- Copper prices rose on Thursday, after mining giant Glencore (L:GLEN) announced wider spending cuts as the commodities group races to cut debt and shore up its balance sheet.The Swiss-based company cut its capital expenditure for 2016 to $3.8 billion, from an earlier estimate of $5 billion. Glencore said last month it will cut 55,000 metric tons of copper output by the end of 2017, the latest in a string of supply cuts.
- Oil prices inched up on Thursday, but held near seven-year lows amid uncertainty about how quickly the global glut of crude is set to shrink.Oil futures are down more than 10% since the Organization of the Petroleum Exporting Countries failed to agree on output targets last week. As a result, crude prices are expected to remain stubbornly low amid a glut of oversupply on global energy markets.
- Gold futures edged lower on Thursday, but still stuck in familiar trading range, as market players braced for the first U.S. rate hike since 2006 next week.The dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.2% to 97.53. Dollar-priced commodities become more expensive to investors holding other currencies when the greenback gains.
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