Gold prices Recover After Sliding to New 2018 Low - Gold prices recovered slightly after sliding to the lowest level in 2018 earlier in the day amid surging U.S. treasury yields and a stronger dollar. Meanwhile, the US Dollar Index that tracks the greenback against a basket of six major currencies last stood at 93.20, up 0.06%. The dollar hit 93.32 on Tuesday night in Asia, the highest level this year. As the relations on the Korean peninsula improved and a full-blown trade war between the U.S. and China became less likely, investors turned to U.S. 10-year Treasury yields for cues. On the other hand, the United States 10-Year treasury yield further rose to 3.089 on early Wednesday morning, the highest level in 7 years. A rise in yields widened interest rate gap between the U.S. and other developed economies, increasing the dollar’s appeal.
Spot lead prices to extend uptick on robust downstream demand - Prices of spot lead in China are likely to extend gains in the longer term, driven by an expected uptick in lead consumption and as environmental limitations over secondary lead production continue, SMM believes. In May, traders became keen on purchases as the market gained. Traders began to stockpile at relatively low prices while some lead-acid battery plants ramped up production as orders grew. This hinted at an overall resilient demand downstream in May. Output of secondary lead is expected to sharply decline in May as authorities intensify environmental inspections in the secondary lead industry.
Oil Prices Ease On U.S. Crude Build - Oil prices retreated from multi-year highs on Wednesday morning in Asia, pulled back by an industry organization’s comment that U.S. crude stockpiles built unexpectedly last week.The American Petroleum Institute said crude stockpiles rose nearly 5 million barrels, compared with analysts’ expectations for a 763,000-barrel draw. Rising U.S. drilling for new oil production has also kept oil prices in check. U.S. drillers added 10 oil rigs in the week to May 11, bringing the total count to 844, the highest level since March 2015. Additionally, oil prices eased as the U.S. dollar strengthened against other currencies. As the dollar strengthens, investors can retreat from dollar-denominated commodities like oil. Oil prices have surged more than 70% over the last year as demand has risen sharply while production has been restricted by the Organization of the Petroleum Exporting Countries (OPEC), led by Saudi Arabia, and other producers, including Russia.
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