BULLION:-
Gold on Thursday held on to gains from the previous session,
when it rose 0.5 percent, as the dollar remained weak amid a looming deadline
in the U.S.-China trade conflict. The dollar index, which measures the
greenback against a basket of currencies, was down 0.3 percent at 94.949. The
greenback slipped on Wednesday after a report that Germany would be ready to
accept a less detailed agreement on the UK’s future economic and trade ties
with the EU in a bid to get a Brexit deal done. That boosted the pound and the
euro. Meanwhile, trade concerns continued to keep investors nervous, with a
deadline looming in the U.S.-China trade dispute and a refusal by Canada to bow
to key U.S. demands in its trade talks with Washington. The United States and
Canada resumed talks about revamping the North American Free Trade Agreement
(NAFTA). Canada insisted there was room to salvage the pact despite few signs a
deal was close. U.S. President Donald Trump said talks with Canada were coming
along. Emerging market currencies remained weak, on fears export-oriented
economies would be caught in the crossfire of any escalating trade conflict.
The emerging market crisis could boost gold’s appeal as a safe haven asset as
people might buy the yellow metal as a hedge against inflation. India’s gold
imports more than doubled in August to hit their highest level in 15 months as
lower prices prompted manufacturers to replenish inventory for a jewellery
exhibition, provisional data from metals consultancy GFMS showed.
METALS:-
Copper trading steady on Thursday after rising on Wednesday
after five straight days of losses as a dollar rally paused, but gains were
firmly capped by persistent fears over escalating trade tensions between the
United States and top metals consumer China. A public comment period on the
possibility of fresh U.S. tariffs on another $200 billion of Chinese goods ends
on Thursday, with expectations that the additional levies will be imposed by
U.S. President Donald Trump. The dollar has benefited from these tensions,
though it slipped on Wednesday, off a two week high hit in the previous
session, making dollar-priced metals less costly for non-U.S. investors.
Alcoa’s alumina production has likely been hit by a four-week strike at its
Western Australian operations, the Australian Workers’ Union said, raising the
prospect of a widening supply deficit in the key aluminium-making ingredient.
The most active steel rebar future on the Shanghai Futures Exchange notched up
its ninth day of losses out of the past 11 sessions as worries lingered about
slowing demand in the world’s top producer.
ENERGY:-
Oil prices fell on Thursday as the American Petroleum
Institute (API) reported a draw of 1.17 million barrels of United States crude
oil inventories for the week ending September 1, compared to analyst expectations
that this week would see a draw in crude oil inventories of 1.29 million
barrels. Other analysts had anticipated a 2.9 million barrel draw. Last week,
the American Petroleum Institute (API) reported a surprise build of 38,000
barrels of crude oil. The API reported a build in gasoline inventories for week
ending September 1 in the amount of 1 million barrels. Analysts predicted a
draw of 81,000 barrels. Wednesday’s falling prices—the lowest of the week, in
fact—were largely the result of tropical storm Gordon that ripped through the
Gulf of Mexico without much disruption to energy infrastructure. Despite the
fact that Gordon did claim at least one life, it managed to miss nearly every
oil and gas operation in the GoM. Also weighing on prices is Iran’s persistence
in finding future markets for its oil come November when US sanctions against
Tehran go into full effect. On Wednesday, Tehran reported that Europe was
looking to open bank accounts in Europe for Iran to deposit oil revenues and
secure Iranian oil exports. US crude oil production as estimated by the Energy
Information Administration was unchanged for the week at 11.0 million bpd for
the week ending August 24. Distillate inventories were also up this week—by 1.8
million barrels, compared to an expected build of 742,000 barrels. Inventories
at the Cushing, Oklahoma site increased this week by 613,000 barrels. The U.S.
Energy Information Administration report on crude oil inventories is due to be
released on Thursday at 8:30 PM IST.
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