Commodities markets summary
A summary of trading in key commodities markets overseas:
ENERGY
World oil prices have sunk further as US stockpiles surged again, with the New York price falling nearly $US2 a barrel to its lowest level in 16 months.
In London trade Brent North Sea crude for December delivery lost $US1.51 to $US84.71 per barrel on Wednesday.
US benchmark West Texas Intermediate (WTI) for December delivery sank $US1.97 to $US80.52 a barrel, the lowest level since June 2012.
The US Department of Energy (DoE) reported on Wednesday that American oil inventories surged by 7.1 million barrels in the week to October 17, more than double market expectations.
US stocks of distillates, including heating fuel, rose by one million barrels, confounding forecasts for a drop of 1.5 million barrels.
Reserves of gasoline meanwhile dipped 1.3 million barrels, broadly in line with expectations.
PRECIOUS METALS
Gold futures pulled back from a six-week high as a stronger US dollar and lacklustre US inflation pressure prices.
The most actively traded contract, for December delivery, ended Wednesday down $US6.20, or 0.5 per cent, at $US1,245.50 a troy ounce on the Comex division of the New York Mercantile Exchange.
On Tuesday, gold advanced to its highest level since September 10 on news that the European Central Bank was looking into purchasing corporate bonds to bolster the region's economic growth.
The US consumer-price index, a measure of inflation, rose a seasonally adjusted 0.1 per cent in September from a month earlier.
The ICE Dollar Index was recently up 0.5 per cent at 85.69. Gold is traded in US dollars and becomes more expensive for investors in other countries when the greenback rallies.
BASE METALS
Copper prices ended lower as lacklustre US economic data and a stronger US dollar weighed on investor interest in the metal.
The most actively traded contract, copper for December delivery, fell 1.05 cents, or 0.4 per cent, to settle at $US3.0175 a pound on the Comex division of the New York Mercantile Exchange.
The US consumer-price index, which tracks how much Americans pay for everything from cars to doctor's visits, advanced 0.1 per cent in September from a month earlier, in line with expectations.
A stronger US dollar also weighed on copper prices. The ICE Dollar Index was recently up 0.5 per cent at 85.73. Copper is traded in US dollars and becomes more expensive for buyers in other countries as the greenback strengthens against their home currencies.
