Gold prices treaded water despite intensifying geopolitical tensions. If the fiery exchange of words between US and North Korea and Pyongyang's threat to test hydrogen bomb in Pacific Ocean is not enough, Iran successfully launched a new ballistic missile with a range of 1,920 km and added that it will further test longer-range missiles which can carry several warheads simultaneously. Meanwhile, US tested a number of B-1 numbers over the Korean peninsula. In non-ferrous news, INCSG reported that global copper markets witnessed a deficit of 75,000 tons during the first half of this year, much lower than the shortfall of 405,000 tons during the same period last year.

Oil futures remain on a firm note, helped by increasing speculative length on CME. In terms of OPEC developments, working committee of the cartel stated that the decision to extend production cuts will be taken in January. Meanwhile, Nigeria's declining output underpinned the prices, with the country's oil minister stating that it is actually producing less oil than agreed under a provisional OPEC cap. In US, EIA reported that crude production rose to 9.51 mbpd last week, but the number of oil rigs operating fell for the third consecutive week.

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