Commodities Update — gold inches lower, grains gain, copper up

RIYADH: Gold prices inched lower on Thursday as the US dollar firmed after minutes of the Federal Reserve’s March meeting indicated an aggressive stance to combat inflation, denting the safe-haven metal’s appeal.

Spot gold was down 0.2 percent at $1,922.08 per ounce by 0125 GMT.

US gold futures rose 0.2 percent to $1,926.10.

Silver, platinum also lower

Spot silver edged 0.2 percent lower to $24.38 per ounce.

Platinum shed 0.1 percent to $952.32 while palladium was up 0.5 percent at $2,208.87.

Grains firm

US grains futures rose in Asian trading on Thursday ahead of a weekly export sales report from the US Department of Agriculture, while traders kept a close watch on the Ukraine crisis that has disrupted global supplies.

The most-active wheat contract on the Chicago Board of Trade was up 0.2 percent at $10.43-1/4 a bushel, as of 0444 GMT, after initially swinging back and forth in a tight range.

CBOT soybeans climbed 0.3 percent to $16.23-3/4 a bushel, while corn added 0.1 percent to $7.57-1/4 a bushel.

Copper edges higher

London copper prices edged higher on Thursday, helped by a slight pullback in the dollar, while more sanctions on key producer Russia raised concerns over supply.

Three-month copper on the London Metal Exchange was up 0.1 percent at $10,314.50 a ton, as of 0209 GMT. The most-traded copper contract on the Shanghai Futures Exchange SCFcv1 eased 0.3 percent to $11,550.13 a ton.

Lean demand pushes steel down

China’s steel rebar and hot-rolled coils futures declined on Thursday, as downstream demand remained sluggish amid the recent outbreak of COVID-19, with falling iron ore prices also weighing on steel prices.

The most-traded steel rebar futures, used as construction material, on the Shanghai Futures Exchange for October delivery fell 1.2 percent to $796.03 a ton as of 0320 GMT.

(With inputs from Reuters)