Precious metals rose amid stabilizing political conditions in Europe. However, the euro zone economy grew 0.2% in the third quarter as growth in Germany and France was offset by weakening economic activity in countries severely impacted by debt crisis. New York Empire State manufacturing index rose to 0.6 in November against -8.5 in October. US retail sales were up 0.5% in October compared with 1.1% surge in September.
London Metal Exchange base metals fell due to stronger dollar and sluggish growth in Europe. Poor economic sentiment in Europe took a toll on the industrial metal complex. ZEW economic sentiment index fell to -59.1 in November against 51.2 in October.
US crude oil futures rose on stronger manufacturing reading and positive retail sales in the US. MasterCard in its report said the US retail gasoline demand in the week ended November 11 fell 4.4% year-on-year.
American Petroleum Institute stated that US crude oil supplies climbed by 1.3 million barrels in the same week. Gasoline inventories fell by 2.9 million barrels and distillate inventories declined by 2.6 million barrels.
Edited excerpts from a report by IIFL. Comment at firstname.lastname@example.org