Commodities markets summary
Market watch top headlines
A summary of trading in key commodities markets overseas:
Oil prices fell after the International Energy Agency cut its global crude demand forecasts.
New York's main contract, West Texas Intermediate crude for delivery in December, lost 19 US cents from late Monday to settle at $US85.38 a barrel on Tuesday.
In London Brent North Sea crude for December fell 86 US cents to $US 108.21 a barrel.
The IEA - which represents oil-consuming countries - predicted that global demand will have increased by 670,000 barrels per day (bpd) in 2012 to 89.6 million bpd. This was 60,000 bpd less than projected a month ago.
For 2013, the Paris-based IEA forecast a rise of consumption to 90.4 million bpd, 100,000 barrels less than the previous forecast.
Platinum futures climbed 1.2 per cent on projections of a production shortfall for 2013, while gold prices have eased amid pressure from a stronger US dollar and renewed concerns about Greece.
Johnson Matthey PLC, a specialty chemicals company, forecast a platinum supply shortfall of 400,000 troy ounces for this year, attributing the decline in output to production disruptions in South Africa, the world's largest producer of the metal.
Johnson Matthey now expects global platinum supply to fall 10 per cent to 5.84 million ounces in 2012.
Platinum futures rallied in response, with Platinum for January delivery, the most actively traded contract, recently up $US18.30, or 1.2 per cent, at $US1,584.80 a troy ounce on the New York Mercantile Exchange.
Gold prices, meanwhile, faced pressure as Greece continued to teeter on the brink of a sovereign debt default. Greece's official lenders continue to disagree about how to reduce the country's debt burden, resulting in delays to the disbursement of a EUR31.5 billion bailout payment.
Gold for December delivery, the most active contract, fell $US8.80, or 0.5 per cent, to trade at $US1,722.10 a troy ounce on the Comex division of the Nymex.
Base metals have closed mostly in positive territory on the London Metal Exchange (LME) after a rise in wider markets and a strengthening euro lifted the complex from a weaker European morning.
At the close of open-outcry trading on Tuesday, flagship base metal LME three-month copper was 0.6 per cent higher on the previous session's settlement at $US7,680 a metric ton.
After copper surpassed the previous session's $US7,657/ton high, it found momentum, said Sucden Financial analysts, adding that lead prices were "a little off the pace" to track the flagship red metal's gains.
Nickel's upside major hurdle remains at $US16,500/ton, they said, adding that aluminum made a "break for freedom as it cleared yesterday's high with an eye on the $US2,000/ton resistance level".