BULLION - Bullion counter may trade with sideways to negative bias. Gold prices were steady on Thursday as the dollar hovered near a two year high, impeding the support from an exacerbated Sino-U.S. trade war bringing back doubts about global economic growth. The dollar held steady against its key rivals on Thursday as escalating Sino-U.S. trade tensions forced investors into the shelter of safe-haven assets, including government bonds and gold. The U.S. Defense Department is now seeking new federal funds to bolster domestic production of rare earth minerals and reduce dependence on China, the Pentagon said on Wednesday, amid mounting concern in Washington about Beijings role as a supplier. Chinaâs Huawei Technologies Co Ltd has filed a legal motion seeking to declare a U.S. defense law unconstitutional, in the telecom equipment makers latest bid to fight sanctions from Washington that threaten to push it out of global markets.
ENERGY- Crude oil may witness level buying as oil prices climbed on Thursday after an industry report showed a decline in U.S. crude inventories that exceeded analyst expectations. U.S. crude inventories declined by 5.3 million barrels in the week to May 24 to 474.4 million, data from industry group the American Petroleum Institute showed. Weekly U.S. oil inventory data has been delayed by Monday Memorial Day holiday, with the government report due today. Iranian May crude exports fell to less than half of April levels at around 400,000 barrels per day (bpd), tanker data showed and two industry sources said, after the United States tightened sanctions on Tehran main source of income. Many expect supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, to be extended in a meeting next month. U.S. utilities likely injected a marginally larger-than-normal 101 billion cubic feet (bcf) of natural gas into storage last week as production held near record levels.
BASE METAL - Base metals may trade with slightly negative bias. Copper prices on the London Metal Exchange (LME), on Thursday, hovered around the five-month lows hit in the previous session, as trade dispute between the United States and China showed few signs of abating. The U.S. Defense Department is seeking new federal funds to bolster domestic production of rare earth minerals and reduce dependence on China as media reports said Beijing was standing ready to use rare earths to strike back at Washington. Three unions of Chilean state-run miner Codelco giant Chuquicamata mine rejected the company final offer for a new contract on Wednesday and approved a strike, according to a union leader. The global zinc market saw a deficit of 44,500 tonnes in March, compared with a surplus of 27,600 tonnes in February, latest data from the International Lead and Zinc Study Group (ILZSG) showed.
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