BULLION - Bullion counter may trade with sideways to positive bias. Gold prices rose on Friday to remain on track for their first monthly gain since January, with expectations of cuts in U.S. interest rates boosted by inflation data for the first quarter. Markets were also keeping a close eye on international trade tensions, with U.S. President Donald Trump's shock move to slap tariffs on Mexico risking tipping the United States, and maybe the whole world, into recession. U.S. inflation was much weaker than initially thought in the first quarter amid a sharp slowdown in domestic demand, which could cast doubts on the Federal Reserve's view that the benign price pressures were largely because of temporary factors. Also adding to economic woes, China's factory activity shrank more than expected in May, an official survey showed on Friday, heaping pressure on Beijing to roll out more stimulus to support an economy hit by a bruising trade war with the United States.
ENERGY- Crude oil may remain in red as oil prices fell on Friday and were on track for their biggest monthly fall since November as trade conflicts spread and U.S. crude output returned to record levels. The drops mean that crude oil futures are on track for their biggest monthly loss since last November. U.S. President Donald Trump ramped up trade tensions globally by vowing to slap tariffs on all goods from Mexico, firing up fears over economic growth and appetite for oil. The Mexico trade dispute adds to a trade war between the United States and China, which many analysts expect to trigger a recession. Crude prices have also been under pressure from a much smaller-than expected decline in U.S. stockpiles and U.S. crude oil production's EIA return to its record 12.3 million barrels per day. U.S. natural gas futures fell by the most in two months on Thursday following the release of a federal report showing a bigger than expected storage build and on forecasts for cooler weather and lower demand next week than previously expected.
BASE METAL - Base metals may trade with sideways bias. U.S. President Donald Trump on Thursday stoked global recession fears by slapping a 5% tariff on all goods from Mexico from June 10 until illegal immigration is stopped. The tariff would gradually increase to 25% by Oct. 1. Copper prices in London rebounded on Friday over supply concerns, but were still on track for a seventh consecutive week of falls due to a weaker demand outlook as global trade tensions rise. Chile's Codelco, the world's top copper miner, reported an 18% year-on-year drop in its first-quarter copper output on Thursday, as unions at its Chuquicamata mine announced they would hold talks with the company in hopes of averting a strike. Disruptions in top copper producer Chile, political and power problems in Zambia and restrictions on scrap imports into China are expected to weigh on copper supplies and likely lead to a tighter market in the second half of 2019. The London zinc market is in the grip of the most protracted and acute squeeze in 30 years. On the London Metal Exchange (LME), the benchmark spread -- the difference between the cash price and that for three month delivery flexed as wide as $161 per tonne this week before closing on Wednesday at $149.
ENERGY- Crude oil may remain in red as oil prices fell on Friday and were on track for their biggest monthly fall since November as trade conflicts spread and U.S. crude output returned to record levels. The drops mean that crude oil futures are on track for their biggest monthly loss since last November. U.S. President Donald Trump ramped up trade tensions globally by vowing to slap tariffs on all goods from Mexico, firing up fears over economic growth and appetite for oil. The Mexico trade dispute adds to a trade war between the United States and China, which many analysts expect to trigger a recession. Crude prices have also been under pressure from a much smaller-than expected decline in U.S. stockpiles and U.S. crude oil production's EIA return to its record 12.3 million barrels per day. U.S. natural gas futures fell by the most in two months on Thursday following the release of a federal report showing a bigger than expected storage build and on forecasts for cooler weather and lower demand next week than previously expected.
BASE METAL - Base metals may trade with sideways bias. U.S. President Donald Trump on Thursday stoked global recession fears by slapping a 5% tariff on all goods from Mexico from June 10 until illegal immigration is stopped. The tariff would gradually increase to 25% by Oct. 1. Copper prices in London rebounded on Friday over supply concerns, but were still on track for a seventh consecutive week of falls due to a weaker demand outlook as global trade tensions rise. Chile's Codelco, the world's top copper miner, reported an 18% year-on-year drop in its first-quarter copper output on Thursday, as unions at its Chuquicamata mine announced they would hold talks with the company in hopes of averting a strike. Disruptions in top copper producer Chile, political and power problems in Zambia and restrictions on scrap imports into China are expected to weigh on copper supplies and likely lead to a tighter market in the second half of 2019. The London zinc market is in the grip of the most protracted and acute squeeze in 30 years. On the London Metal Exchange (LME), the benchmark spread -- the difference between the cash price and that for three month delivery flexed as wide as $161 per tonne this week before closing on Wednesday at $149.
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