Saudi Arabia Is Losing Its Iron Grip on Global -2-

Gold Edges Lower Ahead of Fed Chair Remarks, U.S. Data -- Market Talk

0932 GMT - Gold futures edge lower in early European trade, but remain in a narrow range as traders await key U.S. data later this week for more cues on the Federal Reserve's interest-rate cut decision. Futures fall 0.2% to $2,663.80 a troy ounce. Thursday's job openings and labor turnover survey, or Jolts, suggested the labor market is cooling. Now, markets await Fed Chair Jerome Powell's public remarks later on Wednesday--the last before the U.S. central bank's meeting on Dec. 17-18--and U.S. nonfarm payrolls data due on Friday. According to analysts at ANZ Research, the market is currently pricing in a 70% change of a rate cut.([e-mail])

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Oil Edges Higher With Focus on OPEC+, U.S. Sanctions Against Iran -- Market Talk

0917 GMT - Oil prices edge higher in early European trade, supported by a new wave of U.S. sanctions on Iranian oil exports and expectations that OPEC+ will further delay its planned output hike. Brent crude is up 0.2% at $73.79 a barrel, while WTI is up 0.1% at $70.04 a barrel after gaining more than 2.5% in the previous session. The U.S. Treasury Department sanctioned 35 entities and vessels used to transport illicit Iranian oil to foreign markets in an effort to disrupt the use of oil revenue for the country's nuclear program. Meanwhile, traders wait to see if OPEC+ will prolong voluntary production curbs and for how long, with analysts saying delaying production hikes will only prevent a global oil glut from getting worse, but won't reverse it. ([e-mail])

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Comex Gold Futures Stay Bullish as Long as $2,640/oz Support Holds, Charts Show -- Market Talk

0758 GMT - Comex gold futures remain bullish as long as support at the $2,640/oz level holds, based on the daily chart, RHB Retail Research's Joseph Chai says in a research report. The commodity is also trading above the 20-day simple moving average, which is currently acting as immediate support and providing an "upper hand to the bulls," the analyst says. Furthermore, the relative strength index indicator is rounding higher, suggesting bullish momentum is gaining traction. The nearest resistance is pegged at $2,800/oz, the analyst adds. Spot gold is 0.1% lower at $2,641.43/oz. ([e-mail])

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Iron Ore Rises, Supported by Optimistic Macro Expectations -- Market Talk

0303 GMT - Iron ore rises in early Asian trade. Prices have rebounded to a recent high, driven by more optimistic macro expectations and improved fundamentals for the metal, Galaxy Futures analysts say in commentary. Investors are watching for China's year-end Central Economic Work Conference for potential stimulus, the analysts add. The most-traded iron-ore contract on the Dalian Commodity Exchange is 0.25% higher at CNY810.5/ton. ([e-mail])

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Copper Edges Lower Amid Mixed Supply Signals -- Market Talk

0155 GMT - Copper edges lower in early Asian trade amid mixed supply signals. Latest news from the supply front appears mixed, Commerzbank Research's Barbara Lambrecht says in a research report. A factor in favor of easing of supply is expected to be recent production successes of state-owned Chilean copper producer, the commodity analyst says, though "input for Chinese copper producers is threatening to become scarcer." According to research group Antaike, Chinese metal importers stopped buying U.S. copper scrap, the analyst adds. The three-month LME copper contract is 0.2% lower at $9,093.50/ton. ([e-mail])

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(END) Dow Jones Newswires

12-04-24 1159ET