SINGAPORE: Oil prices extended gains on Thursday after rising 1% the previous session, as bullish forecasts on recovering demand this summer offset concerns of rising COVID-19 cases in India, Japan and Brazil. Brent crude for June edged up 8 cents, or 0.1%, to $67.35 a barrel by 0104 GMT while U.S. West Texas Intermediate crude for June was at $63.98 a barrel, up 12 cents, or 0.2%. OPEC, Russia and their allies, a group known as OPEC+, stuck to their plans for a gradual easing of oil production restrictions from May to July, after OPEC raised slightly its demand growth for 2021 to 6 million barrels per day. The group also expects global stocks to reach 2.95 billion barrels in July, taking them below the 2015-2019 average. "A closer look at the state of global oil inventories suggests that the market may be closer to the point of rebalancing than what OPEC+ may think," Citi analysts said, adding that most of the crude inventory overhang has been absorbed by the market although...

Gold prices rose on Thursday bolstered by the U.S. Federal Reserve's pledge to maintain easy monetary policy to aid economic recovery, while a weaker dollar provided further support. FUNDAMENTALS Spot gold was up 0.2% at $1,784.94 per ounce by 0101 GMT, having dipped to $1,762 in the previous session, its lowest since April 16. U.S. gold futures rose 0.6% to $1,784.50 per ounce. The dollar index edged 0.1% lower against its rivals, boosting gold's appeal for other currency holders. The Federal Reserve held interest rates and its bond-buying program steady on Wednesday after its two-day policy meet despite taking a rosier view of the U.S. economic recovery. Fed Chair Jerome Powell also said the coming price increases would almost surely be of a passing nature, and not present the sort of persistent problem that would force the central bank to begin raising interest rates sooner than expected.

Gold prices hit a near two-week low on Wednesday as investors awaited policy signals from the US Federal Reserve. Spot gold fell 0.1% to $1,774.78 per ounce by 12:32 p.m. (1632 GMT), after dipping to its lowest since April 16 at $1,762. US gold futures fell 0.3% to $1,774.20. "You're going to see the Fed affirm the dovish (stance) and that should keep gold fairly stable," Edward Moya, senior market analyst at OANDA, said of the price movement. Fed Chairman Jerome Powell is expected to reaffirm easy monetary policy will continue for a prolonged period. "The marketplace will closely scrutinize the Fed's inflation outlook and any comments on the future path of monetary policy," Kitco Metals senior analyst Jim Wyckoff said in a note. While gold is considered a hedge against the inflation that could follow widespread stimulus, elevated Treasury yields have dulled non-yielding bullion's appeal this year.

d Domestic gold futures eased below the Rs 47,000 per 10 grams mark on Wednesday amid firming up US Treasury yields ahead of the outcome of Federal Reserve's scheduled policy review later in the day. MCX gold futures for delivery on June 4 eased by Rs 378 or 0.80 per cent to quote at Rs 46,925 per 10 grams at the last count, having slid to Rs 46,910 per 10 grams earlier on Wednesday - the lowest intraday level recorded since April 20. The August 5 contract was down Rs 345 or 0.73 per cent at Rs 47,235. MCX silver futures (May 5) traded at Rs 67,895, down Rs 1,063 or 1.54 per cent from their previous close.

Bullion prices traded under pressure on dollar recovery ahead of US FOMC meeting and US President Joe Biden's speech. The dollar index recovered from eight week lows which capped the safe haven demand for precious metals.

Palladium prices hit a record on Tuesday, spurred by persistent supply worries, while gold held a narrow range as investors awaited policy signals from the U.S. Federal Reserve's meeting this week.

Gold futures on MCX were down 0.39 per cent or Rs 186 at Rs 47,117 per 10 grams. Silver futures dropped 1.04 per cent or Rs 730 to Rs 69,470 per kg.

MELBOURNE: Oil prices dropped on Wednesday, paring overnight gains, with soaring COVID-19 cases in India and a bigger-than-expected build in U.S. crude stocks offsetting confidence shown by OPEC and its allies in a solid recovery in global fuel demand. Brent crude futures fell 26 cents, or 0.4%, to $66.16 a barrel at 0205 GMT, paring a 1.2% gain from Tuesday. U.S. West Texas Intermediate (WTI) crude futures fell 23 cents, or 0.4%, to $62.71 a barrel, after gaining 1.7% on Tuesday. The American Petroleum Institute industry group reported crude stocks rose by 4.319 million barrels, according to two sources, which was a much bigger build than analysts in a Reuters poll had estimated. The more closely watched weekly inventory data from the U.S. Energy Information Administration (EIA) is due at 1430 GMT on Wednesday. U.S. crude had opened higher on Wednesday, after a market monitoring panel of the Organization of the Petroleum Exporting Countries and allies, together called...

Gold prices fell on Wednesday, pulled down by firmer U.S. Treasury yields with investors looking out for policy cues from the Federal Reserve's meeting, while palladium eased after hitting a record peak in the previous session. FUNDAMENTALSSpot gold was down 0.5% at $1,767.76 per ounce by 0131 GMT. U.S. gold futures were down 0.5% at $1,770.00 per ounce. Palladium fell 0.6% to $2,924.12 per ounce, after hitting an all-time high of $2,962.50 on Tuesday. Benchmark U.S. 10-year Treasury yields rose to their highest since April 15, increasing the opportunity cost of holding non-yielding bullion. The dollar index rose 0.1% against its rivals, making gold less appealing for other currency holders. Market participants awaited the U.S. Fed's statement due later in the day, for cues on the central bank's monetary policy.

After a run of lean years, the farm sector is facing a bumper harvest. The Bloomberg Commodities Agriculture sub-index is up 22% this year to its highest level since 2016. Cash receipts by U.S. farms are forecast to hit $391 billion in 2021, their best result in seven years. Prices for hogs, soybeans, corn and wheat have been surging. A push higher in food prices is to be expected as developed countries start returning to normal after a year of pandemic. Still, it would be a bold investor or farmer who predicted these levels are here to stay.

The group known as OPEC+ ditched plans to hold a ministerial meeting on Wednesday, four OPEC+ sources said, following Tuesday's meeting of ministers who are members of a market monitoring panel.

The group has also ditched plans to hold a full ministerial meeting on Wednesday, the sources said. A technical meeting on Monday had voiced concern about surging COVID-19 cases but kept its oil demand forecast unchanged.

Palladium prices scaled a record peak on Tuesday on persistent supply worries, while gold held a narrow range as investors awaited policy signals from the US Federal Reserve's meeting this week. Palladium hit a record high of $2,962.50 per ounce and was up 0.2% at $2,932.76 per ounce by 10:54 a.m. EDT (1454 GMT). "What we're seeing here in palladium is a market that's in a deeper deficit than many had expected earlier in the year... That's going to continue to fuel higher prices in the near term," said TD Securities commodity strategist Daniel Ghali. At this rate, palladium can trade north of $3,000 by next month, he added. Prices of palladium, used in catalytic converters to clean car exhaust fumes, have risen about 20% so far this year. A Reuters poll returned a higher forecast for palladium after flooding at the biggest supplier, Russia's Nornickel, worsened a shortage.

NEW DELHI: Crude oil prices rose by Rs 7 to Rs 4,665 per barrel on Tuesday as participants widened their positions on firm spot demand. On the Multi Commodity Exchange, crude oil for May delivery traded higher by Rs 7, or 0.15 per cent, at Rs 4,665 per barrel in 6,411 lots. Analysts said raising of bets by participants kept crude oil prices higher in futures trade. Globally, West Texas Intermediate crude oil gained 0.86 per cent to USD 62.44 per barrel, while Brent crude traded 0.79 per cent lower at USD 66.17 per barrel in New York.

NEW DELHI: Copper prices on Tuesday traded up 1.57 per cent at Rs 767.40 per kg in the futures market on the back of a pickup in spot demand. On the Multi Commodity Exchange, copper contracts for delivery in May traded higher by Rs 11.85, or 1.57 per cent, at Rs 767.40 per kg in a business turnover of 4,884 lots. Analysts attributed the rise in copper prices to the raising of bets by participants driven by the pickup in spot demand.

NEW DELHI: Aluminium prices rose 0.33 per cent to Rs 195.45 per kg in the futures trade on Tuesday as speculators built up fresh positions amid a positive trend in the spot market. On the Multi Commodity Exchange, aluminium contracts for May delivery gained 65 paise, or 0.33 per cent, to Rs 195.45 per kg in a business turnover of 2,246 lots. Analysts said creation of fresh positions by traders on demand from consumer industries supported aluminium prices in the futures market.

NEW DELHI: Nickel prices rose by 1.5 per cent to Rs 1,275.10 per kg in futures trade on Tuesday as speculators built fresh positions on rising demand from alloy makers in the spot market. On the Multi Commodity Exchange, nickel contracts for May delivery gained Rs 18.90, or 1.5 per cent, to Rs 1,275.10 per kg in a business turnover of 1,453 lots. Rise in demand in the spot market from alloy makers mainly supported the price rise in nickel futures, analysts said.

Domestic gold futures were stuck in a narrow range around the flatline on Tuesday as investors awaited the outcome of a scheduled policy meeting by the Federal Reserve due the next day. A mild gain in the rupee despite strength in the dollar overseas provided some support to the yellow metal, but an extended rally on Dalal Street played spoilsport. MCX gold futures for delivery on June 4 eased by Rs 17 or 0.04 per cent to Rs 47,445 per 10 grams at the last count, having moved within a range of Rs 168, between Rs 47,318 and Rs 47,486, earlier in the day as against their previous close of Rs 47,462. The August 5 contract quoted at Rs 47,735 per 10 grams, lower by Rs 19 or 0.04 per cent from its previous close. Silver eked out a mild gain amid volatile trade, up by Rs 120 or 0.17 per cent at Rs 68,800 per kilogram after gyrating within a Rs 488 range.

By Tapan Patel Commodity prices traded higher on Tuesday, continuing the trend from the previous session. On Monday, bullion prices kept to narrow trading range while base metals continued to soar on demand growth optimism. Crude

HANOI: Copper prices hit a 10-year high on Tuesday over supply worries in top producer Chile and as investors hope for an improvement in global demand amid a stable economic recovery and green investments. The most-traded June copper contract on the Shanghai Futures Exchange jumped as much as 3.5% to 72,820 yuan ($11,230.38) a tonne, a level unseen since February 2011. It closed up 3% at 72,480 yuan a tonne. Three-month copper on the London Metal Exchange hit $9,965 a tonne, its highest since March 2011, before retreating to $9,921 a tonne by 0705 GMT, still up 1.7%. Copper is often used as a gauge for global economic health and is used in electric vehicles and renewable energy productions. Mining unions and port workers in Chile have threatened to protest over pension savings withdrawal issues. Copper prices are being supported by strike threats in Chile, though high prices are deterring downstream physical market from buying, ING analysts said in a note.

Gold futures on MCX were down 0.10 per cent or Rs 48 at Rs 47,414 per 10 grams. Silver futures dropped 0.07 per cent or Rs 50 to Rs 68,630 per kg.

TOKYO: Oil prices bounced back early on Tuesday from drops in the previous session, but gains were seen likely capped by growing concern about fuel demand in India, the world's third-biggest crude importer now slammed by spiralling new coronavirus cases. Brent crude was up 26 cents, or 0.4%, at $65.91 a barrel by 0141 GMT, after dropping 0.7% on Monday. U.S. oil gained 23 cents, or 0.4%, to $62.14, having declined by the same amount the previous session. "There are clearly some concerns around the demand outlook, particularly over how the Covid-19 situation is developing in India," ING Economics analysts said in a note. The Indian government ordered the country's military to help respond to the surging coronavirus infections, with countries including Britain, Germany and the United States promising aid as the emergency overwhelms hospitals. India's woes come as the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, a group known as OPEC+, are...

Gold prices were little changed on Tuesday, ahead of the U.S. Federal Reserve's monetary policy meeting, while palladium was pinned below a record peak scaled in the previous session. FUNDAMENTALS Spot gold was steady at $1,780.86 per ounce by 0057 GMT. U.S. gold futures were little changed at $1,780.10 per ounce. Palladium was steady at $2,924.93 per ounce, after hitting an all-time high of $2,941 on Monday. The dollar index inched up against its rivals, making gold more expensive for other currency holders. Market participants are now looking at the U.S. Fed's two-day policy meeting, which ends on Wednesday, and while no major policy changes are expected, investors will pay close attention to Chairman Jerome Powell's outlook on the economy.

"The market is tending to focus more on the bad news from India and Japan at present, where the number of new coronavirus cases has risen sharply, prompting increased mobility restrictions to be imposed," said Commerzbank analyst Eugen Weinberg.

The combined positions across all six contracts rose to a three-week high of 832 million barrels, according to records published by ICE Futures Europe and the US Commodity Futures Trading Commission.