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Showing posts with label Free Intraday Tips. Show all posts
Showing posts with label Free Intraday Tips. Show all posts

Sunday, 9 December 2018


BULLION:-

Gold traded firm near a five-month peak hit early on Monday, supported by a disappointing U.S. jobs data that fuelled speculation that the Federal Reserve may stop raising interest rates sooner than expected. The dollar slipped against the yen and the euro, while stocks extended their slump as worries over U.S.-China trade tensions battered investor sentiment. Nonfarm payrolls increased by 155,000 jobs in November, while economists polled by Reuters had forecast payrolls increasing by 200,000 jobs. The U.S. central bank is flagging a turning point in monetary policy, as a Fed policymaker on Friday backed interest rate hikes in the "near term" but nodded to increasingly less certainty ahead. U.S.-China trade negotiations need to reach a successful end by March 1 or new tariffs will be imposed, U.S. Trade Representative Robert Lighthizer said on Sunday, clarifying there is a "hard deadline" after a week of seeming confusion among President Donald Trump and his advisers

METALS:-

London copper fluctuated to close slightly higher at $6,149/mt on Friday. Despite a positive start, the SHFE 1902 contract weakened on Friday night, with pressure from the daily moving average. It closed at 49,060 yuan/mt. Open interest for the SHFE copper complex remained below 500,000 lots, suggesting limited confidence among investors. LME copper is expected to trade at $6,120-6,170/mt today with the SHFE 1902 contract at 48,900-49,200 yuan/mt. Spot premiums are seen at 150-420 yuan/mt. Tight supplies are likely to keep buyers chasing high-quality materials. London nickel fluctuated to close higher at $10,955/mt on Friday. The SHFE 1905 contract fell to close at 89,350 yuan/mt on Friday night after climbing to a high of 90,140 yuan/mt. LME nickel is expected to hover around $10,900/mt today with the SHFE 1905 contract at 88,500-90,000 yuan/mt. Spot prices are seen at 88,500-98,000 yuan/mt.

ENERGY:-

ONGC has sold a cargo of Russian Sokol crude cargo at a similar premium from the previous month, trade sources said on Monday. The cargo, loading on Feb. 10 to 16, was sold to a European trading house at a premium of $4.80 a barrel above Dubai quotes, they said. The deal marked the first February Sokol cargo to trade this month. The premium surprised the sources as they were expecting Sokol premiums to fall in line with other light sour grades sold to Asia and to reflect weaker refining margins. International oil prices rose on Monday, extending gains from Friday when producer club OPEC and some non-affiliated producers agreed a supply cut of 1.2 million barrels per day (bpd) from January. Prices surged on Friday after the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC producers including heavyweight Russia announced they would cut oil supply by 1.2 million bpd, with an 800,000 bpd reduction planned by OPEC-members and 400,000 bpd by countries not affiliated with the group.



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Tuesday, 20 November 2018


BULLION:-

Gold prices were steady on Wednesday, after moving in a tight range in holiday-thinned trading, holding above the 1,220 level as the dollar was pressured by weak U.S. economic data and a clouded interest rate outlook. Spot gold was little changed at $1220.20 per ounce at the time of writing. The dollar index, which measures the greenback against a basket of six major currencies, was trading near an over one-week low that it hit in the previous session. The currency came under pressure as U.S. Federal Reserve officials cautioned on the global growth outlook and weak data at home, pointing to a potentially slower pace of rate hikes. The Fed is still expected to raise interest rates again next month and three times next year, but a strong majority of economists polled by Reuters over the past week say the risk is it will slow that pace down. Higher U.S. interest rates tend to boost the dollar and also push up bond yields, reducing the appeal of non-yielding bullion. In a veiled criticism of Washington that further sours the tone of China-U.S. ties ahead of a G20 meet, a top Chinese diplomat said on Monday that the APEC summit’s failure to agree on a communique resulted from certain countries “excusing” protectionism. Meanwhile, holdings at SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.16 percent to 760.86 tonnes on Monday.

METALS:-

London copper prices eased on Wednesday as tensions between the United States and China escalated ahead of a major meeting between the two presidents next week. The United States administration on Tuesday said China has failed to alter its "unfair" practices, adding to tensions ahead of a high-stakes meeting later this month between U.S. President Donald Trump and Chinese President Xi Jinping. Three-month copper on the London Metal Exchange was down 0.2 percent at $6,170 a tonne, at the time of writing, while base metals on the Shanghai Futures Exchange lost ground, with copper slipped 1.3 percent to 49,150 yuan ($7,077.24) a tonne. Global primary aluminium output rose to 5.414 million tonnes in October from 5.301 million tonnes in September, data from the International Aluminium Institute (IAI) showed on Tuesday. Japan's top steelmaker Nippon Steel & Sumitomo Metal Corp is bracing for a weaker steel market in Asia because the escalating Sino-U.S. trade war may crimp steel demand in top buyer China and in Southeast Asia, a senior executive said.  

ENERGY:-

Oil prices on Wednesday recovered some of the previous day’s over 6 percent plunge, lifted by a report of an unexpected decline in U.S. commercial crude inventories as well as record Indian crude imports. But investors remained on edge, with the International Energy Agency (IEA) warning of unprecedented uncertainty in oil markets due to a difficult economic environment and political risk. International Brent crude oil futures were at $63.35 per barrel at the time of writing, up 82 cents, or 1.3 percent from their last close. U.S. West Texas Intermediate (WTI) crude future, were up 78 cents, or 1.4 percent, at $54.21 a barrel. Wednesday’s rebound came after a report by the American Petroleum Institute late on Tuesday that U.S. commercial crude inventories last week fell unexpectedly by 1.5 million barrels, to 439.2 million, in the week to Nov. 16. Yet Wednesday’s bounce did little to reverse overall market weakness, which saw crude tumble by more than 6 percent the previous session amid a selloff in global stock markets. With output surging and the demand outlook deteriorating, the Organization of the Petroleum Exporting Countries (OPEC) is pushing for a supply cut of between 1 million and 1.4 million bpd to prevent a repeat of the 2014 glut. U.S. crude oil production has jumped by almost a quarter this year, to a record 11.7 million bpd largely because of a surge in shale output.



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Monday, 19 November 2018



BULLION:-
Gold prices rose on Friday as investors sought safe haven assets amid fears of a chaotic departure for Britain from the European Union. Spot gold was up 0.2 percent at $1,214.77 per ounce at the time of writing, while U.S. gold futures rose 0.1 percent to $1,215.6 per ounce. The dollar index, which measures the greenback against a basket of six major currencies, inched up about 0.1 percent. Prime Minister Theresa May vowed to fight for her draft divorce deal with the EU on Thursday after the resignation of her Brexit secretary and other ministers put her strategy and her job in peril. A “really strong” U.S. economy is likely to continue growing, but softness in housing and high levels of corporate debt have caught the Federal Reserve’s eye, Chairman Jerome Powell said on Wednesday. U.S. retail sales rebounded sharply in October as purchases of motor vehicles and building materials surged, but data for the prior two months was revised lower and the underlying trend suggested that consumer spending was probably slowing down. China’s written response to U.S. demands for trade reforms is unlikely to trigger a breakthrough at talks between Presidents Donald Trump and Xi Jinping later this month, a senior Trump administration official told Reuters on Thursday. 

METALS:-
Shanghai zinc jumped more than 2.5 percent to the highest in more than two weeks on Thursday amid sliding stockpiles in London and signs that China may be taking steps to de-escalate its trade dispute with the United States. China has delivered a written response to U.S. demands for wide-ranging trade reforms ahead of expected talks between U.S. President Donald Trump and Chinese President Xi Jinping on the sidelines of a G20 summit in Argentina later this month. The most-traded January zinc contract on the Shanghai Futures Exchange rose as much as 3.3 percent to 21,645 yuan a tonne; it’s loftiest since Oct. 30. LME zinc stocks fell to a decade-low of 125,400 tonnes, data showed, while on-warrant or available stocks hit their lowest since February. The global zinc market deficit narrowed to 54,700 tonnes in September from a revised deficit of 81,800 tonnes in August, data from the International Lead and Zinc Study Group showed on Wednesday. Chinese copper smelter Jiangxi Copper and miner Antofagasta have agreed 2019 copper treatment and refining charges (TC/RCs) at $80.80 a tonne and 8.08 cents a pound, three sources familiar with the matter said. Chile’s state copper agency Cochilco lowered its average copper price prediction for this year by $0.03 to $2.97 per pound on Thursday in its second negative projection in six months.

ENERGY:-
Volatile natural gas plummeted 18 percent on Thursday, reversing nearly all of Wednesday’s sharp gains, after U.S. inventories showed a slight increase in supply. Selling was already underway even before the report from the Energy Information Administration showed natural gas supplies rose by 39 billion cubic feet. Total gas in storage now stands at 3.247 trillion cubic feet, but is still 15 percent below the 5-year average and 14 percent below last year. Gas supply is at a 15-year low for this time of year; at the same time, cold weather has driven strong early heating demand. Natural gas prices surged more than 18 percent Wednesday, as panicky buyers reacted to new weather reports showing a colder forecast amid concerns the U.S. has too little gas in storage. Futures were trading at about $3.98 per mmbtu on Thursday, after reaching $4.83 the day earlier. Wednesday’s move higher set the stage for the big decline, as analysts said much of the buying appeared to be traders who were caught on the wrong side of the trade and forced to react to a short squeeze. Natural gas is still 30 percent higher in November, and more cold forecasts could send it higher again. 


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Monday, 12 November 2018



BULLION:-

Gold prices were steady on Monday, having dipped to a one-month low in the previous session after the U.S. dollar firmed on the Federal Reserve’s plans to gradually keep tightening borrowing costs. The dollar index, which measures the greenback against a basket of six major currencies, inched up 0.1 percent. The greenback built on last week’s gains and rose towards a 16-month high. Asian shares fell on Monday, extending weakness in global equity markets at the end of last week as soft Chinese economic data and falling oil prices rekindled anxiety about the outlook for world growth. U.S. producer prices rose more than expected in October and at their fastest pace in six years but measures of underlying price pressure cooled, bolstering the view that the U.S. central bank is not facing resurgence in inflation. Former British foreign minister Boris Johnson called again on Sunday for Prime Minister Theresa May to change course on Brexit, accusing her of forcing through a deal to keep the country locked in the EU’s customs union in a “total surrender”. Italy’s economy minister is looking to revise down the budget’s growth forecast for next year to try to reach a deal with the European Commission over fiscal policy, a government source said on Sunday.  

METALS:-

Nickel prices on both the London and Shanghai exchanges fell on Monday to near 11-month lows due to pressure from a strong U.S. dollar and concerns over economic growth in China. The dollar built on last week’s gains and rose towards a 16-month high on Monday as traders expect the U.S. Federal Reserve to keep tightening monetary policy. The stronger U.S. currency makes dollar-denominated metals more expensive for buyers paying in other currencies. Macroeconomic concerns such as U.S.-China trade tensions have been weighing on industrial metals. Nickel is used mainly in steelmaking. China’s northern province of Hebei, China’s top steel producer, asked 10 major cities and Xiongan new district in the region to issue an orange smog alert, the local government said in a statement on Monday. Under an orange alert, the second-highest warning behind red in China’s four-tier system, steel mills must halve their output, while coal-fired power utilities must operate at “minimum” levels.  

ENERGY:-


Oil prices rose on Monday after top exporter Saudi Arabia announced a cut in supply for December, seen as a measure to halt a market slump that had seen a crude decline by 20 per cent since early October. Saudi Arabia plans to reduce oil supply to world markets by 0.5 million barrels per day in December, its energy minister said on Sunday, as the Opec power faces uncertain prospects in its attempts to persuade other producers to agree a coordinated output cut. Khalid al-Falih told reporters that Saudi Aramco's customer crude oil nominations would fall by 500,000 bpd in December versus November due to seasonal lower demand. The cut represents a reduction in global oil supply of about 0.5%. The announcement came after crude prices declined by around 20 per cent over a month, as supply has surged, especially by the top-three producers USA, Russia and Saudi Arabia. A big concern for Saudi Arabia and other traditional producers from the Middle East dominated Organization of the Petroleum Exporting Countries (Opec) is the surge in US output. US energy firms last week added 12 oil rigs in the week to Nov. 9 looking for new reserves, bringing the total count to 886, the highest level since March 2015, Baker Hughes energy services firm said on Friday.  


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Monday, 5 November 2018


BULLION:- Gold prices traded on flat note on Tuesday after inching lower on Monday as investors took some profits following a recent rally, but the metal traded within a narrow range as caution set in ahead of the U.S. congressional elections. Spot gold was down 0.1 percent at $1,230.76 per ounce at the time of writing, trading in an $8 range.U.S. gold futures settled down $1, or 0.1 percent, at $1,232.30. Investors will keep a close eye on the U.S. midterm elections which may fuel interest in bullion as a hedge against risk if the result sparks volatility in the wider financial markets.
Opinion polls show strong chances that the Democratic Party may win control of the House of Representatives in the Nov. 6 midterm elections. Bullion traders also awaited this week’s Federal Reserve meeting to gauge the outlook for U.S. monetary policy. Speculators raised their net short
position in gold to a three-week high in the week ended Oct. 30, according to U.S. Commodity Futures Trading Commission data. Also, highlighting investors’ bearish sentiment toward bullion were holdings of the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust (GLD), which fell 0.23 percent to 759.06 tonnes on Friday.


ENERGY:- The United States snapped sanctions back in place on Monday to choke Iran’s oil and shipping industries, while temporarily allowing top customers such as China and India to keep buying crude from the Islamic Republic. Having abandoned a 2015 Iran nuclear deal, U.S President Donald Trump is trying to cripple Iran’s oil-dependent economy and force Tehran to quash not only its nuclear ambitions and ballistic missile program but also support for militant proxies in Syria, Yemen, Lebanon and other parts of the Middle East. Washington has pledged to eventually halt all purchases of crude oil from Iran globally but for now, it said eight countries - China, India, South Korea, Japan, Italy, Greece, Taiwan, and Turkey - can continue imports without penalty. Crude exports contribute one-third of Iran’s government revenues. Oil prices in October rallied above $85 per barrel on fears of a steep decline in Iranian exports. Prices have fallen since then on expectations that some buyers would receive exemptions and as supply from other big producers have increased. Both oil benchmarks have slid more than 15 percent since hitting four-year highs in early October. Hedge funds have cut bullish bets on crude to a one-year low. 


BASE METAL:- Copper led base metals lower on Monday as investors took profits after the metal used in power and construction touched a two-week high on Friday. Three-month copper on the London Metal Exchange ended down 1.5 percent at $6,191.50 a tonne, having climbed on Friday to its highest since Oct. 22 at $6,315. Copper soared on Friday on signs that trade tensions were easing after optimistic comments from the United States and China. Chinese President Xi Jinping on Monday added to that positivity by promising to lower tariffs, broaden market access and import
more from overseas, but his comments failed to impress the market. U.S. President Donald Trump said on Monday that China has hurt the United States economically but was ready to make a deal on trade and him is open to a fair agreement. China’s services sector chalked up its slowest growth
in more than a year last month as new orders dried up, a private survey showed, suggesting a further loss in economic momentum as 2018 draws to a close. 

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 BULLION : - 

Gold prices were steady in early Asian trade on Monday as the dollar eased, while investors are tuned in to the U.S. congressional elections on Tuesday. Spot gold was steady at $1,232.86 per ounce, at the time of writing. U.S. gold future was up 0.1 percent at $1,234.6 per ounce. The dollar index, which measures the greenback against a basket of six major currencies, was down 0.1 percent. Investors are now focused on the U.S.congressional elections on Nov. 6, which will determine whether the Republican or Democratic party controls Congress, with some predicting increased market volatility on the outcome. U.S. job growth rebounded sharply in October and wages recorded their largest annual gain in 9-1/2 years, pointing to further labor market tightening that could encourage the Federal Reserve to raise interest rates again in December. British Prime Minister Theresa May's office has dismissed as "speculation" a newspaper report that suggests an all-UK customs deal will be written into the legally binding agreement governing Britain's withdrawal from the EU. SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.23 percent to 759.06 tonnes on Friday from 760.82 tonnes on Thursday. Hedge funds and money managers raised their net short position in gold by 18,723 contracts to 45,622 contracts, according to U.S. Commodity Futures Trading Commission data on Friday. This was the highest in three weeks.

ENERGY:-

Oil prices dipped on Monday as the start to U.S. sanctions against Iran's fuel exports was softened by waivers that will allow some countries to still import Iranian crude, at least temporarily. U.S. West Texas Intermediate (WTI) crude futures were down 27 cents, or 0.4 percent, at $62.87 a barrel. Brent has lost more than 16 percent in value since early October, while WTI has declined by more than 18 percent since then. Prices have been coming under pressure since it became clear that Washington was allowing several countries to continue importing crude from Iran despite the sanctions, which officially started on Monday. The United States said on Friday it will temporarily allow eight importers to keep buying Iranian oil when it re-imposes sanctions, aimed at forcing Iran to curb its nuclear, missile and regional activities. U.S. Secretary of State Mike Pompeo, who announced the decision, did not name the eight, which he referred to as "jurisdictions," a term that might include importers such as Taiwan which the United States does not regard as a country. China, India, South Korea, Turkey, Italy, the United Arab Emirates and Japan have been the top importers of Iran's oil, while Taiwan occasionally buys cargoes of Iranian crude but is not a major buyer. Oil markets have already adjusted to the Iran sanctions, gradually dialing back imports in preparations.

 BASE METAL:- 

London copper took a breather on Monday after hitting a two-week peak in the previous session following comments by the U.S. president that the United States may be approaching a trade deal with China. London Metal Exchange copper slipped by half a percent to $6,253 a tonne at the time of writing, paring 3.2 percent gains on Friday when prices reached the highest in two weeks at $6,315 a tonne. Copper has traded in a $5,950-$6,400 range since late September as worries of an escalating trade war have overshadowed signs of a burgeoning shortage of the metal. Shanghai Futures Exchange copper narrowed earlier gains and were up 1.2 percent at 49,970 yuan ($7,235.42) a tonne. Other LME metals weremore or less flat except for volatile nickel that shed 1.1 percent, erasing Friday's gains. U.S. President Donald Trump said on Friday he will likely make a deal with China on trade, adding that a lot of progress has been made to resolve the two countries' differences but warned that he still may impose more tariffs on Chinese goods.


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Wednesday, 31 October 2018


BULLION:-

Gold prices inched higher in early Asian trade on Thursday, recovering from a three-week low hit in the previous session as the US dollar eased. Spot gold was up 0.2 per cent at $1,216.23 an ounce, as of 0123 GMT, after three sessions of falls in a row. Prices fell to their lowest since Oct. 11 at $1,211.52 an ounce on Wednesday. US gold futures rose 0.2 per cent to $1,217.8 an ounce. The dollar index, which measures the greenback against a basket of six major currencies, was down 0.2 per cent. The strong jobs market is gradually putting upward pressure on compensation, with other data on Wednesday showing a solid increase in labor costs in the third quarter. British Prime Minister Theresa May has struck a tentative deal with the European Union that would give UK financial services companies continued access to European markets after Brexit, the Times reported on Thursday. Euro zone inflation accelerated last month, providing further rationale for the European Central Bank's decision to dial back stimulus even as growth is slowing more sharply than most had forecast.  

METALS:-

As shorts added their positions after the dollar refreshed its 16-month high, LME copper fell off its daily moving average to a low of $5,984/mt and ended at $5,999.5/mt overnight. The SHFE 1812 contract dropped to session-lows of 48,710 yuan/mt after climbing to a high of 49,290 yuan/mt. It regained some losses by the closing bell overnight. Both LME and SHFE copper now stand below their 60-day moving averages. In the domestic physical market, trades were thin in the last trading day of October. LME copper is expected to trade at $5,990-6,040/mt today with the SHFE 1812 contract at 48,900-49,400 yuan/mt. Spot discounts are seen at 50-20 yuan/mt.

ENERGY:-

Oil prices fell early on Thursday, extending losses in previous sessions, amid signs of rising supply and growing concerns that demand might weaken on the prospect of a global economic slowdown. Both benchmarks posted their worst monthly performance since July 2016 on Wednesday, with Brent falling 8.8 percent for the month and WTI dropping 10.9 percent. Thursday's drops came after U.S. Energy Information Administration data showed crude oil inventories climbed for a sixth straight week. Strong built in oil inventories is likely to keep downward pressure on oil prices," ANZ Research analysts said in a note. China delivered disappointing PMI data, with its manufacturing sector in October expanding at its weakest pace in over two years.


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Wednesday, 10 October 2018


BULLION:-

Gold prices edged higher in the morning session as some investors sought refuge in the precious metal after the global stocks tumbled and the U.S. dollar weakened. Spot gold rose 0.4 percent to $1,194.12 per ounce at the time of writing. U.S. gold futures settled up $1.9, or 0.16 percent, at $1,193.4. Stocks on major world markets fell to a three-month low, with the benchmark S&P500 stock index falling more than 3 percent, in its biggest one-day fall since February. The U.S. dollar index retreated from a seven-week peak hit in the previous session. Gold, however, has fallen over 13 percent since hitting a peak in April, with investors increasingly opting for the safety of the greenback as the U.S.-China trade war unfolded against a backdrop of rising U.S. interest rates. Rising bond yields have also dampened the appeal of gold, which pays no interest. Higher U.S. Treasury yields can translate into more demand for the dollar, making bullion more expensive for holders of other currencies. U.S. Treasury yields held near multi-year highs after government data showed the U.S. producer price index (PPI) climbed in September, which reinforced expectations that the Federal Reserve would continue raising interest rates.  

METALS:-

Zinc fell in the previous session on trade and inflation worries, although it had earlier risen back towards a 3-month high reached last week on shrinking inventories and smelter cuts in China. Zinc inventories in LME-registered warehouses fell to 194,575 tonnes from more than 250,000 tonnes in August and are nearing 10-year lows. Stockpiles in Shanghai Futures Exchange storehouses at 29,204 tonnes are the smallest since 2007. Also weighing on zinc were lingering worries that trade tensions will sap growth. The worries, coupled with rising U.S. bond yields, pushed world shares down to a three month low. Demand for refined zinc will exceed supply by 322,000 tonnes this year, but the gap will narrow to 72,000 tonnes in 2019, industry data showed on Monday. The premium of cash zinc over the three-month contract rose to $41.50, reversing recent falls and signaling a lack of nearby supply.  

ENERGY:-

Oil dropped on Thursday to extend big losses from the previous session as global stock markets suffered a rout, with crude prices also taking a hit from a weekly industry report showing U.S. crude inventories had risen more than expected. Supply worries also eased as Hurricane Michael likely spared oil assets from significant damage as it smashed into Florida, even as it caused injuries and widespread destruction. U.S. West Texas Intermediate (WTI) crude futures were down 57 cents, or 0.8 percent, at $72.60 after dropping 2.4 percent in the previous session. U.S. crude stockpiles rose more than expected last week, while gasoline inventories increased and distillate stocks drew, industry group the American Petroleum Institute said on Wednesday. Crude inventories climbed by 9.7 million barrels in the week to Oct. 5 to 410.7 million, compared with analyst expectations for an increase of 2.6 million barrels. Crude stocks at the Cushing, Oklahoma delivery hub rose by 2.2 million barrels, API said. The U.S. Energy Information Administration (EIA) is due to release official government inventory data today at 08.30 PM IST. In the U.S. Gulf of Mexico, producers have cut daily oil production by roughly 42 percent due to the storm, the Bureau of Safety and Environmental Enforcement said.  


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Monday, 8 October 2018


BULLION:-

Gold fell to its lowest level in a week on Monday as investors sought safety in the U.S. dollar on concerns about a selloff in global stocks worsened by worries over economic growth in China. "The strong U.S. dollar and expectations of more interest rate hikes are pushing gold down and scaring gold investors. Even the Italian risk and a weakness in equities is not pushing investors to buy gold," said Carlo Alberto De Casa, chief analyst at Active Trades. Despite the losses, gold has held in a $34 range for the last 1-1/2 months, which some analysts say suggests resilience, worries over the damage to emerging market economies from higher U.S. interest rates has spurred safe-haven bidding.

METALS:-

London copper rebounded to a high of $6,224.5/mt from a low of $6,126/mt on Monday. This helped it stand firmly above the 20-day moving average. The SHFE 1811 contract reversed some gains overnight after hitting a high of 50,320 yuan/mt, which was near the five-day moving average. China’s actions, including a steep cut in the amount of cash that banks must hold as reserves, quickening special bond issuance for shanty-town redevelopment, an increase in export tax rebates from November 1, supported copper prices in the domestic market. Stocks at home and abroad continued their declines. We expect LME copper to trade at $6,170-6,230/mt with the SHFE 1811 contract at 50,000-50,500 yuan/mt. Spot premiums are seen at 40-80 yuan/mt.

ENERGY:-

Oil prices rose on Tuesday as more evidence emerged that crude exports from Iran, OPEC's third-largest producer, are declining in the run-up to the re-imposition of U.S. sanctions and as a hurricane moved across the Gulf of Mexico. Iran's crude exports fell further in the first week of October, according to tanker data and an industry source, as buyers are seeking alternatives ahead of the start of the U.S. sanctions on Nov. 4 and creating a challenge to other OPEC oil producers as they seek to cover the shortfall. The Islamic Republic exported 1.1 million barrels per day (bpd) of crude in that seven-day period, Definitive Eikon data showed. An industry source who also tracks exports said October shipments were so far below 1 million bpd.


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Wednesday, 3 October 2018


BULLION:-

Gold prices edged up on Wednesday after gaining over 1 percent in the previous session, buoyed by safe-haven demand as Italy’s budget plan sets it on course for a potential clash with the European Union. Risk appetite was hit after EU officials expressed concerns about Italy’s budget plan, which would widen the deficit significantly. The deficit blowout revived fears of the eurozone debt crisis and put pressure on the euro. Italy’s government has no intention of leaving the euro, Claudio Borghi, the economics spokesman of the right-wing League, said on Tuesday, clarifying earlier remarks which had roiled financial markets. Italy is totally committed to the euro and any critical comments about the single currency are individual opinions which have nothing to do with the government’s policies, Prime Minister Giuseppe Conte said on Tuesday. In other development, China’s hopes of negotiating a free trade pact with Canada or Mexico were dealt a sharp setback by a provision deep in the new U.S.- Mexico-Canada trade agreement that aims to forbid such deals with “non-market” countries, trade experts said on Tuesday. U.S. Federal Reserve Chairman Jerome Powell on Tuesday hailed a “remarkably positive outlook” for the U.S. economy that he feels is on the verge of a “historically rare” era of ultra-low unemployment and tame prices for the foreseeable future.  

METALS:-

Copper prices advanced on Wednesday as President Trump touted the renegotiated NAFTA deal between the US, Mexico, and Canada as "truly historic news for our nation and indeed for the world." Trump, who has long railed against NAFTA, said the new agreement will be a boon for the US economy. Trump said the new deal would be the "most balanced trade agreement in the history of our country with the most advanced protection for workers." Copper inventories in LME warehouses at 199,125 tonnes have nearly halved since late March and are at their lowest since December last year. Canceled warrants - material earmarked for delivery - at more than 50 percent of total LME stock and a concentration of warrants in the hands of a single entity is also worrying for users of the exchange. One party currently holds between 50 and 79 percent of copper warrants, data showed.  

ENERGY:-


Oil prices were firm on Wednesday on expectations of tighter markets once U.S. sanctions target Iran’s petroleum industry from next month, although a strong dollar and rising U.S. crude supply curbed gains. U.S. West Texas Intermediate (WTI) crude futures were up just 1 cent at $75.24 a barrel. Global oil markets remained tense because of the looming U.S. sanctions against Iran’s oil exports, which kick in from Nov. 4. Brent and WTI earlier this week both reached levels last seen in November 2014, and the two contracts have risen by around 20 and 17 percent respectively since mid-August. Despite this, prices were held back by a strong dollar which makes oil imports more expensive for countries using other currencies domestically, as well as by climbing supply in the United States. U.S. commercial crude inventories rose by 907,000 barrels in the week to Sept. 28 to 400.9 million, the private American Petroleum Institute (API) said on Tuesday.  


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