BULLION - Bullion counter may witness profit booking at higher levels .Gold prices steadied on Friday, ahead of a U.S. jobs report later in the day, while a festering trade war and hopes of a Fed interest rate cut stoked demand for the safe-haven bullion. Mexican and U.S. officials had held a second day of talks on trade and migration on Thursday amid reports U.S. President Donald Trump might delay the imposition of tariffs that was due on Monday. However, the White House said it is standing firm on its position that Mexico must make take significant new steps to halt the surge of Central American migrants by Monday, or face tariffs on its exports to the United States. U.S. Vice President Mike Pence said he was encouraged that Mexican officials were willing to do more to curb migration flows to the United States, but it was up to President Trump to decide if they went far enough to avert threatened tariffs. On Thursday, Trump said he would decide whether to carry out his threat to hit Beijing with tariffs on at least $300 billion in Chinese goods after a meeting of leaders of the world's largest economies late this month.
ENERGY- Crude oil may witness some short covering at lower levels as oil prices rose around 1% on Friday to move further away from five month lows hit earlier in the week, buoyed by a report that Washington could postpone trade tariffs on Mexico and signs OPEC and other producers may extend crude supply cuts. On Wednesday, Brent and WTI sank to their lowest levels since mid-January at $59.45 and $50.60 respectively, after U.S. crude production hit a new record-high and stockpiles climbed to their highest since July 2017. Nevertheless, sentiment on prices remains dim as fresh signs emerge of a stalling global economy and ongoing concerns about growing U.S. crude supply. Prices had been supported by supply curbs by the Organization of the Petroleum Exporting Countries (OPEC) and some allies including Russia. Supply has also been limited by U.S. sanctions on oil exports from Iran and Venezuela. U.S. natural gas futures dropped to a fresh 3-year low on Thursday following a federal report showing a bigger-than-expected weekly storage build, which boosted the amount of gas stockpiled in May to a monthly record high.
BASE METAL - Base metals may trade with sideways bias. Copper prices on the London Metal Exchange (LME) rose on Friday as the U.S. dollar weakened, while the metal looked set for a weekly gain for the first time in eight weeks. Meanwhile, the dollar index eased on Friday and was poised for its worst weekly performance this year, as investors waited for a key U.S. jobs report. A weaker dollar makes commodities priced in the greenback cheaper for buyers using other currencies. The base metals market was also trading in low volume due to lack of participation from Chinese traders who are on a public holiday for the Dragon Boat Festival. The Shanghai Futures Exchange is closed on Friday and will reopen on Monday. Unions at Chile Chuquicamata copper mine expressed disappointment in state-run miner Codelco latest contract offer on Thursday but agreed to extend negotiations in hopes of averting a strike. U.S. President Donald Trump said on Thursday he would decide whether to carry out his threat to hit Beijing with tariffs on at least $300 billion in Chinese goods after the G20 summit in Japan late this month.
ENERGY- Crude oil may witness some short covering at lower levels as oil prices rose around 1% on Friday to move further away from five month lows hit earlier in the week, buoyed by a report that Washington could postpone trade tariffs on Mexico and signs OPEC and other producers may extend crude supply cuts. On Wednesday, Brent and WTI sank to their lowest levels since mid-January at $59.45 and $50.60 respectively, after U.S. crude production hit a new record-high and stockpiles climbed to their highest since July 2017. Nevertheless, sentiment on prices remains dim as fresh signs emerge of a stalling global economy and ongoing concerns about growing U.S. crude supply. Prices had been supported by supply curbs by the Organization of the Petroleum Exporting Countries (OPEC) and some allies including Russia. Supply has also been limited by U.S. sanctions on oil exports from Iran and Venezuela. U.S. natural gas futures dropped to a fresh 3-year low on Thursday following a federal report showing a bigger-than-expected weekly storage build, which boosted the amount of gas stockpiled in May to a monthly record high.
BASE METAL - Base metals may trade with sideways bias. Copper prices on the London Metal Exchange (LME) rose on Friday as the U.S. dollar weakened, while the metal looked set for a weekly gain for the first time in eight weeks. Meanwhile, the dollar index eased on Friday and was poised for its worst weekly performance this year, as investors waited for a key U.S. jobs report. A weaker dollar makes commodities priced in the greenback cheaper for buyers using other currencies. The base metals market was also trading in low volume due to lack of participation from Chinese traders who are on a public holiday for the Dragon Boat Festival. The Shanghai Futures Exchange is closed on Friday and will reopen on Monday. Unions at Chile Chuquicamata copper mine expressed disappointment in state-run miner Codelco latest contract offer on Thursday but agreed to extend negotiations in hopes of averting a strike. U.S. President Donald Trump said on Thursday he would decide whether to carry out his threat to hit Beijing with tariffs on at least $300 billion in Chinese goods after the G20 summit in Japan late this month.
Financial
Advisory Company in Indore, Stock
Advisory Company in Indore, Equity Tips, FreeTrading Tips , MCX Tips, sebi registered advisory company, Intraday
stock tips, Free
commodity tips
0 comments:
Post a Comment