Gold inches down as trade worries keep dollar firm.
Gold inched down on Tuesday as the dollar remained firm near a one-week high on the back of intensifying global trade tensions, but analysts said growing emerging market worries could benefit the metal. Spot gold was down 0.1 per cent at $1,199.40 an ounce at 0049 GMT. US gold futures were down 0.1 per cent at $1,206 an ounce. Markets are nervous about the escalating trade conflict between the United States and China, after US President Donald Trump said last week that he wanted to move ahead on a plan to impose tariffs on Chinese imports worth $200 billion.
Pressure from shorts mounted as open interests across all SHFE copper contracts rose.
Pressure from shorts mounted as open interests across all SHFE copper contracts rose 8,354 lot to 611,000 lots overnight. Pessimistic sentiment over macro economy will weigh on copper prices in the near run. The SHFE 1811 contract settled 300 yuan/mt lower at 47,860 yuan/mt. In the spot market, sellers held premiums firm, as traders accounted for most transactions. Spot premiums are seen at 130-170 yuan/mt today.
Large amount of Norilsk nickel entered the domestic market last Friday while downstream demand rose slightly.
LME nickel slowed its decline by 0.12%, hovered around the daily moving average and closed at $12,795/mt. We expect it to consolidate around $12,750/mt with the SHFE 1811 contract trading at 104,000-105,500 yuan/mt. Pressure will remain in the short run after large amounts of Norilsk nickel entered the domestic market. Spot prices are likely at 104,500-109,000 yuan/mt.
Oil prices rise as Gulf oil rigs evacuated ahead of hurricane.
U.S. oil prices rose on Tuesday, breaking past $70 per barrel, after two Gulf of Mexico oil platforms were evacuated in preparation for a hurricane. APC.N said on Monday it had evacuated and shut production at two oil platforms in the northern Gulf of Mexico ahead of the approach of Gordon, which is expected to come ashore as a hurricane. This came as India allowed state refiners to import Iranian oil if Tehran arranges and insures tankers. International shippers have stopped loading Iranian oil as U.S. financial sanctions against Tehran prevent them from insuring its cargoes. Mirroring a step by China, where buyers are shifting nearly all their Iranian oil imports to vessels owned by National Iranian Tanker Co (NITC), this means that Asia's two biggest oil importers are making plans to continue Iran purchases despite pressure by Washington to cut orders. said Brent was also pressured by emerging market turmoil and the strong dollar, which makes crude imports for countries using other currencies more expensive.
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