BULLION - Bullion counter may witness some lower level buying. Gold inched higher on Tuesday, trading just below a more than one-week peak hit in the previous session, as Asian equities eased and the dollar weakened following sombre U.S. economic data. The dollar sagged on Tuesday after weak U.S. economic data while commodity-linked currencies such as the Canadian and Australian dollars drew support from an ongoing surge in crude oil prices. New orders for U.S.-made goods fell modestly in February and shipments rose after four straight monthly declines, but the manufacturing sector is slowing amid rising inventories. Britain parliament approved legislation on Monday that gives lawmakers the power to scrutinise and even change Prime Minister Theresa May request that the European Union agree to delay Brexit until June 30.
ENERGY- Crude oil may remain with sideways bias. Oil prices eased on Tuesday, slipping away from 5-month highs reached earlier in the session as a sluggish economic outlook countered an otherwise tight market. Despite generally bullish oil markets, concerns that an economic slowdown this year will hit fuel consumption have been preventing crude prices from rising even higher, traders said. And while fears of a global recession ebbed following strong U.S. jobs figures and improved Chinese manufacturing data late last week, Bank of America Merrill Lynch said there was still a "significant slowing in growth globally" in 2019. Despite the economic concerns, global oil markets are tight, and Brent and WTI crude oil futures have risen by 40 percent and 30 percent respectively since the start of the year. Renewed fighting in Libya has seen Brent crude break above $70 per barrel Libya is a significant supplier of oil to Europe, producing around 1.1 million barrels per day (bpd) of crude in March. A warplane attacked Tripoli's only functioning airport on Monday as eastern forces advancing on the Libyan capital disregarded international appeals for a truce in the latest of a cycle of warfare since Muammar Gaddafi's fall in 2011. U.S. natural gas futures edged up to their highest in a week on Monday with cooler weather forecast to boost heating demand next week and liquefied natural gas exports expected to rise.
BASE METAL - Base metals prices may trade with positive bias. The U.S. Trade Representative said significant work remained ahead of fresh talks due this week, while Chinese state media said the two sides had made new progress in the talks. MMG Ltd said its Las Bambas copper mine in Peru is expected to resume normal operations after an indigenous village agreed to end a two-month blockade. Copper prices rose on Monday on news of fresh stimulus measures in top metals consumer China and hopes for a U.S.-China trade deal. China said on Monday it would relax residency curbs in many of its smaller cities and increase infrastructure spending to boost economic growth. On Sunday, China also announced measures to encourage financing for small and medium-sized businesses. Three-month LME zinc shed 0.6 percent to finish at $2,906 a tonne, partly due to producers seeking to lock in high prices through hedging programmes, said Alastair Munro at broker Marex Spectron.
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