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Brent oil (CO1:COM) futures eased on Tuesday, as sluggish economic activity in China, the world’s biggest oil importer, dampened investor sentiment, following a thin holiday trade on Monday. Focus this weak remains on Saudi Arabia’s oil cuts into October and Russia’s new OPEC+ supply cut deal. Oil prices have gained for the past three months on expectations of tight global supplies. U.S. natural gas (CL1:COM) also dipped, extending losses to a third consecutive session.
In precious metals, spot gold prices (XAUUSD:CUR) fell as the U.S. dollar index (DXY) hit multi-month highs, while silver (XAGUSD:CUR) shed nearly 2%, hitting a one-month low, and platinum (XPTUSD:CUR) edged lower for a second-day, as traders pondered over global growth. Spot gold was down -0.41% at $1,930.16 by 07:29 am ET.
Latest set of weak data out of China have yet again raised concerns over the country’s economic situation as it looks to bolster the economy with a stimulus package, while data showed euro zone business activity declined faster than initially thought last month, a third successive monthly contraction in output.
Copper prices held steady, after rising in the previous week.
“(Commodity) markets were more circumspect as they considered the impact of support measures for China’s property sector,” ANZ said in a note.
Among agricultural commodities, soybeans, cocoa futures fell, while wheat gained.
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Energy
- WTI Crude Oil (CL1:COM) -0.64% to $85.38.
- Natural Gas (NG1:COM) -1.02% to $2.61.
Metals
Agriculture
- Corn (C_1:COM) -0.23% to $465.04.
- Wheat (W_1:COM) +1.00% to $572.80.
- Soybeans (S_1:COM) -0.11% to $1,348.50.
Commodity ETFs
Gold ETFs:
- SPDR Gold Shares ETF (GLD)
- VanEck Gold Miners ETF (GDX)
- VanEck Junior Gold Miners ETF (GDXJ)
- iShares Gold Trust ETF (IAU)
- Direxion Daily Gold Miners Index Bull 2X Shares ETF (NUGT)
- Sprott Physical Gold Trust (PHYS)
Other Metal ETFs:
- iShares Silver Trust ETF (SLV)
- Sprott Physical Silver Trust (PSLV)
- Global X Silver Miners ETF (SIL)
- U.S. Copper Index Fund, LP ETF (CPER)
- abrdn Physical Palladium Shares ETF (PALL)
Oil ETFs:
- U.S. Oil Fund, LP ETF (USO)
- Invesco DB Oil Fund ETF (DBO)
- U.S. 12 Month Oil Fund, LP ETF (USL)
- U.S. Brent Oil Fund, LP ETF (BNO)
- U.S. Natural Gas Fund, LP ETF (UNG)
- U.S. Gasoline Fund, LP ETF (UGA)
Agriculture ETFs:
- Invesco DB Agriculture Fund ETF (DBA)
- Teucrium Soybean ETF (SOYB)
- Teucrium Wheat ETF (WEAT)
- Teucrium Corn Fund ETF (CORN)