Gold traded in
range as signs the Italian crisis was abating reduced safe-haven demand,
triggering risk-on sentiment, offsetting support from a plunge in dollar
- Gold traded in range as signs the Italian crisis was abating
reduced safe-haven demand, triggering risk-on sentiment, offsetting support
from a plunge in dollar. U.S. economic growth slowed slightly more than
initially thought in the first quarter as consumer spending rose at its weakest
pace in nearly five years. China lashed out at renewed threats from the White
House on trade, warning that it was ready to fight back if Washington was
looking for a trade war. The United States will announce plans to impose
tariffs on steel and aluminium from the European Union, possibly as early as
Thursday, the Wall Street Journal reported, citing people familiar with the
matter. Italy's two main anti-establishment parties could yet form a
government, after the man nominated as interim prime minister said politicians,
rather than technocrats like himself, might be able to steer the country out of
deadlock.
Zinc prices remained supported on-warrant zinc stocks in
LME warehouses eased to 195,225 tonnes, their lowest in a month - Zinc
on MCX settled up 1.46% at 212.30 as support seen after LME Zinc prices gained
to closed up 1.3 percent at $3,130 a tonne, off an earlier one-month high of
$3,139.50 after cancelled warrants dipped fast on Wednesday. On-warrant zinc
stocks in LME warehouses eased to 195,225 tonnes, their lowest in a month. The
proportion of cancelled warrants - metal earmarked for delivery and therefore
not available to the market – rose to nearly 15 percent from 6 percent last
week. While jitters over the U.S.-China trade stand-off kept up pressure on
cyclical assets like industrial metals, already hurt this week by worries over
political turmoil in Italy.
Oil Prices Drop On Surprise U.S. Supply Rise - Oil
prices took a dip on Thursday morning in Asia due to a surprise surge in
inventories in the US, paired with expectations that other markets may decide
to increase output next month.US crude inventories rose by 1 million barrels in
the week to May 25 to 434.9 million barrels, according to data released by the
American Petroleum Institute.The Organization of the Petroleum Exporting
Countries (OPEC) and other non-OPEC members including Russia may start to increase
their supply as well. Saudi Arabia, de-facto leader of OPEC, and Russia have
discussed raising oil production in the second half of the year by some 1
million barrels per day (bpd) to make up for potential supply shortfalls from
Venezuela and Iran.
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