BULLION:-
Gold prices edged up on Wednesday after gaining over 1 percent in the previous session, buoyed by safe-haven demand as Italy’s budget plan sets it on course for a potential clash with the European Union. Risk appetite was hit after EU officials expressed concerns about Italy’s budget plan, which would widen the deficit significantly. The deficit blowout revived fears of the eurozone debt crisis and put pressure on the euro. Italy’s government has no intention of leaving the euro, Claudio Borghi, the economics spokesman of the right-wing League, said on Tuesday, clarifying earlier remarks which had roiled financial markets. Italy is totally committed to the euro and any critical comments about the single currency are individual opinions which have nothing to do with the government’s policies, Prime Minister Giuseppe Conte said on Tuesday. In other development, China’s hopes of negotiating a free trade pact with Canada or Mexico were dealt a sharp setback by a provision deep in the new U.S.- Mexico-Canada trade agreement that aims to forbid such deals with “non-market” countries, trade experts said on Tuesday. U.S. Federal Reserve Chairman Jerome Powell on Tuesday hailed a “remarkably positive outlook” for the U.S. economy that he feels is on the verge of a “historically rare” era of ultra-low unemployment and tame prices for the foreseeable future.
METALS:-
Copper prices advanced on Wednesday as President Trump touted the renegotiated NAFTA deal between the US, Mexico, and Canada as "truly historic news for our nation and indeed for the world." Trump, who has long railed against NAFTA, said the new agreement will be a boon for the US economy. Trump said the new deal would be the "most balanced trade agreement in the history of our country with the most advanced protection for workers." Copper inventories in LME warehouses at 199,125 tonnes have nearly halved since late March and are at their lowest since December last year. Canceled warrants - material earmarked for delivery - at more than 50 percent of total LME stock and a concentration of warrants in the hands of a single entity is also worrying for users of the exchange. One party currently holds between 50 and 79 percent of copper warrants, data showed.
ENERGY:-
Oil prices were firm on Wednesday on expectations of tighter markets once U.S. sanctions target Iran’s petroleum industry from next month, although a strong dollar and rising U.S. crude supply curbed gains. U.S. West Texas Intermediate (WTI) crude futures were up just 1 cent at $75.24 a barrel. Global oil markets remained tense because of the looming U.S. sanctions against Iran’s oil exports, which kick in from Nov. 4. Brent and WTI earlier this week both reached levels last seen in November 2014, and the two contracts have risen by around 20 and 17 percent respectively since mid-August. Despite this, prices were held back by a strong dollar which makes oil imports more expensive for countries using other currencies domestically, as well as by climbing supply in the United States. U.S. commercial crude inventories rose by 907,000 barrels in the week to Sept. 28 to 400.9 million, the private American Petroleum Institute (API) said on Tuesday.
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