Gold nudges up as dollar hits 2-week low vs. the yen.
Gold prices rose slightly on Thursday, after gaining for two straight sessions, supported by a slightly weaker dollar versus the yen in Asian trade. The Japanese yen rose to two-week high against the dollar on Thursday ahead of trade talks between the United States and Japan and amid speculation over when the Japanese central bank will exit its ultra-easy monetary policy. USD/ U.S. dollar also slipped against the Chinese yuan but held steady against other major rivalsThe U.S. Federal Reserve has raised benchmark interest rates two times so far this year and targets two more hikes in the near-term with the next one slated to come in September. Higher U.S. rates tend to boost the dollar and treasury yields, adding pressure on greenback-denominated, non yielding gold.
China’s energy vehicle sales hold steady in July and tariffs on copper scrap imports from the US.
New-energy passenger vehicle sales in China came in at 42,000 units in July, little changed from a month ago, according to data from the China Passenger Car Association (CPCA). The data also showed that a total of 1.7 million units of passenger vehicles were sold in China last month, down 4.6% month on month but up 5.5% year on year. Included in the passenger vehicle category are sedans, sport utility vehicles (SUV), multi-purpose vehicles (MPV) and mini-vans. Tariffs on copper scrap imports from the US are likely to weigh on the supply in the Chinese market. We expect copper prices to strengthen in the short term.
Nickel rebound as a weakened US dollar and low stocks at SHFE warehouses accounted for the increase.
On weakened US dollar, LME nickel climbed up gradually with support at the daily moving average. It increased 1.2% from Tuesday to close at $14,040/mt with inventory down 918 mt to 250,548 mt. The SHFE 1811 contract also gained 0.73% on high downstream demand and falling stock across SHFE warehouses. We expect the contract to hover at 114,500-115,500 yuan/mt today with LME nickel trading robustly around $14,000/mt. Spot prices are set at 114,000-116,500 yuan/mt.
Oil prices rebound slightly after heavy declines over trade dispute.
Oil prices rebounded on Thursday after heavy losses in the previous session that came as the China-U.S. trade dispute escalated, with official Chinese data indicating energy demand in the world's top importer has yet to recover its strength. China is slapping tariffs of 25 percent on a further $16 billion in imports from the United States, from fuel and steel products to autos and medical equipment. The ongoing trade war is rattling global markets and investors fear any slowdown in the world's two largest economies would slash demand for commoditiesChina's crude imports recovered slightly in July after two months of decline, but were still among the lowest this year due to a drop-off in demand from smaller independent refineries. the world's top importer of crude, took 8.48 million barrels per day (bpd) last month, up from 8.18 million bpd a year earlier and June's 8.36 million bpd, customs data showed.
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