BULLION:-
Gold prices were steady on Monday, with the dollar subdued following comments from U.S. Federal Reserve officials that were cautious on global economic growth. Spot gold was up about 0.1 percent at $1,222.14 per ounce at the time of writing, while U.S. gold futures were flat at $1,222.8 per ounce. The dollar index, which measures the greenback against a basket of six major currencies, was at 96.48. Asian shares inched cautiously higher amid conflicting signals on the chance of a truce in the Sino-U.S. trade dispute. Fed policymakers on Friday signaled further interest rate increases ahead, even as they raised relatively muted concerns over a potential global slowdown that has markets betting heavily that the rate-hike cycle will soon peter out. President Donald Trump said on Friday that he may not impose more tariffs on Chinese goods after Beijing sent the United States a list of measures it was willing to take to resolve trade tensions, although he added it was unacceptable that some major items were omitted from the list. British Prime Minister Theresa May said on Sunday that toppling her would risk delaying Brexit and she would not let talk of a leadership challenge distract her from a critical week of negotiations with Brussels.
METALS:-
London copper prices rose on Monday, supported by tight supply and after U.S. President Donald Trump said he may not impose more tariffs on Chinese goods. Trump made the comment after Beijing sent a list of measures it was willing to take to resolve trade tensions, although he added it was unacceptable that some major items were omitted from the list. Three-month copper on the London Metal Exchange had risen 0.4 percent to $6,229 a tonne at the time of writing, while the most-traded copper contract on the Shanghai Futures Exchange was up 0.4 percent at 49,780 yuan ($7,175.91) a tonne. Headline copper inventories in LME-registered warehouses fell by 5,425 tonnes to 161,025 tonnes, nearing last month’s 10-year low of 136,675 tonnes. Trade tensions were clearly on display at an APEC meeting in Papua New Guinea over the weekend, where leaders failed to agree on a communiqué for the first time ever.
ENERGY:-
Oil prices rose around 1 percent on Monday as traders expected top exporter Saudi Arabia to push producer club OPEC to cut supply toward year-end. Despite that, market sentiment remains weak on signs of a demand slowdown amid deep trade disputes between the world’s two biggest economies, the United States and China. Front-month Brent crude oil futures were at $67.29 per barrel at the time of writing, up 53 cents, or 0.8 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures, were up 71 cents, or 1.3 percent, at $57.17 per barrel. The Organization of the Petroleum Exporting Countries (OPEC), de-facto led by Saudi Arabia, is pushing for the producer cartel and its allies to cut 1 million to 1.4 million barrels per day (bpd) of supply to adjust for a slowdown in demand growth and prevent oversupply. Despite Monday’s gains, crude prices remain almost a quarter below their recent peaks in early October, weighed down by surging supply and a slowdown in demand growth. This comes in part after Washington granted Iran’s major oil customers, mostly in Asia, unexpectedly broad exemptions to sanctions it reimposed on Tehran in November. U.S. energy firms added two oil rigs in the week to Nov.
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