Stockpiles look set to shrink.

Before OPEC supply cuts.

As focus shifts to US stockpiles.

First production cut since 2008.

Saudis take 'big hit'

Metals snap rally.

OPEC will meet on Wednesday in Vienna to finalise the terms of its first production decrease in eight years.

Across the industry producers are hoping OPEC will trigger a rally that would allow them to secure funds to boost drilling.

And silver entered a bear market.

Preliminary talks in Vienna ended Tuesday without deciding whether OPEC’s second- and third-largest producers will participate in output cuts.

Something very strange is happening in China’s metal markets. Buyers appear to be behaving the way U.S. shoppers do at this time of year: queuing up and pushing to get their hands on some product before anyone else can get a chance. Aluminium has been in a state of backwardation on the Shanghai Futures Exchange for

Gold tumbled to the lowest in more than five months after Federal Reserve Chair Janet Yellen signalled the central bank may raise interest rates soon, and as climbing global bond yields reduced the appeal of bullion. The metal for immediate delivery dropped as much as 0.9 percent to $1,205.71 an ounce, the lowest level since

...amid rising US supply.

OPEC output as much as 1.14 million bpd above new supply target.

Doubts remain over OPEC's ability to implement output cap.