Gold buoyed by waning yields, but prices are backing
under $1,320 as bulls pause - Gold
kicked off the new week lifting into 1,322.00 as the US Dollar backs away from
recent highs and US Treasury yields relax, but gold fiends couldn't get the
wheels turning and the precious metal is sinking back to last week's close and
back under 1,320. Gold caught a bit of a relief rally recently after getting
hammered by a scorching run up the charts by the Greenback which propped up on
broad market expectations of a fourth rate hike from the US Fed this year,
coupled with US Treasury yields marching higher as well, with the 10 year
Treasury yield crossing the key 3% mark recently. Bonds have waivered recently
and a slight slip in wages and income growth within the US economy has tempered
market expectations of too many more rate hikes from the Fed this year, and
Gold has been able to recover some of its lost footing as a result.
Secondary aluminium alloy export
prices to go up on tightened supply - China’s secondary aluminium exports prices are
likely to rise further in the short term as the month-long operation suspension
of China Certification and Inspection Group (CCIC) at North America in May
would significantly slash aluminium scrap imports from the US and shrink
secondary aluminium exports as a result, SMM believes. The authority began to
impose broad-based inspections on all scrap materials imported from the US from
May 4 and put CCIC’s operations at North America under A-level risk alert for
one month. This in effect means China would not be able to import scrap from
the US due to a lack of CCIC certificate for one month.
Nickel
price to be pressured by lower nickel sulphate prices - SMM takes a bearish outlook on nickel prices in
May and June as optimism from nickel sulphate for the battery industry
weakened. Whether pressure will emerge from the nickel pig iron (NPI) side in
the stainless steel industry remains to be seen. The price gap between China's
battery-grade nickel sulphate in nickel content and nickel cathode will
continue to narrow in May. The gap was once narrowed to 15,000 yuan/mt in early
May as nickel sulphate prices declined due to fewer purchases from ternary
precursor plants. The lower profits of ternary precursor plants than that of
nickel sulphate producers also accounted for the drop in nickel sulphate prices.
Oil Prices Recede On Opposition Against Iran
Sanctions, Surge In U.S. Drilling - Oil prices on Monday morning in Asia receded
from last week’s multi-year highs as resistance emerged in Europe and Asia to
U.S. sanctions against major crude exporter Iran, while a relentless climb in
U.S. drilling activity pointed to further increases in output.Germany has said
it will protect its companies from U.S. sanctions, and Iran has said French oil
giant Total has yet to pull out of its fields. Meanwhile, China seems ready to
fill the void created by the U.S. Still, oil prices remained near more than
three-year-highs reached last week as 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 oil market
into undersupply. The sanctions come amid an oil market that has already been
tightening due to rising demand in Asia and efforts led by top exporter Saudi
Arabia and top producer Russia to withhold oil supplies and prop up prices.
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