BULLION:-
Gold prices rose on Friday as investors sought safe haven assets amid fears of a chaotic departure for Britain from the European Union. Spot gold was up 0.2 percent at $1,214.77 per ounce at the time of writing, while U.S. gold futures rose 0.1 percent to $1,215.6 per ounce. The dollar index, which measures the greenback against a basket of six major currencies, inched up about 0.1 percent. Prime Minister Theresa May vowed to fight for her draft divorce deal with the EU on Thursday after the resignation of her Brexit secretary and other ministers put her strategy and her job in peril. A “really strong” U.S. economy is likely to continue growing, but softness in housing and high levels of corporate debt have caught the Federal Reserve’s eye, Chairman Jerome Powell said on Wednesday. U.S. retail sales rebounded sharply in October as purchases of motor vehicles and building materials surged, but data for the prior two months was revised lower and the underlying trend suggested that consumer spending was probably slowing down. China’s written response to U.S. demands for trade reforms is unlikely to trigger a breakthrough at talks between Presidents Donald Trump and Xi Jinping later this month, a senior Trump administration official told Reuters on Thursday.
METALS:-
Shanghai zinc jumped more than 2.5 percent to the highest in more than two weeks on Thursday amid sliding stockpiles in London and signs that China may be taking steps to de-escalate its trade dispute with the United States. China has delivered a written response to U.S. demands for wide-ranging trade reforms ahead of expected talks between U.S. President Donald Trump and Chinese President Xi Jinping on the sidelines of a G20 summit in Argentina later this month. The most-traded January zinc contract on the Shanghai Futures Exchange rose as much as 3.3 percent to 21,645 yuan a tonne; it’s loftiest since Oct. 30. LME zinc stocks fell to a decade-low of 125,400 tonnes, data showed, while on-warrant or available stocks hit their lowest since February. The global zinc market deficit narrowed to 54,700 tonnes in September from a revised deficit of 81,800 tonnes in August, data from the International Lead and Zinc Study Group showed on Wednesday. Chinese copper smelter Jiangxi Copper and miner Antofagasta have agreed 2019 copper treatment and refining charges (TC/RCs) at $80.80 a tonne and 8.08 cents a pound, three sources familiar with the matter said. Chile’s state copper agency Cochilco lowered its average copper price prediction for this year by $0.03 to $2.97 per pound on Thursday in its second negative projection in six months.
ENERGY:-
Volatile natural gas plummeted 18 percent on Thursday, reversing nearly all of Wednesday’s sharp gains, after U.S. inventories showed a slight increase in supply. Selling was already underway even before the report from the Energy Information Administration showed natural gas supplies rose by 39 billion cubic feet. Total gas in storage now stands at 3.247 trillion cubic feet, but is still 15 percent below the 5-year average and 14 percent below last year. Gas supply is at a 15-year low for this time of year; at the same time, cold weather has driven strong early heating demand. Natural gas prices surged more than 18 percent Wednesday, as panicky buyers reacted to new weather reports showing a colder forecast amid concerns the U.S. has too little gas in storage. Futures were trading at about $3.98 per mmbtu on Thursday, after reaching $4.83 the day earlier. Wednesday’s move higher set the stage for the big decline, as analysts said much of the buying appeared to be traders who were caught on the wrong side of the trade and forced to react to a short squeeze. Natural gas is still 30 percent higher in November, and more cold forecasts could send it higher again.
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