BULLION:-
Gold prices were little changed on Monday with investors looking to a G20 meeting this week for signs of a thaw in the Sino-US trade conflict, although a stronger dollar amid fears of a slowdown in global growth weighed on bullion. Officials from some G20 countries, anxious to see a swift end to the U.S.-China trade war, are hopeful but not confident that a meeting between Trump and Chinese President Xi Jinping on the sidelines of a G20 summit in Argentina may yield at least a partial ceasefire. The two-day summit ends on Dec. 1. China on Friday urged the World Trade Organization (WTO) to close loopholes and correct practices by some member states that damage global trade, warning of a “profound crisis” facing the institution’s existence. European Union leaders finally sealed a Brexit deal on Sunday, saying the package agreed with Prime Minister Theresa May was the best Britain will get in a warning to the British parliament not to reject it. Euro zone business growth has been much weaker than expected this month as a slowing global economy and the trade war have led to a sharp fall in exports, a survey showed on Friday. Italian Deputy Prime Minister Matteo Salvini hinted on Sunday at the possibility of tweaking the country’s deficit goal for next year, a move that could open a negotiation between Rome and Brussels to avoid a disciplinary procedure against Italy.
METALS:-
Oil prices won back some ground after hefty losses on Friday, but remained under pressure with Brent crude below $60 per barrel amid weak fundamentals and struggling financial markets. U.S. West Texas Intermediate (WTI) crude futures, were up 16 cents, or 0.3 percent, at $50.58 per barrel. But Monday’s gains did little to make up for the almost 8-per cent plunge on Friday, which traders have already dubbed ‘Black Friday’. The downward pressure comes from surging supply and a slowdown in demand-growth which is expected to result in an oil supply overhang in 2019. Beyond weak fundamentals, oil markets are also being impacted by a downturn in wider financial markets. Oil markets have also been weighed down by the strong U.S.-dollar, which has surged against most other currencies this year, thanks to rising interest rates that have pulled investor money out of other currencies and also assets like oil, which are seen as more risky than the greenback. Another risk to global trade and overall economic growth is the trade war between the world’s two biggest economies, the United States and China.
ENERGY:-
Nickel extended loss on Monday after Friday’s slump to its lowest since October last year, pulled down by worries about a supply surplus in 2019 and weaker demand from China, the largest consumer of the metal. Most other base metal prices also fell sharply on concerns that U.S.-China trade talks next week could fail, leading to weaker economic growth. Adding to the bearish mood for nickel was news that German chemicals giant BASF plans to use less of the metal in its electric car batteries. Electric vehicles have been touted as a major new source of demand. Expectations of a supply avalanche hitting the nickel market next year due to new capacity in Indonesia have sent prices down more than 15 percent since September. U.S. President Donald Trump and his Chinese counterpart Xi Jinping are expected to hold talks during the G20 summit next week. Shanghai equities fell by the most in five weeks on Friday and the yuan weakened, making dollar-priced metals more expensive for Chinese buyers. Germany’s BASF has a new recipe for electric car batteries which cuts the nickel content by more than half and uses more manganese. China’s October scrap metal imports fell to their lowest since at least 2014 amid tightening regulations on waste imports. Arrivals of scrap copper last month fell to 170,000 tonnes from 200,000 tonnes in September and scrap aluminium imports fell to 90,000 tonnes from 100,000 tonnes.
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