BULLION:-
Gold prices were steady on Wednesday, after moving in a tight range in holiday-thinned trading, holding above the 1,220 level as the dollar was pressured by weak U.S. economic data and a clouded interest rate outlook. Spot gold was little changed at $1220.20 per ounce at the time of writing. The dollar index, which measures the greenback against a basket of six major currencies, was trading near an over one-week low that it hit in the previous session. The currency came under pressure as U.S. Federal Reserve officials cautioned on the global growth outlook and weak data at home, pointing to a potentially slower pace of rate hikes. The Fed is still expected to raise interest rates again next month and three times next year, but a strong majority of economists polled by Reuters over the past week say the risk is it will slow that pace down. Higher U.S. interest rates tend to boost the dollar and also push up bond yields, reducing the appeal of non-yielding bullion. In a veiled criticism of Washington that further sours the tone of China-U.S. ties ahead of a G20 meet, a top Chinese diplomat said on Monday that the APEC summit’s failure to agree on a communique resulted from certain countries “excusing” protectionism. Meanwhile, holdings at SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.16 percent to 760.86 tonnes on Monday.
METALS:-
London copper prices eased on Wednesday as tensions between the United States and China escalated ahead of a major meeting between the two presidents next week. The United States administration on Tuesday said China has failed to alter its "unfair" practices, adding to tensions ahead of a high-stakes meeting later this month between U.S. President Donald Trump and Chinese President Xi Jinping. Three-month copper on the London Metal Exchange was down 0.2 percent at $6,170 a tonne, at the time of writing, while base metals on the Shanghai Futures Exchange lost ground, with copper slipped 1.3 percent to 49,150 yuan ($7,077.24) a tonne. Global primary aluminium output rose to 5.414 million tonnes in October from 5.301 million tonnes in September, data from the International Aluminium Institute (IAI) showed on Tuesday. Japan's top steelmaker Nippon Steel & Sumitomo Metal Corp is bracing for a weaker steel market in Asia because the escalating Sino-U.S. trade war may crimp steel demand in top buyer China and in Southeast Asia, a senior executive said.
ENERGY:-
Oil prices on Wednesday recovered some of the previous day’s over 6 percent plunge, lifted by a report of an unexpected decline in U.S. commercial crude inventories as well as record Indian crude imports. But investors remained on edge, with the International Energy Agency (IEA) warning of unprecedented uncertainty in oil markets due to a difficult economic environment and political risk. International Brent crude oil futures were at $63.35 per barrel at the time of writing, up 82 cents, or 1.3 percent from their last close. U.S. West Texas Intermediate (WTI) crude future, were up 78 cents, or 1.4 percent, at $54.21 a barrel. Wednesday’s rebound came after a report by the American Petroleum Institute late on Tuesday that U.S. commercial crude inventories last week fell unexpectedly by 1.5 million barrels, to 439.2 million, in the week to Nov. 16. Yet Wednesday’s bounce did little to reverse overall market weakness, which saw crude tumble by more than 6 percent the previous session amid a selloff in global stock markets. With output surging and the demand outlook deteriorating, the Organization of the Petroleum Exporting Countries (OPEC) is pushing for a supply cut of between 1 million and 1.4 million bpd to prevent a repeat of the 2014 glut. U.S. crude oil production has jumped by almost a quarter this year, to a record 11.7 million bpd largely because of a surge in shale output.
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