Commodities: Precious metals regain their allure as Trump recovers in polls

Precious metals sparkled on Wednesday after increased uncertainty surrounding the outcome of the US elections weighed on the US dollar and risk-apettite more generally.

A poll released late on Tuesday by ABC News/Washington Post showed Republican nominee Donald Trump taking a one-point lead over Hillary Clinton.

In parallel, an unexpected large build in US crude oil inventories whalloped energy futures.

According to the Energy Information Administration commercial crude oil stockpiles in the States jumped by 14.4m barrels a day over the week ending on 28 June, sending futures sharply lower.

As of 1724 Bloomberg´s commodity index was retreating 0.87% to 83.7799 even as the US dollar spot index slipped 0.47% to 97.24.

Against that backdrop, front month West Texas Intermediate crude oil futures were down by 3.34% to $45.16 per barrel in ICE trading and those for Brent by 3.31% to $46.60.

Nevertheless, the largest losses were to be seen in NYMEX heating oil futures, with the December 2016 contract losing 4.03% to $1.4558 a gallon.

Over amongst the metals, COMEX-traded gold futures for December delivery rise 1.58% to $1,308.40/oz., while those for silver were up by 1.53% at $18.70/oz.

Copper futures on COMEX edged down by 0.25% to $2.2235 a pound, reversing gains earlier in the session.

Among soft commodities, CBoT corn futures for delivery in December skidded 1.29% lower to $3.4450 per bushel.