Gold futures little changed ahead of U.S. debt ceiling vote

Gold futures were little changed during European morning hours on Wednesday, holding near a one-month high ahead of a U.S. vote on raising the nation's borrowing limit.

Gold traders continued to monitor political developments in the U.S., amid ongoing uncertainty over how the country will tackle the upcoming USD16.4 trillion debt ceiling debate.

Republican leaders in the House of Representatives said they aim to pass on Wednesday a nearly four-month extension of the U.S. debt limit, allowing the government to borrow enough to meet its obligations during that period.

Failing to raise the debt ceiling by the end of February could lead to a first-ever U.S. default that could roil financial markets.

From a technical standpoint, gold prices face strong resistance at the key psychological level of USD1,700 an ounce. Market analysts have warned that a failure to break higher would signal a move back towards the USD1,650-level.

Copper futures edge lower with U.S. debt ceiling vote in focus

Copper futures were lower in rangebound trade during European morning hours on Wednesday, as market players eyed a vote on a measure to temporarily increase the U.S. debt ceiling later in the trading day.

Copper traders continued to monitor political developments in the U.S., amid ongoing uncertainty over how the country will tackle the upcoming USD16.4 trillion debt ceiling debate.

Republican leaders in the House of Representatives said they aim to pass on Wednesday a nearly four-month extension of the U.S. debt limit, allowing the government to borrow enough to meet its obligations during that period.

Failing to raise the debt ceiling by the end of February could lead to a first-ever U.S. default that could roil financial markets.

In supply news, mining giant BHP Billiton said earlier that copper production at its Escondida mine in Chile rose 31% from a year earlier to 161,500 tons in the three months ended December 31

Meanwhile, in China, the world’s largest copper consumer, refined copper output jumped 22% in December from a year ago to a record 580,000 tonnes.

Crude oil futures ease off 4-month high ahead of U.S. debt vote

Crude oil futures eased off the previous session’s four-month high during European morning hours on Wednesday, as investors looked ahead to a vote on a measure to extend the U.S. debt ceiling later in the trading day.

Market players continued to monitor political developments in the U.S., amid ongoing uncertainty over how the country will tackle the upcoming USD16.4 trillion debt ceiling debate.

Republican leaders in the House of Representatives said they aim to pass on Wednesday a nearly four-month extension of the U.S. debt limit, allowing the government to borrow enough to meet its obligations during that period.

Failing to raise the debt ceiling by the end of February could lead to a first-ever U.S. default that could roil financial markets.

Oil traders also looked ahead to fresh weekly information on U.S. stockpiles of crude and refined products to gauge the strength of oil demand in the world’s largest oil consumer.

The American Petroleum Institute will release its inventories report later in the day, while Thursday’s government report could show crude stockpiles rose by 2.8 million barrels.

The supply data comes out a day later than usual due to the Martin Luther King Jr. Day holiday in the U.S. on Monday.

The U.S. is the world’s biggest oil-consuming country, responsible for almost 22% of global oil demand