BULLION - Bullion counter may trade with volatile path. Gold and silver prices are modestly down amid mild profit-taking pressure from recent gains and a firmer U.S. dollar index on this day helped to pressure the precious metals markets. Gold investors should pay more attention to what the Federal Reserve is actually doing instead of listening to comments from a Federal Reserve governor nominee, according to two market professionals. Stephen Moore, President Donald Trump nominee for the U.S. Central Bank, is raising eyebrows after he said, in an interview with the New York Times Tuesday, that the Federal Reserve should immediately cut interest rates by 50 basis points. The comments come as a surprise to markets which are still digesting last week monetary policy meeting that saw the U.S. central bank signal that it does not expect to raise interest rates this year and downgraded its economic growth forecasts.
ENERGY- Crude oil may trade on negative note as oil prices fell on Thursday, extending losses into a second straight session, after widely watched data showed a surprising increase in U.S. stocks. Prices came under pressure from a rise in U.S. inventories, athough analysts pointed to support from efforts by the Organization of the Petroleum Exporting Countries (OPEC) and nonaffiliated allies like Russia, known as OPEC+, to trim output. Prices came under pressure from a rise in U.S. inventories, athough analysts pointed to support from efforts by the Organization of the Petroleum Exporting Countries (OPEC) and non-affiliated allies like Russia, known as OPEC+, to trim output. U.S. utilities likely withdrew 40 billion cubic feet (bcf) of natural gas from storage last week amid typical temperatures for the period.
BASE METAL - Base metals prices may trade sideways to negative path. London copper prices edged lower in early Asian trade on Thursday as the dollar strengthened, while investors awaited news from U.S.-China trade talks restarting in Beijing. The 10-member China Smelters Purchase Team (CSPT) will meet in Shanghai on Thursday to determine floor treatment and refining charges (TC/RCs) for copper concentrate in the second quarter. The dollar rose on Thursday as many of its peers weakened after more central banks opted to shift to a dovish policy stance in the wake of deteriorating economic prospects. Indonesia's nickel-related industries such as the production of stainless steel and battery materials are set to surpass the value of its second-biggest export earner, palm oil, in the next 10 to 15 years, its investment board chief said on Wednesday. Aluminium touched a one-week high on Wednesday as inventories fell and prices shrugged off another step towards a full restart of Norsk Hydro Brazil alumina operations.
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