Gold headed for longest monthly losing streak since 2013.
Gold inched lower on Friday, as the dollar stayed firm on expectations of rising interest rates amid lingering Sino-US trade tensions, and the yellow metal was headed for its fifth straight monthly decline. Spot gold was down 0.1 per cent at $1,198.66 an ounce at 0029 GMT. Prices were on track for fifth straight monthly decline, the metal's longest losing streak since early 2013. They are down about 2 per cent so far this month. US gold futures were mostly steady at $1,204 an ounce. US President Donald Trump is prepared to quickly ramp up a trade war with China and has told aides he is ready to impose tariffs on $200 billion more in Chinese imports as soon as a public comment period on the plan ends next week, Bloomberg News reported on Thursday. Policy and regulatory certainty in South Africa could potentially add 122 billion rand ($8 billion) in capital expenditure to the struggling mining sector over the next four years, the Minerals Council's chief executive said on Thursday.
Investor risk aversion intensifies as US President Donald Trump plans to move forward with tariffs.
Investor risk aversion intensifies as US President Donald Trump plans to move forward with tariffs on another $200 billion worth of Chinese imports, according to a new report. This is set to weigh on copper prices in the short run. We expect LME copper to test support at the 10-day moving average, with the SHFE 1810 contract hovering around 48,500 yuan/mt today. Spot premiums are seen at 60-120 yuan/mt.
LME nickel extended its losses during the European trading period.
LME nickel tumbled to the $13,200/mt level before it pared some losses and closed at $13,310/mt on Thursday. The SHFE 1811 contract plummeted to a low of 108,180 yuan/mt before it regained some losses and closed overnight at 108,620 yuan/mt. Growing inventories in China eroded upward momentum in SHFE nickel prices and fuelled bearish market sentiment. We expect LME nickel to hover around $13,300/mt today and the SHFE 1811 contract to trade at 108,500-110,000 yuan/mt. Spot prices are seen at 108,000-112,000 yuan/mt.
Oil dips on Sino-U.S. trade conflict, but looming Iran sanctions support.
Oil prices dipped on Friday amid concerns the trade war between the United States and China could intensify, although looming U.S. sanctions against Iran's oil exports prevented markets from falling further. Still, with Venezuelan supply falling sharply and concerns around U.S. sanctions against Iran that will target its oil exports from November, crude markets in August are on track to post a more than 4 percent rise for Brent and a 2 percent increase for WTI. In a sign of a tightening market, the amount of unsold crude stored in the Atlantic basin has dwindled from around 30 cargoes to just a handful in recent weeks, trade data showed. this, analysts cautioned that the trade disputes between the United States and other major economies, especially China and the European Union, could start to drag on economic growth and, by extension, fuel demand.
Financial Advisory Company in Indore, Stock Advisory Company in Indore , Equity Tips , Free Trading Tips , MCX Tips , sebi registered advisory company , Intraday stock tips , Free commodity tips
No comments:
Post a Comment