- Crude oil futures were pressured on Tuesday by oversupply and worries the dollar will strengthen when the U.S. Federal Reserve eventually raises interest rates. “Crude continues to remain under pressure due to emerging supply-side news and slowing Chinese demand. Russian oil output broke a post-Soviet record in October for the fourth time this year. News from Iran is also painting a negative picture,” ANZ said in a morning note.
- Copper prices struggled near four-week lows on Tuesday, as persistent worries about future demand from top consumer China weighed.Copper for December delivery on the Comex division of the New York Mercantile Exchange shed 0.5 cents, or 0.23%, to trade at $2.314 a pound during morning hours in London.A day earlier, copper prices fell to $2.288, the lowest since October 2, after a pair of disappointing manufacturing reports underlined concerns over the health of China’s economy.
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