Jinping on Saturday to discuss trade and claimed big progress was being made. The Wall Street Journal reported negotiators were starting to work out a deal that could boost U.S. exports and loosen regulations that stifle U.S. firms in China. North Korean leader Kim Jong Un said he wants to hold more summits with South Koreas Moon Jae-in next year to achieve the goal of denuclearization of the Korean peninsula, Moons office said
on Sunday. The European Union is not trying to keep Britain in and wants to start discussing future ties the moment the UK parliament approves Brexit, partly to focus on its own unity ahead of May elections, the head of the blocs executive said. U.S. Senator Lindsey Graham said on Sunday that he was optimistic that Republicans, Democrats and President Donald Trump could reach a deal to end a government shutdown that includes
border wall funding and legal status for some undocumented immigrants. Physical gold demand lacked vigour in most Asian hubs last week as limited safe haven interest failed to lift activity into the year-end, while jewellers in India stepped up purchases, hoping for a further leg to a rally in
domestic rates.
ENERGY:-Oil prices edged higher on the last trading day of the year on Monday, taking a cue from firmer stock markets, but remain on track for the first yearly decline in three years amid concerns of a supply glut. Hints of progress on a possible U.S.-China trade deal helped bolster sentiment, which has been battered by concerns over a weaker global economic outlook. Brent crude futures the international benchmark for oil prices - rose
17 cents, or 0.3 percent, to $53.38 a barrel. Brent has shed about 20 per cent in 2018 following two years of successive growth. U.S. West Texas Intermediate (WTI) crude futures were at $45.75 a barrel, up 42 cents, or 0.93 per cent, from their last close. WTI is down nearly 25 percent this year. Crude prices have been closely tracking equity markets during volatile trading for both asset classes last week. Meanwhile, imports of Iranian
crude oil by major buyers in Asia hit their lowest in more than five years in November as U.S. sanctions on Irans oil exports took effect last month. Asia's imports from Iran are set to rise again in December after the U.S. granted temporary waivers to some countries, but is not known how much Iran will be able to export once the waivers expire around the start of May. arlier this month, the Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia, agreed to curb output by 1.2 million bpd starting in January in a bid to clear a supply overhang and
prop up prices.
BASE METALS:-Copper inched up on Friday for its first weekly rise in five weeks as gains on global equity markets rekindled interest in riskier assets and a weaker dollar made metal cheaper for buyers with other currencies. Benchmark copper on the London Metal Exchange (LME) closed up 0.2 percent at $5,997 a tonne and around 0.2 per cent higher for the week. Still, concerns over slowing economic growth in China, the biggest metals consumer, have left copper down 17 per cent over the year as a whole. Chinas manufacturing sector is expected to have contracted for the first time in more than two years in December, a poll found. Data this week showed earnings at Chinese industrial firms in November dropped for the first time in nearly three years. China and the United States plan face-to-face consultations on trade in January, the Chinese commerce ministry said. Worries that trade tariffs will curtail demand for metals have dragged prices lower this year.
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