BULLION - Bullion counter may witness profit booking at higher levels as gold prices edged lower on Thursday, easing from the previous session's 15-week high as the dollar recovered from multi-week lows, although trade concerns and a possible U.S. rate cut offered support for safe-haven bullion. The dollar recovered from an eight-week low touched in the previous session against a basket of major currencies on optimism over U.S.-Mexico trade talks, and a survey showing that U.S. services sector activity expanded at a brisk pace in May. The U.S. Federal Reserve on Wednesday reported that its contacts at companies across the country were worried that international trade tensions could weigh on business even as economic activity picked up. The ADP National Employment Report on Wednesday further bolstered bets for a rate cut.US private employers hired at the slowest pace in more than nine years in May, weakness that analysts blamed on the heightening global trade tensions.
ENERGY- Crude oil may remain on subdued path as oil prices on Thursday hovered around their lowest levels since January as markets remain under pressure from rising U.S. supply and stalling demand amid an economic slowdown. U.S. crude oil production EIA rose to a record 124.4 million barrels per day (bpd) in the week to May 31, the Energy Information Administration (EIA) said on Wednesday, an increase of 1.63 million bpd since May 2018. Amid surging output, U.S. commercial crude oil inventories surged by 6.8 million in week to May 31, to 483.26 million barrels, their highest levels since July 2017. Rising U.S. production is more than offsetting the efforts from the OPEC+ and if we add the negative effect a trade war could have on energy demand the result is lower prices. The Middle East-dominated producer club of the Organization of the Petroleum Exporting Countries (OPEC) as well as some non-affiliated producers including Russia, known as OPEC+, has been withholding oil supply since the start of the year to prop up the market.
BASE METAL - Base metals may trade with sideways to weak bias. Shanghai copper prices on Thursday tumbled to their lowest in two years, tracking falls in Londons overnight session, as anxiety about global growth and metals demand hurt sentiment. The International Monetary Fund on Wednesday cut its China growth forecast for 2019 to 6.2% on heightened uncertainty around trade frictions, and warned that current and threatened tariffs could cut 2020 global gross domestic product by 0.5%, or about $455 billion, but it does not see a recession. Mexican and U.S. officials are set to resume talks in Washington on Thursday aimed at averting an imposition of tariffs on Mexican goods, with President Donald Trump saying not enough progress on ways to curb migration was made when the two sides met on Wednesday.
ENERGY- Crude oil may remain on subdued path as oil prices on Thursday hovered around their lowest levels since January as markets remain under pressure from rising U.S. supply and stalling demand amid an economic slowdown. U.S. crude oil production EIA rose to a record 124.4 million barrels per day (bpd) in the week to May 31, the Energy Information Administration (EIA) said on Wednesday, an increase of 1.63 million bpd since May 2018. Amid surging output, U.S. commercial crude oil inventories surged by 6.8 million in week to May 31, to 483.26 million barrels, their highest levels since July 2017. Rising U.S. production is more than offsetting the efforts from the OPEC+ and if we add the negative effect a trade war could have on energy demand the result is lower prices. The Middle East-dominated producer club of the Organization of the Petroleum Exporting Countries (OPEC) as well as some non-affiliated producers including Russia, known as OPEC+, has been withholding oil supply since the start of the year to prop up the market.
BASE METAL - Base metals may trade with sideways to weak bias. Shanghai copper prices on Thursday tumbled to their lowest in two years, tracking falls in Londons overnight session, as anxiety about global growth and metals demand hurt sentiment. The International Monetary Fund on Wednesday cut its China growth forecast for 2019 to 6.2% on heightened uncertainty around trade frictions, and warned that current and threatened tariffs could cut 2020 global gross domestic product by 0.5%, or about $455 billion, but it does not see a recession. Mexican and U.S. officials are set to resume talks in Washington on Thursday aimed at averting an imposition of tariffs on Mexican goods, with President Donald Trump saying not enough progress on ways to curb migration was made when the two sides met on Wednesday.
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