories, while Brent prices slipped in London.
The US benchmark futures contract, West Texas Intermediate (WTI) for delivery in July, climbed 19 US cents to $US102.66 a barrel on the New York Mercantile Exchange.
Brent North Sea crude for July slipped one US cent to settle at $US108.82 a barrel on the IntercontinentalExchange in London.
PRECIOUS METALS
Gold futures posted a slight gain as a retreat in US equities and a weaker dollar perked up investor interest in the haven asset.
Gold for August delivery, the most active contract, rose 50 cents to settle at $US1,244.50 a troy ounce on the Comex division of the New York Mercantile Exchange.
A weaker tone in US stocks gave gold a reprieve from recent falls.
A weaker US dollar, which retreated versus the euro, also lent gold prices some support.
Meanwhile, palladium prices edged higher as US auto sales looked on track to hit their highest pace since the 2008 financial crisis.
Palladium is widely used in car exhaust filters for gasoline burning vehicles, a car market dominated by China and the US.
Palladium for September delivery rose $US4.05, or 0.5 per cent, to settle at $US836.70 a troy ounce on the Nymex.
BASE METALS
Copper futures fell after lacklustre factory data from China and Europe dented investor outlook on demand for the industrial metal.
The most actively traded contract, for July delivery, settled 3.35 cents, or 1.1 per cent, lower at $US3.1370 a pound on the Comex division of the New York Mercantile Exchange.
Copper was forced to give up some of its recent gains after the final reading of the HSBC manufacturing purchasing managers’ index posted a smaller decline than the preliminary reading announced in May.
Meanwhile, the Markit purchasing managers index for the euro zone fell to 52.2 in May from 53.4 in April.
The final PMI reading was also a step slower than the preliminary May PMI of 52.5 announced on May 22.
Copper electrical wires are widely used in manufactured goods like electrical equipment, electronics, household appliances and farm equipment.
Source: smh
