Commodities: Metals still under selling pressure, Bitcoin hits record

The commodities complex came under slight selling pressure on Thursday even as risk sentiment improved as traders remained jittery in the wake of recent losses across the space.

At the close, the Bloomberg commodity index had fallen from 86.0 points to stand at 85.66 as the US dollar spot index staged a small bounce to 93.93 from 93.81 at the session open.

"On the LME markets remained nervous and conditions were still choppy. Price activity saw a tentative rebound through the morning session and buying on the US open but the move lacked momentum and largely faltered through the afternoon as the USD gained," said analysts at Sucden Financial.

Thus, outside of zinc all the main metals contracts finished in the red.

Three-month nickel fared worst, sliding from $11,660 a metric tonne at the open to $11,350, alongside a drop in similarly-dated copper from $6,761 to $6,737.

In the background, Bitcoin gained as much as 1.3% to $7,994.56 - a fresh record high.

On the other hand, the more traditional safe haven asset, gold, was little changed, finishing the day at $1,278.20/oz. on COMEX, versus the $1,278.0/oz. at which it began the session.

Out on NYMEX, West Texas Intermediate futures meanwhile closed 16 cents lower at $55.14 a barrel, with market operators keeping their cards close to their chests ahead of the 30 November OPEC meeting.