BULLION - Bullion counter may trade with positive bias. Gold prices were steady on Tuesday and hovered near one-month high hit in the previous session, as demand for safe-haven assets improved after treasury yields and equities fell on possible U.S. recession and global growth concerns. Benchmark 10-year Treasury yields fell to their lowest levels since December 2017 on Monday while the yield curve inverted further as investors evaluated last week�s dovish pivot by the Federal Reserve. Chicago Federal Reserve Bank President Charles Evans said on Monday it was understandable for markets to be nervous when the yield curve flattened, though he was still confident about the U.S. economic growth outlook. Germany's benchmark 10-year bond yield slid back into negative territory on Monday as worries over Brexit saw investors rushing for safe haven assets, tempering the impact of a surprise rise in business sentiment which lifted yields earlier in the session.
ENERGY- Crude oil may trade on positive note as oil prices firmed on Tuesday, pushed up by ongoing supply cuts led by producer club OPEC and by U.S. sanctions on Iran and Venezuela, but analysts warned that signs of a sharp economic slowdown could soon drag on crude markets. Oil prices have been supported for much of 2019 by efforts by the Organization of the Petroleum Exporting Countries (OPEC) and non-affiliated allies like Russia, who have pledged to withhold around 1.2 million barrels per day (bpd) of supply this year to prop up markets. Prices have also been driven up by U.S. sanctions on oil exporters and OPEC-members Iran and Venezuela. Manufacturing data from Asia, Europe and North America is pointing to a sharp economic slowdown. U.S. natural gas futures settled nearly unchanged on Monday after dipping to a more than one-month low earlier in the session.
BASE METAL - Base metals prices may trade sideways path. London copper prices were flat in early Asian trade on Monday as fears of a recession in the United States, the world's largest economy, were offset by the declaration of force majeure at a key copper mine in Peru. Chinese copper miner MMG Ltd will declare force majeure under sales contracts at its Las Bambas mine in Peru after a protest from an indigenous community caused a road blockade. Production is expected to be progressively impacted from later this week, it said. China's refined zinc imports plunged to a two-year low of 20,350 tonnes in February, according to customs data, due to an unfavorable arbitrage between London and Shanghai.
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