BULLION - Bullion counter may trade on sideways bias as gold prices steadied on Monday as trade talks between the United States and China hit a wall, raising doubts over whether the two countries would be able to reach a deal, thereby boosting demand for safe-haven assets. The United States and China appeared at a deadlock over trade negotiations on Sunday as Washington demanded promises of concrete changes to Chinese law and Beijing said it would not swallow any bitter fruit that harmed its interests. Washington had already hiked tariffs on $200 billion worth of Chinese exports on Friday, while U.S. President Donald Trump further ordered his trade chief to begin the process of imposing tariffs on all remaining imports from China. Gold demand jumped last week in India due to increased retail purchases for key festival and weddings on price corrections, while premiums in China eased as buying slowed at the world top consumer. Hedge funds and money managers raised their net long positions in COMEX gold for the week to May 7, the U.S. Commodity Futures Trading Commission (CFTC) said last week.
ENERGY- Crude oil may trade with sideways to lower bias as oil futures edged down on Monday, pressured by fears over global economic growth amid a standoff in Sino-U.S. trade talks. Brent crude futures were at $70.49 a barrel at 0013 GMT, down 12 cents, or 0.2 percent, from their last close. Brent ended the previous session little changed. U.S. West Texas Intermediate (WTI) crude futures were at $61.31 per barrel, down 27 cents, or 0.4 percent, from their previous settlement. WTI closed the last session steady on the day. The United States and China together accounted for 34% of global oil consumption in the first quarter of 2019, data from the International Energy Agency showed. U.S. natural gas futures edged up to a one-week high on forecasts for more heating demand next week and an increase in liquefied natural gas exports to near record levels. Despite the week's gain, traders said market volatility has remained low since the weather started to warm this spring - just like this time last year - amid a widely held belief that record and growing production will meet any increase in demand.
BASE METAL - Base metals prices may trade with negative bias. Three-month copper on the London Metal Exchange had fallen 0.3% to $6,107 a tonne by 0124 GMT, while the most-traded copper contract on the Shanghai Futures Exchange was almost unchanged at 47,750 yuan ($6,999.72) a tonne. Copper prices fell on Monday, pressured by concerns over the outlook for the global economy as Washington and Beijing appeared at a deadlock in talks to end a bitter trade war. The trade conflict between the world top two economies escalated on Friday, with the United States hiking tariffs on $200 billion worth of Chinese goods after President Donald Trump said Beijing broke the deal by reneging on earlier commitments made during months of negotiations.
Financial
Advisory Company in Indore, Stock
Advisory Company in Indore, Equity Tips, FreeTrading Tips , MCX Tips, sebi registered advisory company, Intraday
stock tips, Free
commodity tips
No comments:
Post a Comment