BULLION:-
Gold prices were little changed in the morning session,
after falling 0.6 percent in the previous session, as investors remained
cautious on reports that the United States is set impose a new round of tariffs
on Chinese imports. U.S. President Donald Trump is likely to announce new
tariffs on about $200 billion on Chinese imports as early as Monday, a senior
administration official told Reuters. The tariff level will probably be about
10 percent, the Wall Street Journal reported, below the 25 percent the
administration had said it was considering. The WSJ also reported Beijing may
decline to participate in proposed trade talks with the United States later
this month if the Trump administration moves forward with the tariffs. The
dollar index was firm at 94.951, having bounced from over six-week lows of
94.359 hit last week. Gold prices have declined about 12.6 percent from April
amid intensifying global trade tensions and under pressure from rising U.S.
interest rates. The months-long trade rift between Washington and Beijing has
prompted investors to buy the U.S. dollar in the belief that the United States
has less to lose from the dispute.
METALS:-
Base metals prices fell sharply in the morning session on
reports that U.S. tariffs on $200 billion of Chinese goods could be imposed
immediately. The tit-for tat trade row between the world's top two economies
has left investors fearing that demand for industrial metals will soften.
Three-month copper on the London Metal Exchange fell as much as 1.9 percent to
$5,861.50 a tonne and stood at $5,890 a tonne at the time of writing, after
shedding 1.4 percent on Friday. The most-traded November copper contract on the
Shanghai Futures Exchange slipped 1.4 percent to 47,940 yuan ($6,977.86) a
tonne. U.S. President Donald Trump is likely to announce new tariffs on about
$200 billion on Chinese imports as early as Monday, a senior administration
official told Reuters on Saturday. LME nickel fell furthest, tumbling as much
as 3.2 percent overnight to $12,250 a tonne, its lowest since Sept. 12, before
trimming losses to around 2 percent.
ENERGY:-
Global oil prices eased in early Asian trading on Monday on
concerns that the United States is poised to impose additional tariffs on
China, outweighing supply fears from upcoming sanctions on Iran. Brent crude
oil futures dipped 16 cents, or 0.2 percent to $77.93 a barrel at the time of
writing. U.S. West Texas Intermediate (WTI) futures fell 20 cents or 0.3
percent, to $68.79 a barrel. U.S. President Donald Trump is likely to announce
new tariffs on about $200 billion on Chinese imports as early as Monday, a
senior administration official told Reuters on Saturday. The escalating trade
row is raising concerns about the potential for slower growth in oil
consumption, offsetting supply concerns stemming from upcoming U.S. sanctions
on Iran over its nuclear program. Refiners in India, Iran’s second largest
crude buyer will cut their monthly crude loadings from Iran for September and
October by nearly half from earlier this year. Also weighing on oil prices,
U.S. drillers added two oil rigs in the week to Dec. 1, bringing the total
count up to 749, the highest since September, General Electric Co’s Baker
Hughes energy services firm said in its closely followed report on Friday.
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