BULLION - Bullion counter may trade with sideways bias .Gold prices inched lower on Tuesday, moving away from a one-week high hit in the previous session, as the dollar rebounded amid the European Union parliamentary election results and simmering Sino-U.S. trade tensions. Markets were mostly subdued in the previous session following the closure of financial markets in the UK and the United States. The dollar nudged up against its key rivals in early trade on Tuesday as investors waited on more catalysts after the European Union parliamentary elections showed a polarization of the 28-member block. Pro-European parties retained a firm grip on the EU parliament, provisional results from the bloc's elections showed on Monday, though euroskeptic opponents saw strong gains. On Monday, U.S. President Donald Trump in a news conference with Japanese President Shinzo Abe said he was "not ready to make a deal with China", the latest blow to beliefs that the two countries might reach a deal soon. China's net gold imports via main conduit Hong Kong in April rose 20.5% from the previous month to their highest levels since July 2018, Hong Kong government data showed on Monday.
ENERGY- Crude oil may witness some short covering at lower levels Oil prices were mixed on Tuesday, pressured by a weakening economy, especially in China, yet still supported by ongoing supply cuts from producer club OPEC and U.S. sanctions against Iran and Venezuela. Beyond the OPEC cuts, U.S. sanctions on petroleum exports from Iran and Venezuela have also tightened markets. Washington has also imposed sanctions on Venezuela oil exports, in a bid to topple the government under President Nicolas Maduro there. Brent crude oil prices consolidated above $70 per barrel on Tuesday as supply cuts led by producer club OPEC and U.S. sanctions on Iran's and Venezuela's fuel exports outweighed concerns about an economic slowdown.
BASE METAL - Base metals may trade with slightly positive bias. The head of state-run miner Codelco, the world's largest copper producer, said Chile's mining industry was increasingly held back by new environmental regulations and the low productivity of Chilean workers, local daily La Tercera reported on Monday. China's Yanggu Xiangguang Copper Co has restarted its 400,000 tonne per year copper smelter in Shandong province after an overhaul that lasted about 50 days, a company official said on Monday. Zinc prices rose sharply in London and Shanghai in early trade on Tuesday, as investors worried about dwindling inventories of the metal used to galvanise steel. ShFE zinc stocks fell by 18.1% from the previous week to 56,320 tonnes, according to data released by the bourse on Friday. LME zinc inventories fell for five straight days last week and stand at 102,600 tonnes.
ENERGY- Crude oil may witness some short covering at lower levels Oil prices were mixed on Tuesday, pressured by a weakening economy, especially in China, yet still supported by ongoing supply cuts from producer club OPEC and U.S. sanctions against Iran and Venezuela. Beyond the OPEC cuts, U.S. sanctions on petroleum exports from Iran and Venezuela have also tightened markets. Washington has also imposed sanctions on Venezuela oil exports, in a bid to topple the government under President Nicolas Maduro there. Brent crude oil prices consolidated above $70 per barrel on Tuesday as supply cuts led by producer club OPEC and U.S. sanctions on Iran's and Venezuela's fuel exports outweighed concerns about an economic slowdown.
BASE METAL - Base metals may trade with slightly positive bias. The head of state-run miner Codelco, the world's largest copper producer, said Chile's mining industry was increasingly held back by new environmental regulations and the low productivity of Chilean workers, local daily La Tercera reported on Monday. China's Yanggu Xiangguang Copper Co has restarted its 400,000 tonne per year copper smelter in Shandong province after an overhaul that lasted about 50 days, a company official said on Monday. Zinc prices rose sharply in London and Shanghai in early trade on Tuesday, as investors worried about dwindling inventories of the metal used to galvanise steel. ShFE zinc stocks fell by 18.1% from the previous week to 56,320 tonnes, according to data released by the bourse on Friday. LME zinc inventories fell for five straight days last week and stand at 102,600 tonnes.
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