BULLION - Bullion counter may trade with sideways path. Gold prices slipped on Wednesday, after touching their lowest level in four weeks in the previous session, as equities traded near a seven-month high, denting bullion appeal. Asian shares hovered near seven-month highs on Wednesday as global investors took a breather from a rally boosted by positive U.S. and China factory activity surveys. International Monetary Fund Managing Director Christine Lagarde said on Tuesday that global growth has lost momentum amid rising trade tensions and tighter financial conditions, but pauses in rate hikes will help boost activity in the second half of 2019. Prime Minister Theresa May said on Tuesday she would seek another Brexit delay to agree an EU divorce deal with the opposition Labour leader, a last-ditch gambit to break an impasse over Britain departure that enraged many in her party.
ENERGY- Crude oil may trade on positive note as oil prices rose for a fourth day on Wednesday, holding firm despite an industry report showing that U.S. inventories rose unexpectedly last week, with supply cuts and sanctions supporting the market. With output falling for a fourth month thanks to continued OPEC production cuts and sanctions on Iran and Venezuela, oil prices are well supported. Supply from the Organization of the Petroleum Exporting countries hit a four-year low in March. Three of eight countries granted waivers by Washington to import oil from Iran have cut the imports to zero, a U.S. official said on Tuesday, adding that improved global oil market conditions would help reduce Iranian crude exports further. Venezuela state-run energy company, PDVSA, kept oil exports near 1 million barrels per day in March despite U.S. sanctions and power outages that crippled its main export terminal, according to PDVSA documents.
BASE METAL - Base metals prices may trade in green today as most London base metals rose on Wednesday after a senior U.S. official expressed optimism about progress in the scheduled trade talks with China this week. The United States and China expect to make more headway in trade talks this week, White House economic adviser Larry Kudlow said on Tuesday, as Chinese vice premier Liu He is due to resume talks with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin on Wednesday. Concern about copper supply disruption returned after an indigenous community in Peru, which has been blocking roads to Chinese miner MMG Ltd Las Bambas copper mine, refused to negotiate with the government. Korea Zinc Inc and Teck Resources Ltd have agreed annual concentrate treatment charges of about $245 a tonne, 67 percent higher than last year, as mine supply ramps up, two industry sources said. Norsk Hydro said on Tuesday it could take months for its Karmoey aluminium plant in western Norway to return to full capacity after a power outage that cut production by about 10 percent.
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