BULLION - Bullion counter may open on positive note as gold prices steadied on Monday after falling to a near four-month low in the previous session, with the dollar gaining in the wake of indications that U.S. economic growth picked up in the first quarter. The dollar drifted higher against the euro and British pound on Monday, supported by the relative strength of the U.S. economy, though moves remained small as many investors were still away for the long Easter weekend. U.S. retail sales increased by the most in 1- 1/2 years in March as households boosted purchases of motor vehicles and a range of other goods, the latest indication that economic growth picked up in the first quarter after a false start, data showed on Thursday. Hedge funds and money managers switched to a net short position in COMEX gold in the week to April 16, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. Gold premiums in top consumer China jumped to their highest in more than two years, as a drop in global prices and strengthening yuan encouraged purchases amid optimism about the state of the economy.
ENERGY- Crude oil may trade in green as oil prices oil prices rallied by more than 2 percent on Monday to levels not seen since November 2018 as Washington is set to announce all imports of Iranian oil must end or be subject to sanctions. News that the United States is preparing to announce on Monday that all buyers of Iranian oil will have to end their imports shortly, or be subject to U.S. sanctions, was first reported on Sunday by Washington Post foreign policy and national security columnist Josh Rogin. The U.S. reimposed sanctions in November on exports of Iranian oil after President Donald Trump unilaterally pulled out of a 2015 nuclear accord between Iran and six world powers. Washington, however, granted Iran eight main buyers of oil, mostly in Asia, waivers to the sanctions which allowed them limited purchases for half-a-year. Iran biggest oil customers are China and India, who have both been lobbying for extensions to sanction waivers.
BASE METAL - Base metals prices may trade with firm bias. China refined copper output came in at 705,000 tonnes in March, according to data published by the National Bureau of Statistics on Friday. The bureau said the number was up 10.2 percent year-on-year but it is the lowest monthly total in records on the bureau website since June 2016. The most active aluminium contract on the Shanghai Futures Exchange (ShFE) hit its highest since November 2018 on Monday, following a drop in inventories last week. Shanghai aluminium jumped to as high as 14,175 yuan ($2,114.44) a tonne, after data on Friday showed that aluminium stocks in warehouses tracked by ShFE dropped to 665,067 tonnes, their lowest weekly level since November 2017.
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