BULLION - Bullion counter may trade on positive path as gold prices rose on Tuesday buoyed by a safe-haven sentiment emanating from weak global manufacturing data that hinted at an economic slowdown, a day after the metal declined more than 1% on expectations of a U.S.-China trade truce. Factory activity shrank across much of Europe and Asia in June while growth in manufacturing cooled in the United States, keeping the world's policymakers under pressure to avert a recession amid a U.S.- China trade war. U.S. manufacturing activity slowed to near a three-year low in June, with a measure of new orders received by factories tumbling, amid growing anxiety over an escalation in trade tensions between the United States and China. President Donald Trump said on Monday that trade talks with China were under way and any deal would need to be somewhat tilted in favor of the United States.
ENERGY- Crude oil may trade on weaker path as oil prices slipped on Tuesday as worries that a weakening global economy would dent demand for the commodity outweighed OPEC�s decision to extend supply cuts until next March. U.S. crude futures for August had fallen 48 cents, or 0.8%, to $58.61 a barrel, after touching their highest in over five weeks on Monday. The trade war is not likely to get resolved any time soon and while central banks globally are expected to deliver fresh stimulus in the coming months, economic activity is continuing to trend lower. The Organization of the Petroleum Exporting Countries (OPEC) agreed on Monday to extend oil supply cuts until March 2020 as the group�s members overcame their differences in order to try to prop up the price of crude. OPEC is slated to meet with Russia and other producers, an alliance known as OPEC+, later on Tuesday to discuss supply cuts amid surging U.S. output. Russian President Vladimir Putin said on Saturday he had agreed with Saudi Arabia to extend global output cuts of 1.2 million barrels per day, or 1.2% of world demand, until December 2019 or March 2020. U.S. producers hit a monthly record of 12.16 million barrels per day (bpd) in April, the latest available data showed, though new U.S. shale oil production is expected to slip this year from last year, according to a survey of major forecasters.
BASE METAL - Base metals may trade with sideways bias. Three-month LME copper was flat at $5,953 a tonne, after ending 0.6% lower on Monday as euphoria over a U.S.-China trade truce gave way to lingering fears over demand. Shanghai copper slipped 1.4% to 46,620 yuan a tonne. Shanghai nickel prices slumped nearly 4% in early trade on Tuesday, tracking a steep fall in London in the previous session as investors chose to book profits. The metal used to make stainless steel was the standout performer in the base metals complex in the first half of 2019 with a gain of more than 12% in London, but is now on course to close lower for a third straight session. Freeport-McMoRan Inc said on Monday it expected to report a loss in the second quarter, hit by lower gold production, weaker copper prices and higher costs, sending the U.S. miner's shares down nearly 6%.
ENERGY- Crude oil may trade on weaker path as oil prices slipped on Tuesday as worries that a weakening global economy would dent demand for the commodity outweighed OPEC�s decision to extend supply cuts until next March. U.S. crude futures for August had fallen 48 cents, or 0.8%, to $58.61 a barrel, after touching their highest in over five weeks on Monday. The trade war is not likely to get resolved any time soon and while central banks globally are expected to deliver fresh stimulus in the coming months, economic activity is continuing to trend lower. The Organization of the Petroleum Exporting Countries (OPEC) agreed on Monday to extend oil supply cuts until March 2020 as the group�s members overcame their differences in order to try to prop up the price of crude. OPEC is slated to meet with Russia and other producers, an alliance known as OPEC+, later on Tuesday to discuss supply cuts amid surging U.S. output. Russian President Vladimir Putin said on Saturday he had agreed with Saudi Arabia to extend global output cuts of 1.2 million barrels per day, or 1.2% of world demand, until December 2019 or March 2020. U.S. producers hit a monthly record of 12.16 million barrels per day (bpd) in April, the latest available data showed, though new U.S. shale oil production is expected to slip this year from last year, according to a survey of major forecasters.
BASE METAL - Base metals may trade with sideways bias. Three-month LME copper was flat at $5,953 a tonne, after ending 0.6% lower on Monday as euphoria over a U.S.-China trade truce gave way to lingering fears over demand. Shanghai copper slipped 1.4% to 46,620 yuan a tonne. Shanghai nickel prices slumped nearly 4% in early trade on Tuesday, tracking a steep fall in London in the previous session as investors chose to book profits. The metal used to make stainless steel was the standout performer in the base metals complex in the first half of 2019 with a gain of more than 12% in London, but is now on course to close lower for a third straight session. Freeport-McMoRan Inc said on Monday it expected to report a loss in the second quarter, hit by lower gold production, weaker copper prices and higher costs, sending the U.S. miner's shares down nearly 6%.
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