BULLION - Bullion counter may trade on sideways to weaker path as gold prices were little changed in early Asian trade on Tuesday as investors awaited U.S. retail sales data due later in the day for further clues on policy easing from the Federal Reserve in the face of a global slowdown. The dollar index was relatively unchanged against a basket of major currencies as the prospect of a Federal Reserve interest rate cut later in the month kept the greenback on the defensive. A rate cut this month is seen as certain with interest rate futures traders pricing in a 72% chance of a 25 basis point cut and a 28% likelihood of a 50 basis point cut, according to the CME Group's FedWatch tool. Longer-dated U.S. Treasury yields edged lower on Monday as investors focused on Tuesday's retail sales figures as the next indicator of the strength of the U.S. economy. India's gold imports rose 13.04% to $2.69 billion in June compared with a year earlier, the trade ministry said in a statement on Monday.
ENERGY- Crude oil may trade on weaker path as oil prices fell for a second day on Tuesday as more production facilities returned to operation in the U.S. Gulf after Hurricane Barry swept through over the weekend, while Chinese economic data dimmed the outlook for crude demand. U.S. crude fell by 10 cents, or 0.2% to $59.48 a barrel. The U.S. benchmark fell about 1% in the previous session. Both contracts last week made their biggest weekly gains in three weeks as U.S. oil inventories fell and diplomatic tensions rose in the Middle East. In the U.S. there was 1.3 million barrels per day (bpd) of oil production offline in the U.S.-regulated areas of the Gulf of Mexico on Monday, about 80,000 barrels fewer than on Sunday. Workers also were returning to the more than 280 production platforms that had been evacuated. It can take several days for full production to be resumed after a storm leaves the Gulf of Mexico.
BASE METAL - Base metals may trade with mixed path. U.S. President Donald Trump on Monday seized on slowing economic growth in China as evidence that U.S. tariffs were havinga major effect and warned that Washington could pile on more pressure as bilateral trade talks sputtered along. Copper prices took a break from a strong rally on Tuesday after positive industrial output and investment data from top consumer China sent prices to a two-week high in the previous session. Three-month copper on the London Metal Exchange was almost unchanged at $5,985.50 a tonne by 0229 GMT, while the most-traded copper contract on the Shanghai Futures Exchange advanced 0.3% to 46,930 yuan ($6,827.17) a tonne. Protesters blocked a portion of Perus main coastal highway on Monday in the start of a new challenge to Southern Copper Corps $1.4 billion Tia Maria copper mine project that has been a lightning rod for conflict.
ENERGY- Crude oil may trade on weaker path as oil prices fell for a second day on Tuesday as more production facilities returned to operation in the U.S. Gulf after Hurricane Barry swept through over the weekend, while Chinese economic data dimmed the outlook for crude demand. U.S. crude fell by 10 cents, or 0.2% to $59.48 a barrel. The U.S. benchmark fell about 1% in the previous session. Both contracts last week made their biggest weekly gains in three weeks as U.S. oil inventories fell and diplomatic tensions rose in the Middle East. In the U.S. there was 1.3 million barrels per day (bpd) of oil production offline in the U.S.-regulated areas of the Gulf of Mexico on Monday, about 80,000 barrels fewer than on Sunday. Workers also were returning to the more than 280 production platforms that had been evacuated. It can take several days for full production to be resumed after a storm leaves the Gulf of Mexico.
BASE METAL - Base metals may trade with mixed path. U.S. President Donald Trump on Monday seized on slowing economic growth in China as evidence that U.S. tariffs were havinga major effect and warned that Washington could pile on more pressure as bilateral trade talks sputtered along. Copper prices took a break from a strong rally on Tuesday after positive industrial output and investment data from top consumer China sent prices to a two-week high in the previous session. Three-month copper on the London Metal Exchange was almost unchanged at $5,985.50 a tonne by 0229 GMT, while the most-traded copper contract on the Shanghai Futures Exchange advanced 0.3% to 46,930 yuan ($6,827.17) a tonne. Protesters blocked a portion of Perus main coastal highway on Monday in the start of a new challenge to Southern Copper Corps $1.4 billion Tia Maria copper mine project that has been a lightning rod for conflict.
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