Commodities markets summary
Market watch top headlines
A summary of trading in key commodities markets overseas:
World crude prices have rebounded on fresh tensions over Iran supplies after the Islamic republic was hit by European Union (EU) oil sanctions, traders said.
Brent North Sea crude for delivery in September climbed $US3.34 to $US100.48 a barrel in London.
New York's main contract, light sweet crude for August, close up $3.91 to $87.66 a barrel.
Iranian MPs have signed a draft law aimed at banning Europe-bound oil tankers from using the Strait of Hormuz to punish EU nations that slapped sanctions on the Islamic republic, according to reports.
Gold and other precious metals have climbed, as traders bet that weak economic data pointed to further stimulus from world central banks.
The most-actively traded gold contract, for August delivery, on Tuesday rose $US24.10, or 1.5 per cent, to settle at $US1,621.80 a troy ounce on the Comex division of the New York Mercantile Exchange, a two-week high.
Readings on Monday on manufacturing in China, the euro zone, and the US showed global industrial activity continues to struggle.
Silver, which some investors also view as an inflation hedge, also gained.
The September-delivery contract settled up 2.8 per cent, at $US28.28 a troy ounce.
Some traders were locking in positions in precious metals ahead of the US Independence Day holiday.
Comex floor trading is closed on Wednesday.
Settlements: September delivery silver closed at $US28.280, up 78.1 US cents; October platinum finished at $US1,491.40, up $US33.10; September palladium ended at $US598.90, up $US20.90.
Base metals have closed sharply higher on the London Metal Exchange (LME), boosted by a combination of rekindled hopes for economic stimulus and technically driven buying.
LME three-month aluminum was the stand-out performer of the complex on Tuesday, gaining 4.5 per cent on the day at its peak at $US1,993 a metric ton. The metal later closed at $US1,981/ton, up 3.8 per cent.
Flagship three-month copper meanwhile ended the session 2.5 per cent higher at $US7,818/ton Tuesday.
Base metals initially gained ground amid expectations of further economic easing by central banks following a slew of weak economic data in recent sessions.
However, technical buying was later triggered as prices broke above key technical levels, according to market participants.