BULLION - Bullion counter may trade on negative bias as gold steadied on Thursday, holding just above a one-week low touched in the previous session after comments from U.S. Federal Reserve Chairman Jerome Powell dashed hopes of a near-term rate cut, boosting the dollar. The dollar took a breather in Asia on Thursday after markets were whipsawed by mixed messages on policy from the Federal Reserve. On Wednesday the dollar rose after the Fed held interest rates steady and signalled little appetite to adjust them any time soon, taking heart in continued job gains and economic growth and the likelihood that weak inflation will edge higher. Venezuelans heeded opposition leader Juan Guaido call to take to the streets on Wednesday in a bid to force President Nicolas Maduro from power, but there was little concrete sign of change in a crisis that increasingly looks like a political stalemate.
ENERGY- Crude oil may continue to extend losses as oil prices fell on Thursday, pulled down by record U.S. crude production that led to a surge in stockpiles. Outside the United States, however, oil markets remained tense as exemptions to U.S. sanctions on Iran expired, a political crisis in Venezuela escalates, and as producer club OPEC keeps withholding supply. U.S. crude stockpiles last week rose to their highest since September 2017, jumping by 9.9 million barrels to 470.6 barrels, as production set a record high of 12.3 million barrels per day (bpd), while refining activity rates fell, the Energy Information Administration (EIA) said on Wednesday. Outside the United States, however, oil markets remained tight amid the political crisis in Venezuela, tighter U.S. sanctions against Iran that allow no more exemptions from May, and as the Organization of the Petroleum Exporting Countries (OPEC) continues to withhold supply in order to prop up prices. Oman energy minister Mohammed bin Hamad al-Rumhy said on Wednesday it was OPEC goal to extend the cuts, which were started in January, when they next meet in June. Despite the desire of many OPEC members to keep withholding supply to prop up the market, the group may be forced into action.
BASE METAL - Base metals prices may trade with sideways bias. Most base metals except copper and zinc on Thursday rose from a tumbling session in the previous day, with progress in the U.S.-China trade talks lending some support. The United States and China are nearing a trade deal that would roll back a portion of the $250 billion in U.S. tariffs on Chinese goods, Politico reported on Wednesday. Base metals slumped on the London Metal Exchange (LME) on Wednesday, with aluminium and lead hitting their lowest in more than two years, as computer-driven funds sold after an options expiry amid concerns about China demand. U.S. Treasury Secretary Steven Mnuchin said on his Twitter account that the two countries have completed productive talks in Beijing. Three-month copper on the London Metal Exchange edged down 0.2 percent to $6225 a tonne, while zinc fell 1.1 percent after Wednesday data showed zinc stocks in LME-approved warehouse rose to 85,050 tonnes, its highest since Feb. 19.
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