Gold Prices Fall Despite Weaker Dollar - Gold prices fell on Tuesday while
the dollar also dropped slightly against the other major currencies. Gold
prices were supported on safe-haven buying earlier in the day amid rising
tension in Gaza, as Israeli troops shot dead dozens of Palestinian protesters
on the Gaza border on Monday. "We're seeing little sparks of interests on
the back of these issues but at the moment it doesn't look significant enough
to raise concerns over the medium-term which support a more sustained level of
safe-haven buying," ANZ analyst Daniel Hynes said in a note, adding that
gold prices is likely to remain under pressure until the next rate hike by the
U.S. Federal Reserve. Dollar-denominated assets such as gold are usually
sensitive to moves in the dollar – a gain in the dollar makes gold more
expensive for holders of foreign currency and thus decreases demand for the
precious metal.
Nickel prices receive brief
support from tight supply in May - Nickel prices received support as capital
inflows surged on short supplies in the market as of Tuesday May 15. However,
SMM does not expect the uptick in prices to be sustained as stainless steel
consumption is likely to cool in June and as optimism from nickel sulphate for
the battery industry weakens. The SHFE nickel 1807 contract climbed up to close
at 106,520 yuan/mt on Monday, 2,600 yuan/mt higher from last Friday.
Copper dropped coming under pressure from a rise in
stockpiles - Copper on MCX settled down -0.28% at 463.70 prices slid
coming under pressure from a rise in stockpiles of the metal used in power and
construction. While on MCX prices got some support on Rupee weakness as weak
industrial output data disappointed investors and caution set in ahead of
Karnataka election results, due on Tuesday. Yesterday LME copper fell 0.2
percent to $6,873 a tonne as pressure seen after the headline that stocks in
LME warehouses rose 8,900 tonnes to 289,975 tonnes. Inventories had fallen more
than 100,000 tonnes since March to just over 280,000 tonnes, while copper
prices have moved sideways after reaching a four-year high of $7,312.50 in
December. Also the impact of Chinese curbs on scrap metal imports introduced
this year will be blunted by a rise in domestic scrap production.
Oil Prices Stay High With Looming Iran Sanctions - Oil prices remained near multi-year highs on
Tuesday morning in Asia amid looming U.S. sanctions against Iran.Oil markets
have been on edge since U.S. President Donald Trump pulled the U.S. out of the
international nuclear deal with Iran, raising the risk of conflict in the
Middle East and casting uncertainty over global oil supplies. Iran currently produces
around 4% of global oil supplies and is the third-largest producer in the
Organization of the Petroleum Exporting Countries (OPEC). Traders expect Iran’s
oil exports to fall significantly once U.S. sanctions bite later this year.
Around a million barrels of oil a day is likely to disappear, threatening to
tip the already tightening oil markets into undersupply.
Get Free Silver Tips With Accurate Calls By Our Expert Researcher, Amazing MCX Bullion Tips, Commodity Trading Tips, Crude Oil Tips...
For More Detail You Can Call On:- 9977499927
No comments:
Post a Comment