Global Market Round Up on Commodities by HDFC Securities

Bullion declined on Thursday due to concerns that the economic data that will be released after the reopening of the U.S. government may not show sufficient weakness to justify further monetary easing by the Federal Reserve. Additionally, there are worries that the data release could be delayed. President Donald Trump signed legislation to end the longest government shutdown in U.S. history. However, it may take days or even weeks for federal agencies to fully resume operations and tackle the backlog of government reports, as they have been closed since October 1. In the meantime, swap traders have lowered their expectations for a December rate cut, reducing the probability from over 60% earlier this week to around 50%.

Crude oil prices rebounded on Thursday as traders assessed the increasing risks to Russian oil flows due to Ukrainian military strikes and US sanctions. Recent sanctions on Russia’s largest oil companies have heightened concerns about potential reductions in Russian oil shipments to international markets. Additionally, reports indicating that US military officials briefed President Trump on potential strikes in Venezuela may be heightening worries regarding the stability of oil supplies.

Natural gas prices continued to rise and reached levels not seen in nearly three years, as the market looks past milder near-term weather forecasts in anticipation of a colder December. Additionally, record feed gas flows to LNG export terminals are contributing to these gains.

Industrial metals have retreated from their recent peaks, driven by weak macroeconomic data from both the US and China, which has exerted downward pressure on prices. Reports from China indicate that industrial output growth has slowed to a 14-month low

Source – HDFC Securities, Commodity Daily – Prime Research, 14 Nov 2025

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