BULLION:-
Gold prices dipped early on Thursday as the dollar steadied after declining from a near one-month high in the previous session, while palladium rose to a record high, trading at a premium to the bullion. Asian shares and the pound moved higher as investors breathed a sigh of relief after British Prime Minister Theresa May survived a no-confidence vote, and as China appeared to be taking more steps to meet U.S. demand to open its markets. China appears to be easing its high-tech industrial development push, dubbed "Made in China 2025," which has long irked the United States, amid talks between the two countries to reduce trade tensions, according to new guidance to local governments. British Prime Minister Theresa May survived a confidence vote by the Conservative Party on Wednesday, but a mutiny by more than a third of her lawmakers indicated parliament was heading towards deadlock over Brexit.
METALS:-
London copper regained some losses after it fell to the day’s lows of $6,132/mt on Wednesday, ending at $6,150/mt. After opening lower, the SHFE 1902 contract hovered at 49,030-49,130 yuan/mt overnight and closed at 49,120 yuan/mt. A lack of inflation in November, UK Prime Minister Theresa May’s survival of a no-confidence vote and new US-China trade hopes weighed on the US dollar index overnight and supported copper prices. LME copper is expected to trade at $6,130-6,180/mt today with the SHFE 1902 contract at 49,000-49,400 yuan/mt. Spot premiums are seen at 40-120 yuan/mt. With a higher open, LME nickel edged up to close at $10,785/mt on Wednesday. The SHFE 1905 contract jumped to a high of 89,450 yuan/mt overnight before it closed at 89,000 yuan/mt. LME nickel is expected to hover around $10,800/mt today with the SHFE 1905 contract at 88,500-90,000 yuan/mt. Spot prices are seen at 89,000-96,500 yuan/mt. Fundamentals remained weak even as recent trade in the domestic spot market improved.
ENERGY:-
Oil prices rose on Thursday, buoyed by a drawdown in U.S. crude inventories and signs that China is taking more concrete steps to put a trade war truce with Washington into action. Crude oil prices have also been supported by OPEC-led supply curbs announced last week, although gains were capped after the producer group lowered its 2019 demand forecast. "Crude oil prices rose, helped by the easing trade tension, as well as a fall in inventories," ANZ bank said on Thursday. The news that China is looking to redraft its 'Made in China' 2025 plan boosted hopes that trade talks are progressing better than expected. China made its first major U.S. soybean purchases in more than six months on Wednesday, while Beijing also appears to be easing its high-tech industrial push, dubbed "Made in China 2025," which has long irked Washington. Drop in U.S. crude stockpiles, though less than expected, has helped boost sentiment, analysts said.
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