BULLION:-
Gold on Wednesday held near one-week lows touched in the
previous session, as global trade tensions and emerging market concerns boosted
demand for the U.S dollar, undermining the metal’s safe haven status. Emerging
markets stocks and currencies were under added pressure on concerns about
inflation in Turkey and after data showed South Africa had slumped into
recession in the second quarter. U.S. President Donald Trump could follow
through on plans to impose levies on $200 billion more of Chinese imports after
a public comment period on his proposed new tariffs on Chinese goods is set to
end on Thursday. US-Canada trade talks were expected to resume on Wednesday
after the last round ended on Friday with no deal to revamp the North American
Free Trade Agreement (NAFTA). Trump has told Congress he would sign a bilateral
trade pact with Mexico. Gold has lost about 8.5 percent this year amid rising
U.S. interest rates, trade disputes and the Turkish currency crisis, with
investors parking their money in the dollar. US Treasury yields rose to three
week highs on Tuesday after data showed that U.S. manufacturing activity
accelerated to a more than 14-year high in August, and on heavy corporate debt
supply. Holdings in SPDR Gold Trust, the world’s largest gold-backed
exchange-traded fund, fell 1.09 percent to 746.92 tonnes on Tuesday from Friday.
ndia raised gold holdings by 6.8 tonnes to 573.1 tonnes in 2018 July, data from
International Monetary Fund showed.
METALS:-
Shanghai copper hit its lowest in more than a year overnight
and was down for a fifth straight day in early trade on Wednesday, tracking a
2.6 percent drop in London copper overnight as U.S.-China trade tensions
continue to weigh on metals prices. Global miner BHP said on Wednesday it would
spend $35.2 million to buy a 6.1 percent stake in SolGold PLC, the majority
owner and operator of the promising Cascabel copper-gold project in Ecuador. A
company owned by Russian billionaire Alisher Usmanov's holding company said on
Tuesday it had started construction of a massive mining and metallurgical plant
at the Udokan copper deposit in a remote region in eastern Siberia. Some
warehouse firms want the London Metal Exchange to change its rules for
delivering material so as to allow longer queues and boost revenues undermined
by falling stocks. A vote by striking workers at Alcoa's giant west Australian
operations will close on Thursday, with the union anticipating a strong
"no" vote that could prolong the four-week old strike. Nickel hit its
weakest since January on Tuesday, leading London metals lower as concerns over
rising trade tensions between China and the United States benefited the dollar.
Prices are “weighed down by an increase in nickel ore inventory at China and
rising stainless steel inventory. The city of Binzhou in eastern China’s
Shandong province, home to top aluminium producer China Hongqiao Group, is
planning five new projects to support development of a high-end aluminium
industry, according to a local government document.
ENERGY:-
Oil prices fell on Wednesday, partly reversing a strong jump
from the previous day, as the impact of a tropical storm on U.S. Gulf coast
production was not as strong as initially expected. Prices jumped the previous
day as dozens of U.S. oil and gas platforms in the Gulf of Mexico were shut in
anticipation of tropical storm Gordon hitting the region. But the storm was
shifting eastward late on Tuesday, reducing its threat to producers on the
western side of the Gulf and most Gulf Coast refineries. There was also a
typhoon hitting Japan's east coast overnight, with some damage to oil
refineries in the Osaka region, although operators said operations were not
significantly affected. Prices also hit by caution on the risks to oil demand
if turmoil in emerging markets starts hitting economic growth. Emerging markets
are a key driver of global oil demand growth, but several of them - especially
Turkey and Argentina but also Indonesia and South Africa - have seen their
currencies and stock markets come under pressure in recent months amid
inflation, a strong U.S.-dollar and escalating global trade disputes.
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