Commodity Capsule| Brent crude range-bound; gold, copper steady | Watch video

Commodity Capsule: Traders speculated on whether OPEC+ would come to an agreement on further production cuts.

Commodity Capsule, image- Reuters

Commodity Capsule: Brent crude futures are range bound on Friday, after two trading sessions of weak closing.

Traders speculated on whether OPEC+ would come to an agreement on further production cuts.

Brent crude futures traded under $82 a barrel. There was no settlement for WTI on Thursday as it was a U.S. public holiday.

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Both contracts are on track to mark their first weekly rise in five, supported by expectations that OPEC+ could reduce supply to balance markets next year.

OPEC+, on Wednesday, postponed a ministerial meeting by four days to Nov. 30, after producers struggled to come to a consensus on production levels.

China's longer-term outlook is lukewarm. Experts see oil demand growth weakening to around 4 per cent in the first half of 2024

Gold held steady on Friday, set for its second consecutive weekly gain

The yellow metal is supported by a weaker US dollar as markets grew confident that the Federal Reserve was done with its interest rate hikes.

Spot gold held just beneath the key $2,000 an-ounce mark. Bullion has risen 0.7 per cent this week.

The dollar index was on track for a second weekly drop.

Benchmark U.S. 10-year Treasury yields edged up to 4.46 per cent.

Markets have dialed back expectations of Fed rate cuts in 2024 after data showed the number of Americans filing new claims for unemployment benefits fell more than expected last week.

Copper prices in London held steady on Friday, on track for second consecutive weekly gain, with demand optimism from China and supply disruptions.

Copper on the London Metal Exchange moved past $8,400/metric ton last session and gained 2 per cent this week.

The demand outlook for copper was brightened by a raft of measures China issued to revive its economy.

Chinese banks to offer unsecured short-term loans to qualified property developers for the first time, Bloomberg News reported on Thursday.

Also weighing on the market was supply risks.

Major Panama copper mine run by Canada's First Quantum Minerals is not operating at commercial levels, following blockades by protesters.

Meanwhile, the stronger performance of the yuan lent further support.

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