Commodities markets summary
Market watch top headlines
SYDNEY, Feb 13 AAP
February 13 2013, 07:28AM
A summary of trading in key commodities markets overseas:
Global oil prices have risen on the eve of key US inventory data, but analysts caution that Brent's recent rally is faltering.
Brent North Sea crude for delivery in March added 55 US cents to $US118.68 a barrel in London early afternoon deals, but was some way off the nine-month peak of $US119.17 that was struck on Friday.
New York's main contract, light sweet crude for March, closed 48 US cents higher at $US97.51 a barrel.
Gold futures have settled flat, paring earlier losses, as volatile trading in the Japanese yen and continued strength in the euro drew investors to purchase an alternative to paper money.
Gold for April delivery, the most actively traded contract, added 50 US cents to settle at $US1,649.60 a troy ounce on the Comex division of the New York Mercantile Exchange.
The yen shot higher after an official from the Group of Seven (G7) leading economies said the group is concerned about the Japanese currency's decline over the past five months.
The official said earlier remarks by the G7 were misinterpreted, and that the group was worried about Japan's efforts to weaken the yen and spark domestic inflation.
The group had also re-affirmed its commitment to market-determined foreign-exchange rates.
Gold prices rose alongside the yen, shaking off early morning losses.
Base metals on the London Metal Exchange (LME) rose from a weak start to the European day to close significantly higher, tracking an upturn in the euro.
At the close of open-outcry trading on Tuesday, LME three-month copper -- the flagship of the base metals complex -- was 0.5 per cent higher from Monday's settlement price at $US8,236 a metric ton.
Most base metals started the European day lower, and climbed over the course of the session thanks to a weaker US dollar, particularly against the euro.
Prices tracked the euro higher after European Central Bank (ECB) President Mario Draghi sought to calm concerns about currency volatility during a press conference in Spain. The euro firmed against the US dollar, lifting the prices of precious metals.
Also supportive for Europe's common currency was Draghi's comment that "enormous progress" has been made in Spain.