• Bullions
Gold futures eased to a one-month low Wednesday after a day of indecisive trading, as persistent worries about potential shifts in U.S. tax policy and a cut in Goldman Sachs's gold-price forecast pushed traders to the sidelines. Investors have been wary of holding precious metals as negotiations to avert the coming package of U.S. spending cuts and tax increases showed little progress. Traders have focused on currencies, and particularly on the chance that the policy shift will stoke demand for the safe-haven U.S. dollar. Gold and the currency tend to move
inversely.
• Base Metals
Copper rose to a six-week high on Wednesday, as improved U.S. factory orders and hopes for further economic-stimulus measures in top consumer China bolstered the demand outlook. Wednesday's gains were fueled by a rise in Chinese equities markets on hopes that China's new set of political leaders would back state support for the economy following a meeting of the new top leadership. Data released on Wednesday showing a larger-than-expected rise in U.S. factory orders in October also stoked copper-demand expectations, analysts said. A slate of recent reports showing a recovery in the housing sector has also helped keep a floor under copper prices.
• Energy
Crude-oil futures fell Wednesday, after government data showed a surge in fuel stockpiles that suggests production is outpacing demand. Rising inventories were accompanied by a 3.4% decline in domestic fuel usage, suggesting that production is more than meeting demand as consumers and businesses hold off on spending amid worries about the broader economy.
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