BULLION - Bullion counter may trade with sideways bias. Gold held steady on Wednesday as worries about the global economic outlook kept investors focused on safe-haven assets, with no signs of an easing in the Sino-U.S. trade-war. U.S. President Donald Trump on a Monday news conference with Japanese Prime Minister Shinzo Abe said he was �not ready to make a deal with China,� which came as a fresh blow to hopes of a resolution in the trade war between the two largest economies in the world. Last year, the dollar overtook gold as the preferred safe-haven when the United States and China were engaged in a full-blown trade war. SPDR Gold Trust, the world�s largest gold-backed exchange-traded fund, said its holdings fell 0.20% to 737.34 tonnes on Tuesday from 738.81 tonnes on Friday.
ENERGY- Crude oil may witness profit booking at higher levels as oil prices fell on Wednesday on concerns the Sino-U.S. trade war could trigger a global economic downturn, but relatively tight supply amid OPEC output cuts and political tensions in the Middle East offered some support. Despite the economic concerns, global oil demand is so far holding up well, likely averaging over 100 million barrels per day (bpd) this year for the first time, according to data from the U.S. Energy Information Administration (EIA). Despite the economic concerns dragging on oil markets, crude prices remain relatively tight. Adding to this are ongoing supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) since the start of the year to prop up the market. OPEC and some allies including Russia are due to meet in late June or early July to discuss output policy going forward.
BASE METAL - Base metals may trade with slightly negative bias. Prices for most industrial metals fell in London and Shanghai on Wednesday, with investors worried about the outlook for global economic growth as the trade war between China and the United States showed no sign of letting up. In one of the latest potential developments in trade tensions, the editor in chief of China's Global Times said on Tuesday that Beijing was "seriously considering" restricting exports to the United States of rare earths, 17 chemical elements used in high-tech consumer electronics and military equipment. Weak output of refined zinc from Chinese smelters is likely to persist longer than expected because of bottlenecks at the country's smaller metal producers, keeping the market tight and wrong-footing bearish investors.
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