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AAP

2012-11-09

A summary of trading in key commodities markets overseas:

ENERGY

Oil prices edged up amid bargain-hunting after the prior day's sell-off on concerns about the US "fiscal cliff" and the European public debt crisis.

New York's main contract, West Texas Intermediate crude for December, on Thursday rose 65 US cents from Wednesday to settle at $US85.09 a barrel.

Brent North Sea crude for delivery in December gained 43 US cents to $US107.25 a barrel in London trade.

On Wednesday the WTI contract had plunged more than $US4 to a four-month low in the wake of US President Barack Obama's re-election on Tuesday that defeated Republican challenger and Wall Street favourite Mitt Romney.

PRECIOUS METALS

Gold futures have climbed as traders focus on the implications of a divided US government ahead of the coming debate over fiscal policy, while muted moves in currency offered little direction.

The most actively traded contract, for December delivery, on Thursday settled higher by $US12, or 0.7 per cent, at $US1,726.00 a troy ounce on the Comex division of the New York Mercantile Exchange.

With Thursday's gains, gold this week has made up all of last week's declines.

BASE METALS

Base metals closed mostly higher on the London Metal Exchange, rebounding from the lows hit in the previous session as the dust settled after the US election and market attention was pulled in all directions, from debt worries in Europe, the fiscal cliff in the US and the leadership handover in China.

At the close of open-outcry trading on Thursday, LME three-month copper, flagship of the base metal complex, was 0.4 per cent higher on the day at $US7,630 a metric ton, while others had gained more.

The issue suspected to have caused the most consternation was the looming so-called fiscal cliff.