BULLION:-

Gold rose on Friday to a more than three-month peak as investors rushed to the safety of bullion as stock markets around the globe plunged, putting the metal on track for its fourth week of gains. Spot gold was on course for a fourth weekly gain, its longest winning streak since January. Stocks worldwide spiraled downward on Friday and were set to post their worst weekly losing streak in more than five years. Rising rates are normally negative for gold because they increase the opportunity cost of holding non-yielding bullion and could boost the dollar, in which gold is priced. Gold demand in India this week was muted as a recent rally in domestic prices prompted buyers to postpone purchases despite the approaching festival and wedding season. Prices are up more than 6 percent after falling to $1,159.96 an ounce in mid-August, the lowest since January 2017.

METALS:-

The SHFE 1812 contract lost support at the Bollinger middle band as exiting longs lowered it to an intraday low of 49,720 yuan/mt. It settled at 49,750 yuan/mt with open interest shrinking 2,268 lots. The SHFE 1901 contract gained 3,084 lots in open interest today. With pressure at the five-day moving average and an extended MACD green line, the 1812 contract will test support at 49,500 yuan/mt tonight. The SHFE 1901 contract fell below the 100,000 yuan/mt level in the afternoon and failed to rebound till closing as shorts accumulated. It slid to an intraday low of 99,220 yuan/mt, the lowest in half a year. Some 435 million yuan of capital entered all SHFE nickel contracts, the greatest among base metals contracts. We expect the contract to test pressure at 100,000 yuan/mt tonight as its KDJ indicators expanded downwards. Investors may take more cues tonight from the US GDP for the third quarter and University of Michigan consumer sentiment index for October.

ENERGY:-

Oil prices rose on Friday, supported by expectations that sanctions on Iran would tighten global supplies, but futures posted a weekly drop as a slump in stock markets and concerns about trade wars clouded the fuel demand outlook. Prices got some support when two sources said on Friday Iraq will stop trucking crude oil from its northern Kirkuk oil field to Iran in November to comply with U.S. sanctions. has said it wants to reduce Iranian oil sales to zero, although this looks unlikely. Still, many buyers, including Iran's biggest customer, China, appear to be falling in line, forcing Tehran to store unsold oil on tankers. You move forward and see people playing by the rules, which I don't believe ever really happens, you'll see supply come off and we could run into an issue later," said Michael McAllister, director of equity research at MUFG Securities.

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BULLION:-

Gold prices held close early Friday to near six-week lows hit in the previous session, as the dollar firmed after upbeat U.S. economic data supported the Federal Reserve’s resolve for steady interest rate hikes over the next year. Spot gold was up 0.1 percent to $1,183.58 at the time of writing. On Thursday, the metal fell about 1 percent and touched its lowest since Aug. 17 at $1,181.61 an ounce. Spot gold is down about 1.3 percent for the week, on track for its fourth weekly decline in five. The dollar stood tall against its peers on Friday, and hovered near a nine-month high versus the yen. U.S. economic growth accelerated in the second quarter at its fastest pace in nearly four years as previously estimated, putting the economy on track to hit the Trump administration’s goal of 3 percent annual growth. The U.S. economy does not face a large chance of a recession in the next two years and the Fed plans to keep gradually raising interest rates, Fed Chairman Jerome Powell said on Thursday.  

METALS:-

Shanghai aluminium prices dropped for a fourth session on Friday and were on course for their steepest monthly drop since March after China decided not impose blanket cuts on industrial output in 28 northern cities this winter. The production cuts are to be determined by local authorities, which the market expects to mean less restrictions on aluminium supply. Shanghai aluminium fell as much as 1.5 percent to 14,275 yuan ($2,073.02) a tonne, the lowest since July 23. The metal is heading for a 4.3 percent drop in September. London Metal Exchange aluminium nudged up 0.1 percent to $2,031.50 a tonne. Three-month copper on the London Metal Exchange was up 0.5 to $6,214 a tonne, at the time of writing, snapping four straight sessions of declines. It has fallen 2.6 percent this week, putting it on course for its steepest weekly fall in six, although it is also heading for a 3.7 percent gain over September, which would be its best month since December 2017.  

ENERGY:-

Oil prices inched up on Friday, with investors trying to gauge the potential impact on supply from looming U.S. sanctions on Iran’s crude exports. The most-active Brent crude futures contract, for DecemberLCOZ8, had risen 18 cents, or 0.22 percent, to $81.56 per barrel at the time of writing. That was close to a four-year high of $82.55 struck on Tuesday. With the expiration of the Brent November futures contract later on Friday, the front-month contract will become the December contract. U.S futures were up 21 cents, or 0.29 percent, at $72.33 per barrel, on track for a weekly gain. The sanctions kick in on Nov. 4, with Washington asking buyers of Iranian oil to cut imports to zero to force Tehran to negotiate a new nuclear agreement and to curb its influence in the Middle East. Saudi Arabia is expected to quietly add extra oil to the market over the next couple of months to offset the drop in Iranian production, but is worried it might need to limit output next year to balance global supply and demand as the United States pumps more crude.  

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Gold Remains Near One-Year Low.

Gold prices were steady near a one-year low on Wednesday as a higher dollar and comments from Federal Reserve Chair Jerome Powell continued to weigh. Powell reiterated the central bank should gradually increase interest rates at his hearing at Congress on Tuesday. Trade tensions and fiscal policy made the future uncertain, he added. The Fed raised rates twice this year and is expected to raise rates at least once more before the end of the year. Higher rates are a negative for gold as the precious metal, which does not pay interest, struggles to compete with yield-bearing assets when rates rise. Gold falls as the dollar rises, as the precious metal is denominated in the U.S. currency and is sensitive to moves in the dollar.

Zinc chalked up its largest daily gain in a year, recovering from this week’s one-year low on bargain hunting and falling inventories.

Zinc on MCX settled up 4.71% at 181.15 gained on short covering tracking weakness from LME Zinc prices which pulled away from one-year lows hit earlier in the week and the metal recorded its first daily jump in seven trading days in Shanghai, tracking a rise on the London Metal Exchange (LME) amid plunging inventories. Zinc prices is down 10.1 percent so far this month in Shanghai and 11.3 percent in London on concerns about oversupply, but it had been boosted by positive data from top metals consumer China on Tuesday. in a note, adding that zinc was “one of the metals most leveraged to the housing and construction sectors. Meanwhile expectations for a rise in zinc concentrate supplies in coming years have driven down the metal price in London to one-year lows, but smelting capacity constraints suggest the sell-off is premature.

Aluminium exports record second monthly high in Jun.

China’s export volumes of unwrought aluminium and aluminium products logged its second monthly high, of all time, in June as the growth in extrusion exports exceeded the decline in flat rolled product exports, SMM research found. The total figure for the first six months of this year grew 11.3% on the year and registered 2.72 million mt. SMM found that extrusion exports in June were substantially boosted by the depreciating Chinese yuan. Export orders for aluminium coil for remelting also boomed in June on high profits.

Oil prices extend gains, buoyed by unexpected drop in U.S. gasoline stocks.

Oil prices on Thursday extended gains from the previous session, buoyed after official data showed that U.S. inventories of gasoline, diesel and heating oil unexpectedly fell last week.A Reuters poll taken before the data release had forecast that gasoline stocks would be unchanged and distillate stockpiles would show a build of around 900,000 barrels. U.S. crude stocks rose by 5.8 million barrels last week, compared with a forecast of a decline of 3.6 million barrels. Oil production reached a record 11 million barrels per day, the EIA said. The United States has added nearly 1 million bpd in production since November, thanks to rapid increases in shale drilling.

Precious Metals

CS GOLD (AUG) OVERVIEW:
TREND : BEARISH
RESIST 2: 30100
RESIST 1: 30000
SUP 1: 29650
SUP 2: 29550

CS SILVER (SEP) OVERVIEW:
TREND : BEARISH
RESIST 2: 38900
RESIST 1: 38700
SUP 1: 38000
SUP 2: 37800

Base Metals

CS COPPER (AUG) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 428.00
RESIST 1: 426.00
SUP 1: 417.00
SUP 2: 415.00

CS NICKEL (JULY) OVERVIEW:
TREND : BEARISH
RESIST 2: 950.00
RESIST 1: 945.00
SUP 1: 915.00
SUP 2: 910.00

CS ZINC (JULY) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 187.00
RESIST 1: 185.00
SUP 1: 177.00
SUP 2: 175.00

CS LEAD (JULY) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 153.00
RESIST 1: 151.00
SUP 1: 146.00
SUP 2: 144.00

CS ALUMINIUM (JULY) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 143.00
RESIST 1: 141.00
SUP 1: 138.00
SUP 2: 136.00

Energies

CS CRUDE OIL (AUG) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 4770
RESIST 1: 4730
SUP 1: 4630
SUP 2: 4590

CS NATURAL GAS (JULY) OVERVIEW:
TREND : BEARISH
RESIST 2: 192.00
RESIST 1: 190.00
SUP 1: 185.00
SUP 2: 183.00

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Gold Prices Edge Lower After Fed Comments.

Gold Prices were slightly lower on Wednesday and hovered near a one-year low as the dollar strengthened following Federal Reserve Chairman Jerome Powell’s comments on Tuesday that reinforced views the central bank is on track to gradually raise interest rates. A U.S. central banker said on Tuesday that the Fed should ease away from money policy accommodation and raise interest rate to avoid inflation as data showed the U.S. economy has improved in recent months. “At a time of full employment with price stability, policy should be a neutral influence on economic activity,” Kansas City Federal Reserve Bank President Esther George said in remarks prepared for delivery to an agricultural symposium. “Gradual further increases in our policy rate will be necessary to return policy to a neutral stance, although there is considerable uncertainty about exactly how far or fast we need to go.”

Copper prices edged lower pushed down by a stronger dollar and fears that demand will be damaged by a global trade war and weaker economic growth in China.

Copper on MCX settled down -0.85% at 417.85 on fresh selling tracking weakness from LME copper prices which was depressed by a stronger US dollar to a low of around $6,150/mt. However, we expect copper prices to see limited downward room in the short term as the union at Escondida rejected BHP’s offer and a threat of strike remains. While Concerns over the US-China trade disputes and weak Chinese economic data weighed on market sentiment and copper prices.

Zinc recovered on short covering after prices remained under pressure amid worries over Washington-Beijing trade war curbing demand.

Zinc on MCX settled up 1.29% at 173 gained on short covering as support seen after LME zinc prices halted its downward trend while sentiments still remain weak with pressure from a rising US dollar. Zinc prices are likely to gain some support from shrinking social inventories across Shanghai, Guangdong and Tianjin. We expect the contract to strengthen today given LME zinc’s strong performance. Last night the US dollar index gained 0.48% to close at 94.96 on Federal Reserve Board chairman Jerome Powell’s remarks that back more rate increases as the economy is growing “considerably stronger”.

Oil prices drop amid surprise jump in U.S. stockpiles.

Oil prices dropped on Wednesday after an industry group reported that U.S. crude inventories rose last week, defying analyst expectations for a significant reduction.U.S. West Texas Intermediate crude was down 36 cents, or 0.5 percent, at $67.72. It settled up 2 cents at $68.08 a barrel the session before, coming off a nearly one-month low. The benchmarks had steadied after big declines on Monday and last week as supply disruptions in Venezuela came to the fore and as analysts had been forecasting a decline of 3.6 million barrels in U.S. inventories for the week through July 13. But the specter of oversupply quickly returned, with a rise of more than 600,000 barrels in U.S. crude stockpiles, reported by the American Petroleum Institute late on Tuesday.

Precious Metals

CS GOLD (AUG) OVERVIEW:
TREND : BEARISH
RESIST 2: 29950
RESIST 1: 29850
SUP 1: 29500
SUP 2: 29400

CS SILVER (SEP) OVERVIEW:
TREND : BEARISH
RESIST 2: 38900
RESIST 1: 38700
SUP 1: 38150
SUP 2: 37950

Base Metals

CS COPPER (AUG) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 426.00
RESIST 1: 424.00
SUP 1: 414.00
SUP 2: 412.00

CS NICKEL (JULY) OVERVIEW:
TREND : BEARISH
RESIST 2: 950.00
RESIST 1: 945.00
SUP 1: 910.00
SUP 2: 905.00

CS ZINC (JULY) OVERVIEW:
TREND : BEARISH
RESIST 2: 178.00
RESIST 1: 176.00
SUP 1: 170.00
SUP 2: 168.00

CS LEAD (JULY) OVERVIEW:
TREND : BEARISH
RESIST 2: 153.00
RESIST 1: 151.00
SUP 1: 146.00
SUP 2: 144.00

CS ALUMINIUM (JULY) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 143.00
RESIST 1: 141.00
SUP 1: 138.00
SUP 2: 136.00

Energies

CS CRUDE OIL (JULY) OVERVIEW:
TREND : BEARISH
RESIST 2: 4720
RESIST 1: 4680
SUP 1: 4580
SUP 2: 4540

CS NATURAL GAS (JULY) OVERVIEW:
TREND : BEARISH
RESIST 2: 192.00
RESIST 1: 190.00
SUP 1: 183.00
SUP 2: 181.00

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Gold Falls as Lower Dollar, Data Weigh.

Gold prices inched down on Monday, despite a lower U.S. dollar as data supported expectations of a Fed interest rate increase. Gold was weighed down by economic data pointing to an increase in Federal Reserve interest rates. Retail sales increased by 0.5% for the fifth month in a row, according to the U.S. Commerce Department. The Fed raised rates twice this year and is expected to raise rates at least once more before the end of the year. Higher rates are a negative for gold as the precious metal, which does not pay interest, struggles to compete with yield-bearing assets when rates rise. Investors were also paying attention to any news of the meeting between U.S. President Donald Trump Russian President Vladimir Putin at their one-on-one meeting in Helsinki on Monday. Meanwhile the dollar was lower.

East China spot aluminium trading thin amid a seasonal lull.

Spot aluminium trading in east China was thin on Monday July 16 despite the tumble in prices, SMM learned. This was because downstream consumers purchased only on demand during a seasonal lull. The SHFE 1807 contract initially fell on the morning of its last trading day. Transactions in Shanghai were mostly heard at 13,850-13,870 yuan/mt with discounts of 10-0 yuan/mt against the 1807 contract. Sellers in east China were willing to offload their cargoes as inventory of primary aluminium across the region increased over the weekend. Traders mostly kept on the sidelines. Prices in Guangdong slumped this morning with most transactions done at 13,940 yuan/mt. Overall trading in the south China province was decent as some traders believed the market may have hit the bottom.

Anhui secondary refined lead output misses expectation.

Secondary refined lead supply in Anhui province fell short of earlier expectations due to the unexpected maintenance work at one large-scale smelter, SMM learned. A large smelter in the Jieshou area suspended production from Thursday July 12 to undertake maintenance for about half a month. Output at another large smelter in Jieshou was also limited by maintenance of its production line. Recovered production at some secondary refined lead smelters in Taihe was also unstable given the supply shortage of secondary lead materials.

Oil Prices Edge Up After Slumping More Than 4% Following Mnuchin’s Comments.

Oil prices rebounded on Tuesday after plunging more than 4% in the previous session as U.S. Treasury Secretary Steven Mnuchin said the U.S. is considering waivers on Iran sanctions for some crude importers.Mnuchin told reporters that the U.S. wants to avoid disrupting global oil markets and is considering waivers for countries that need more time to wind down imports of oil from Iran while reimposing sanctions against Tehran. President Donald Trump withdrew the U.S. from the 2015 Iran nuclear deal and restored sanctions on Tehran in May. “We want people to reduce oil purchases to zero, but in certain cases if people can’t do that overnight, we’ll consider exceptions,” Mnuchin said. His comments contradicted some U.S. officials’ comments earlier that said there would be no exemptions.

Precious Metals

CS GOLD (AUG) OVERVIEW:
TREND : BEARISH
RESIST 2: 30300
RESIST 1: 30200
SUP 1: 29900
SUP 2: 29800

CS SILVER (SEP) OVERVIEW:
TREND : BEARISH
RESIST 2: 39500
RESIST 1: 39300
SUP 1: 38600
SUP 2: 38400

Base Metals

CS COPPER (AUG) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 430.00
RESIST 1: 428.00
SUP 1: 420.00
SUP 2: 418.00

CS NICKEL (JULY) OVERVIEW:
TREND : BEARISH
RESIST 2: 955.00
RESIST 1: 950.00
SUP 1: 925.00
SUP 2: 920.00

CS ZINC (JULY) OVERVIEW:
TREND : BEARISH
RESIST 2: 178.00
RESIST 1: 176.00
SUP 1: 169.00
SUP 2: 167.00

CS LEAD (JULY) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 153.00
RESIST 1: 151.00
SUP 1: 146.00
SUP 2: 144.00

CS ALUMINIUM (JULY) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 146.00
RESIST 1: 144.00
SUP 1: 140.00
SUP 2: 138.00

Energies

CS CRUDE OIL (JULY) OVERVIEW:
TREND : BEARISH
RESIST 2: 4770
RESIST 1: 4730
SUP 1: 4580
SUP 2: 4540

CS NATURAL GAS (JULY) OVERVIEW:
TREND : BEARISH
RESIST 2: 195.00
RESIST 1: 193.00
SUP 1: 188.00
SUP 2: 186.00

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Gold prices slipped as the dollar gains amid a strong U.S. inflation report and continued trade war concerns were cited as tailwind for the greenback.

Gold on MCX settled down -0.14% at 30105 as the dollar rose due to easing trade tensions and weak demand for the precious metal due to expectations of higher interest rates in the United States. Tensions between the United States and China eased after U.S. Treasury Secretary Steven Mnuchin said on Thursday talks between the world’s two largest economies could be reopened if Beijing is willing to make significant changes. The Federal Reserve last month raised its benchmark overnight lending rate 25 basis points to 1.75-2.0 percent. Expectations are for another two rate rises this year and three in 2019. Investors retreating from gold can be seen in the largest gold- backed exchange-traded-fund (ETF), New York’s SPDR Gold Trust GLD, which has seen its holdings fall more than 8 percent since late April to below 26 million ounces.

Secondary lead smelters operate at higher levels in Jun on high profits.

High profit margins kept secondary lead smelters in China operating at high levels in June, SMM research found. The operating rate at secondary lead smelters came in at 48.3% in June, up 6.62 percentage points from May, 2.34 percentage points higher from the same period last year, SMM data showed. Smelters produced 137,200 mt of secondary lead in June, up 18,800 mt from May. June saw healthy profit margins on high prices of lead and low prices of battery scrap. We expect output and operating rates to continue to increase in July as small or illegal smelters are likely to ramp up production after the central government’s environmental probes end. Production at some smelters with production permits is also likely to recover after limitations from the environmental probes ease.

Aluminium inventory rebounds after 10 weeks of decline.

China’s inventory of primary aluminium across eight major markets, including SHFE warrants, inched up 17,000 mt over the weekend to stand at 1.82 million mt as of Monday July 16, SMM data showed. This marked a rebound after 10 consecutive weeks of decline, as more deliveries arrived during the weekend.

Oil Prices Edge Lower; Trump-Putin Summit In Focus.

Oil prices edged lower on Monday as traders awaited the outcome of the first offcial dialogue between U.S. President Donald Trump and Russian President Vladimir Putin summit in Helsinki later in the day.”A summit between U.S. President Trump and Russian President Putin is being watched in case they say something about oil,” said Kim Kwang-rae, commodity analyst at Samsung (KS:005930) Futures in Seoul. Trump has been vocal about his dissatisfaction with higher oil prices and has urged OPEC to lower prices earlier this month. Reports that the U.S. is considering to rein in prices by tapping into its emergency crude supplies were also cited as headwind for oil prices. The continued trade concerns between the U.S. and China remained in focus, as traders fear the development could threaten global demand.

Precious Metals

CS GOLD (AUG) OVERVIEW:
TREND : BEARISH
RESIST 2: 30400
RESIST 1: 30300
SUP 1: 30000
SUP 2: 29900

CS SILVER (SEP) OVERVIEW:
TREND : BEARISH
RESIST 2: 39700
RESIST 1: 39500
SUP 1: 38800
SUP 2: 38600

Base Metals

CS COPPER (AUG) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 430.00
RESIST 1: 428.00
SUP 1: 418.00
SUP 2: 416.00

CS NICKEL (JULY) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 965.00
RESIST 1: 960.00
SUP 1: 930.00
SUP 2: 925.00

CS ZINC (JULY) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 183.00
RESIST 1: 181.00
SUP 1: 173.00
SUP 2: 171.00

CS LEAD (JULY) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 155.00
RESIST 1: 153.00
SUP 1: 148.00
SUP 2: 146.00

CS ALUMINIUM (JULY) OVERVIEW:
TREND : BEARISH
RESIST 2: 142.00
RESIST 1: 141.00
SUP 1: 138.00
SUP 2: 137.00

Energies

CS CRUDE OIL (JULY) OVERVIEW:
TREND : BEARISH
RESIST 2: 4950
RESIST 1: 4910
SUP 1: 4770
SUP 2: 4730

CS NATURAL GAS (JULY) OVERVIEW:
TREND : BEARISH
RESIST 2: 195.00
RESIST 1: 193.00
SUP 1: 188.00
SUP 2: 186.00

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Metal Prices in Rebound Mode; Gold Prices Edge Higher -   Gold prices steadied Thursday, as the dollar gave up some of its gains, while easing trade-war concerns prompted traders to cut bearish bets on other metals. Gold prices moved off seven-month lows as the dollar struggled to hold gains, hovering just above the flatline, after data showed timid growth in consumer prices last month.et safe-haven gold struggled to make a meaningful advance as risk-appetite turned positive on the prospect of renewed U.S.-China trade talks. Bloomberg reported that U.S. and Chinese officials considered restarting the trade conversations, which could lead to a bilateral agreement. Improved sentiment on the trade-war front comes just days after the White House issued a list late Tuesday of 10% tariffs on $200 billion worth of Chinese imports it will assess.

Zinc recovered some of its losses on short covering after prices dropped on a gaining US dollar and fears of a trade war - Zinc on MCX settled down -0.14% at 176.85 despite LME zinc wazs inched up 0.45% to close at $2,575.5/mt overnight as trade war concerns eased, it continued to lack upward momentum to stand above $2,600/mt level. Investors would take guidance from China and US’ import and export data during the day. LME Zinc dropped by its 6 percent downside limit in Shanghai to 20,620 yuan per tonne, the lowest since June last year. Last night the US dollar index continued to gain on steadily-rising US inflation data and trade war saga. It closed at 94.8, with a slower growth rate from Wednesday.

Secondary aluminium operating rate extends decline in Jun - Operating rate across Chinese secondary aluminium producers dropped in June due to a seasonal lull, environmental probes, stricter limits on impurities in scrap imports and sweeping tariffs on US aluminium scrap imports. June’s rate came in at 52.74%, down 5.91 percentage points month on month and 6.17 percentage points year on year. Production at most producers shrank and finished products inventory edged down. Most producers had relatively high finished products inventory as demand throughout the first six months of this year was much weaker than the same period last year. Producers, therefore, preferred to cut production and destock amid a seasonal lull in order to better manage their cashflows.

Oil Prices Slip Amid Continued Concerns of Trade War, Return of Libyan Oil - Oil prices slipped on Friday as concerns about a China-U.S. trade war and the return of Libyan oil to the market continued to be cited as catalysts for the selling. The Libya's National Oil Corp announced on Wednesday that four export terminals were being reopened and allowed the return of as much as 850,000 barrels per day of oil into the markets, ending a standoff that had shut down most of Libya's oil output.The International Energy Agency, however, raised expectations for a global shortage in crude supplies as the energy watchdog warned of a potential capacity crunch amid a rise in output from Middle East Gulf countries and Russia, helping oil prices to recoup some losses.

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Trade-War Jitters Rock Metals Prices; Gold Stumbles as Dollar Rallies.

Gold prices tumbled Wednesday, as the dollar added to gains, while the Trump administration’s threat of further tariffs on Chinese goods roiled other metals as copper sank to a nearly one-year low. The White House issued a list late Tuesday of 10% tariffs on $200 billion worth of Chinese imports it will assess. The threat of further U.S. tariffs on Chinese goods failed to garner investor demand for safe-haven gold, as dollar strength continued to keep a lid on the yellow metal. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose by 0.61% to 94.41 amid positive wholesale inflation data Tuesday. As well as hot U.S. wholesale inflation data Tuesday, the U.S. Senate’s approval of a motion to give Congress a role in reviewing President Donald Trump’s decision to impose tariffs on national security grounds, also boosted the greenback.

Suspension extends at secondary lead smelters in Jiangxi.

Secondary lead smelters in Jiangxi province are only likely to resume operations at the end of July at the earliest, after local government kicked off a new round of inspections last Friday. They resumed daily production of some 200 mt temporarily last week when central government’s environmental reviews came to an end, SMM learned. While the fresh round of probe is scheduled to last until July 25, suspension at secondary lead smelters is set to extend to the end of this month as downstream consumption from lead-acid battery plants will be affected. Some local lead-acid battery plants were under full suspension again from July 6, sources told SMM.

Aluminium inventory draw faster as consumption picks up.

China’s inventory of primary aluminium across eight major markets, including SHFE warrants, fell 33,000 mt over the week to stand at 1.8 million mt as of Thursday July 12, SMM data showed. Accelerated downstream consumption due to falling prices led the decline in stocks to be bigger than the 10,000 mt week-on-week drop recorded last Thursday.

U.S. oil exports to India soar ahead of sanctions on Iran.

U.S. crude oil exports to India hit a record in June and so far this year are almost double last year’s total as the Asian nation’s refiners move to replace supplies from Iran and Venezuela in a win for the Trump administration. U.S. President Donald Trump’s administration has been pressuring its allies to cut imports of Iranian goods to zero by November and India’s shift advances the U.S. administration efforts to use energy to further its political goals. The United States has become a major crude exporter, sending 1.76 million barrels per day (bpd) abroad in April, according to the latest government figures. All told, producers and traders in the United States will send more than 15 million barrels of U.S. crude to India this year through July, compared with 8 million barrels in all of 2017. The exports to India could go higher if China imposes levies on its U.S. oil imports over the latest round of U.S. tariffs, which could damp Chinese purchases and lead U.S. crude prices lower.

Precious Metals

CS GOLD (AUG) OVERVIEW:
TREND : BEARISH
RESIST 2: 30500
RESIST 1: 30400
SUP 1: 30100
SUP 2: 30000

CS SILVER (SEP) OVERVIEW:
TREND : BEARISH
RESIST 2: 39800
RESIST 1: 39600
SUP 1: 38700
SUP 2: 38500

Base Metals

CS COPPER (AUG) OVERVIEW:
TREND : BEARISH
RESIST 2: 432.00
RESIST 1: 430.00
SUP 1: 410.00
SUP 2: 408.00

CS NICKEL (JULY) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 1000.00
RESIST 1: 995.00
SUP 1: 960.00
SUP 2: 955.00

CS ZINC (JULY) OVERVIEW:
TREND : BEARISH
RESIST 2: 186.00
RESIST 1: 184.00
SUP 1: 173.00
SUP 2: 171.00

CS LEAD (JULY) OVERVIEW:
TREND : BEARISH
RESIST 2: 161.00
RESIST 1: 159.00
SUP 1: 153.00
SUP 2: 151.00

CS ALUMINIUM (JULY) OVERVIEW:
TREND : BEARISH
RESIST 2: 146.00
RESIST 1: 144.00
SUP 1: 141.00
SUP 2: 139.00

Energies

CS CRUDE OIL (JULY) OVERVIEW:
TREND : BEARISH
RESIST 2: 4990
RESIST 1: 4950
SUP 1: 4820
SUP 2: 4780

CS NATURAL GAS (JULY) OVERVIEW:
TREND : BEARISH
RESIST 2: 200.00
RESIST 1: 198.00
SUP 1: 191.00
SUP 2: 189.00

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