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Brent crude was trading above $95 a barrel on Tuesday, trading higher for a third day in a row on signs of tightness in the oil market over the coming months.
The estimated value of open interest across global commodity markets increased by $26 billion week-on-week with gains from all sectors last week, J.P. Morgan Commodities Research said in a note.
Broad-based gains have propelled global commodity open interest to a fresh year-to-date high with Fed dots and flash PMIs on deck, with energy markets on the lead, driven by continued gains in crude oil and petroleum products, the brokerage said.
Meanwhile, gold prices held steady after four-straight sessions of gains as investors remain in wait-and-see mode as the Federal Reserve kicks off the much-awaited policy meeting later in the day. Spot gold (XAUUSD:CUR) held steady at $1,935.38 an ounce by 06:20 am ET.
In base metals, copper futures dipped in cautious trading, amid lingering concerns regarding Chinese demand.
Among agricultural commodities, cocoa futures rose, while soybeans and wheat edged lower. U.S. corn futures fell to their lowest levels in nearly three years on Monday, as traders said an expanding Midwest harvest added to fears of a supply glut at a time of weak export demand for U.S. supplies.
Recent Commodity Price Movements
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