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Gold held near a 3-1/2-month high on Thursday as sluggish economic data from China and the United States stoked speculation the Federal Reserve will not raise rates this year. Data on Wednesday showed U.S. retail sales barely rose in September and producer prices recorded their biggest decline in eight months, indicating the economy was losing momentum amid slowing global growth. Investors believe the weakening backdrop in the U.S. and elsewhere may cause Fed policymakers to delay the first rate increase in nearly a decade, earlier expected late in 2015.

LME copper opened at USD 5,239.5/mt overnight and then tested a low of USD 5,230/mt. Near session’s end, LME copper jumped thanks to softer dollar and ended USD 56/mt higher at USD 5,306/mt. Positions increased 3,038 to 306,221. LME copper inventories have dropped below 297,175 mt. SHFE 1512 copper opened higher at RMB 39,750/mt for night trading Wednesday in response to LME copper. The contract fell to test RMB 39,720/mt but later shot up to RMB 39,980/mt, to close at RMB 39,940/mt, gaining RMB 230/mt or 0.58%. Positions increased 1,570 to 232,310 and trading volumes were around 160,000 lots.

ENERGY NEWS

Crude oil futures extended their losses on Thursday after notching up declines every day so far this week, hit by growing U.S. stockpiles and an expanding global glut. U.S. oil remained under pressure as the focus turns to U.S. crude inventories. The sustained period of lower crude oil prices has started to impact the credit profile of companies," ANZ said in a note on Thursday. Data from industry group the American Petroleum Institute on Wednesday showed that U.S. crude inventories rose by 9.4 million barrels in the week to Oct. 9 to 465.96 million, compared with analyst expectations for an increase of 2.8 million barrels.