BULLION - Bullion counter may trade on weaker side as gold prices fell more than 1% on Monday, their lowest in a week, as hopes of a trade deal between the United States and China improved risk appetite, while a stronger dollar further weighed on prices. The United States and China agreed on Saturday to restart trade talks after President Donald Trump offered concessions including no new tariffs and an easing of restrictions on tech company Huawei in order to reduce tensions with Beijing. Also, China agreed to make unspecified new purchases of U.S. farm products and return to the negotiating table. China and the United States will face a long road before they can reach a deal to end their bitter trade war, with more fights ahead likely, Chinese state media said after the two countries presidents held ice-breaking talks in Japan. Hedge funds and money managers boosted their bullish stance in COMEX gold in the week to June 25, the U.S. Commodity Futures Trading Commission said on Friday.
ENERGY- Crude oil may trade on upside path as oil prices rose more than $1 a barrel on Monday after Saudi Arabia, Russia, Iraq backed an extension of supply cuts for another six to nine months ahead of an OPEC meeting this week. The Organization of the Petroleum Exporting Countries (OPEC) and its allies look set to extend oil supply cuts until at least until the end of 2019 as top producers on Sunday endorsed a policy aimed at propping up the price of crude. OPEC, Russia and other producers, an alliance known as OPEC+, meet on July 1-2 to discuss supply cuts. The group has been reducing oil output since 2017 to prevent prices from sliding amid a weakening global economy and soaring U.S. output. Russian President Vladimir Putin said on Sunday he had agreed with Saudi Arabia to extend existing output cuts of 1.2 million barrels per day (bpd) by six to nine months. Saudi Energy Minister Khalid al-Falih said the deal would most likely be extended by nine months and no deeper reductions were needed. The number of rigs drilling for natural gas in the United States fell by 4 this week to 173, data from oil services firm Baker Hughes showed on Friday.
BASE METAL - Base metals may trade with positive bias. Chinas official Purchasing Managers Index (PMI) stood at 49.4 in June, showing factory activity shrinking more than expected in June, as U.S. tariffs and weaker domestic demand pressured on new orders. Copper and other base metals rallied on Monday, after the United States and China agreed to restart trade talks, easing risks of severe global economic growth that hurt demand for metals. The number of artisanal miners killed by a landslide at a copper and cobalt mine run by Glencore in Congo rose to 43 on Friday and officials said the army would deploy at the mine as the search for more victims continued. All other base metals rallied on the London Metal Exchange, with London nickel touching its highest since April 18, while all metals except tin rose in Shanghai. Chiles Codelco, the worlds top copper miner, said on Friday its Chuquicamata mine was fully operational after a two-week long strike that had docked output from the sprawling deposit came to an end.
ENERGY- Crude oil may trade on upside path as oil prices rose more than $1 a barrel on Monday after Saudi Arabia, Russia, Iraq backed an extension of supply cuts for another six to nine months ahead of an OPEC meeting this week. The Organization of the Petroleum Exporting Countries (OPEC) and its allies look set to extend oil supply cuts until at least until the end of 2019 as top producers on Sunday endorsed a policy aimed at propping up the price of crude. OPEC, Russia and other producers, an alliance known as OPEC+, meet on July 1-2 to discuss supply cuts. The group has been reducing oil output since 2017 to prevent prices from sliding amid a weakening global economy and soaring U.S. output. Russian President Vladimir Putin said on Sunday he had agreed with Saudi Arabia to extend existing output cuts of 1.2 million barrels per day (bpd) by six to nine months. Saudi Energy Minister Khalid al-Falih said the deal would most likely be extended by nine months and no deeper reductions were needed. The number of rigs drilling for natural gas in the United States fell by 4 this week to 173, data from oil services firm Baker Hughes showed on Friday.
BASE METAL - Base metals may trade with positive bias. Chinas official Purchasing Managers Index (PMI) stood at 49.4 in June, showing factory activity shrinking more than expected in June, as U.S. tariffs and weaker domestic demand pressured on new orders. Copper and other base metals rallied on Monday, after the United States and China agreed to restart trade talks, easing risks of severe global economic growth that hurt demand for metals. The number of artisanal miners killed by a landslide at a copper and cobalt mine run by Glencore in Congo rose to 43 on Friday and officials said the army would deploy at the mine as the search for more victims continued. All other base metals rallied on the London Metal Exchange, with London nickel touching its highest since April 18, while all metals except tin rose in Shanghai. Chiles Codelco, the worlds top copper miner, said on Friday its Chuquicamata mine was fully operational after a two-week long strike that had docked output from the sprawling deposit came to an end.
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