Gold extends rally from 17-mth low, stronger dollar caps gains.
Gold prices inched higher on Monday, extending their recovery from a 17-month low, amid lingering worries over the U.S.-China trade conflict, while a stronger U.S. dollar capped the safe havens gains. Gold prices rebounded on Friday from a 17-month low of $1,204 per ounce as dollar slipped after data showed U.S. job growth slowed in July. The dollar also weakened against the yuan on Friday after the Chinese central bank sought to stabilize its currency. greenback, however, regained footing on Monday and strengthened against major peers. China proposed retaliatory tariffs on $60 billion worth of U.S. goods on Friday, further escalating a bitter trade conflict, after the Trump administration sought to ratchet up pressure for trade concessions by proposing a higher 25-percent tariff on $200 billion worth of Chinese imports.
Copper prices to rebound given the low global inventory and the risk of a strike at Escondida copper mine.
Copper came off from a high of $6,230/mt and closed at $6,176/mt in LME on Friday. Copper surged up in MCX Friday market and made a high of 422.40 and close at 419.05. Despite uncertain developments in the US-China trade disputes, we see possibility for copper prices to rebound given the low global inventory and the risk of a strike at Escondida copper mine. LME copper is likely to trade at $6,130-6,180/mt today
Nickel fell down as low in demand and recovery in production.
LME nickel remained its upward trend last Friday night and touched a high of $13,560/mt with resistance at the five-day moving average. Open interests increased 2,662 lots to 242,000 lots with LME inventory shrinking 792 mt to 253,278 mt. As short exited, Nickel made a high of 928.70 and it maintain its strong support of 900.
Oil prices rise after Saudi output dips,U.S. drilling stalls.
Oil prices rose on Monday after Saudi crude production registered a surprising dip in July and as American shale drilling appeared to plateau. U.S. energy companies last week cut oil rigs for a second time in the past three weeks as the rate of growth has slowed over the past couple of months. Drillers cut two oil rigs in the week to Aug. 3, bringing the total count down to 859, Baker Hughes energy services firm said on Friday. U.S. shale oil drillers posted disappointing quarterly results in recent weeks, hit by rising operating costs, hedging losses and a fall in crude prices away from 2018 highs reached between May and July. the United States, top crude exporter Saudi Arabia pumped around 10.29 million barrels per day (bpd) of crude in July, two OPEC sources said on Friday, down about 200,000 bpd from a month earlier. Saudi Arabia halted temporarily oil shipments through the lane on July 25 after attacks on two oil tankers by Yemen's Iran-aligned Houthi movement.
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