BULLION:-
Gold edged higher on Friday, on track for its biggest weekly gain in six, as the dollar softened after data showed U.S. job growth slowed more than expected last month and a slide in stock markets burnished the appeal of bullion as a safe haven. "The weaker-than-expected jobs data is supporting the overall current mood but the numbers were not disappointing enough to trigger fresh buying," said Heraeus precious metals trader Alexander Zumpfe. However, the Labor Department's monthly employment report also showed a steady rise in wages, suggesting moderate inflation pressures, which could allow the Federal Reserve to maintain a path of gradual interest rate increases. A weaker dollar makes bullion less expensive for buyers using other currencies. But rising interest rates increase the opportunity cost of holding bullion
METALS:-
Last week, LME fell after it gained 3% on Wednesday with resistance at the 40-day moving average and support at $12,000/mt. Stocks across LME inventories continued to decline but on a smaller scale. We expect LME nickel to hover around $12,600/mt today with the SHFE 1811 contract trading at 103,500-105,000 yuan/mt. Spot prices are seen at 103,500-110,000 yuan/mt. London copper lost 0.67% to end at $6,186.5/mt on Friday. SHFE copper faces pressure from a strong US dollar and firm US economy. The recent US-Mexico-Canada Agreement will also put China’s exports under pressure. China’s central bank, however, provided some support. The reserve requirement ratios (RRRs) cut of 100 basis points announced on Sunday is set to bolster the stock market and grow anticipation of investment growth in infrastructure construction in the fourth quarter of the year. We expect LME copper to trade at $6,140-6,210/mt today with the SHFE 1811 contract at 49,000-50,100 yuan/mt. Spot premiums are seen at 20-70 yuan/mt as traders might clean up their stocks and downstream consumers would restock after the week-long break.
ENERGY:-
Oil has rallied to trade near four-year highs on concerns that the looming U.S. restrictions on the Islamic republic will squeeze shipments and spur a global crunch at a time when supplies are already being disrupted in Venezuela and Libya. Investors remain concerned the Organization of Petroleum Exporting Countries and its allies aren’t raising output quickly enough and that they may not have the capacity to fully cover disappearing volumes. Brent for December settlement fell as much as 96 cents to $83.20 a barrel on the London-based ICE Futures Europe exchange and was at $83.30 at 10:28 a.m. in Singapore. The contract slipped 0.5 percent to $84.16 on Friday. The global benchmark crude traded at a $9.66 premium to U.S. West Texas Intermediate for the same month.
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