Gold Prices Mixed
On Softer Dollar - Gold
prices were mixed during morning trade in Asia on Monday, with gold and silver
trading lower while platinum and copper making gains. Dollar-denominated assets
such as gold are sensitive to moves in the dollar. While a gain in the dollar
usually makes gold more expensive for holders of foreign currency, and thus
decreases demand for the precious metal, this is not the case on Monday
morning. Though the upbeat nonfarm payroll data last week supported the dollar,
the uncertain trade prospects between the U.S. and China set the dollar back.
Last Friday, the U.S. reported an increase in nonfarm payroll employment of
223k in May versus 159k the same period last year, which fuelled the dollar.
Trade talks between the U.S. and China ended on Sunday without reaching any
agreements, casting uncertainty over the trade relations between the two
countries. This should stir up demand for safe-haven assets such as gold.
However, expectations of an interest rate hike by the Federal Reserve this
month offset support for gold from worries about a trade war.
Stricter probes likely to keep copper scrap
imports low in May - China’s
copper scrap imports are likely to remain at low levels in May as Chinese
authorities imposed broad-based inspections on all scrap materials from the US
from May 4, SMM believed. China imported 180,000 mt of copper scrap in April,
down 36.7% year on year and 19.3% month on month, according to data from
Chinese Customs. This marked a third low in the past 20 years, higher than the
Chinese New Year period in February 2018 and 2016. In the first four months of
this year, overall copper scrap imports shrank 38.5% on the year and came in at
740,000 mt. Copper scrap imports flowing in through Ningbo port accounted for
49% in March of overall volumes, compared to an average of over 20% in 2017.
Approved copper scrap imports by companies in Taizhou and Ningbo in Zhejiang
province amounted to 82% of the overall copper scrap imports approved in the 13
batches so far this year, and this accounted for the sharp increase from last
year.
Oil Prices Keep Dropping On Record US Supply
and Possible OPEC Supply Surge - Oil prices were down again on Monday morning in Asia due to record U.S.
output and continued expectations that OPEC producers may decide to boost
output later this month.U.S. crude production has risen relentlessly by more
than a quarter in the last two years, inching ever closer to top producer
Russia’s output of around 11 million bpd. According to an Energy Information
Administration announcement last Thursday, U.S. crude production rose in March
to 10.47 million barrels per day (bpd), a monthly record. Meanwhile, U.S.
drillers are picking up the pace. General Electric (NYSE:GE) Co’s Baker Hughes
energy services firm said on Friday that U.S. drillers added two oil rigs last
week, bringing the total number to 861 which is a record since March 2015. This
is also the eighth time they added rigs in the past nine weeks.
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