BULLION - Bullion counter may trade on sideways to weaker path as gold prices edged lower on Wednesday, but still held above the psychological $1,400 level, as the dollar gained after robust U.S. retail sales tempered fears of a sharp downturn in the world's largest economy. The Commerce Department said retail sales rose 0.4% last month as households stepped up purchases of motor vehicles and a variety of other goods. Economists polled by Reuters had forecast retail sales edging up 0.1% in June. However, Fed Chairman Jerome Powell on Tuesday reiterated pledges to "act as appropriate" to keep the U.S. economy humming, in a speech that did not deviate from expectations that a rate cut is on the way. Meanwhile, President Donald Trump said on Tuesday the United States still has a long way to go to conclude a trade deal with China but could impose tariffs on an additional $325 billion worth of Chinese goods if it needed to do so.
ENERGY- Crude oil may trade on weaker path as oil steadied after falling more than 3% overnight, with U.S. crude trailing Brent after U.S. inventory data fell short of expectations, amid conflicting signals from the U.S. and Iran over the disputes that have roiled prices recently. Iran denied it was willing to negotiate over its ballistic missile program, contradicting a claim by U.S. Secretary of State Mike Pompeo, and appearing to undercut Trumps statement that Washington had made progress on its disputes with Tehran. Tensions between the United States and Iran over Tehrans nuclear program have lent support to oil futures; given the potential for a price spike should the situation deteriorate. Crude inventories fell by 1.4 million barrels in the week to July 12 to 460 million, industry group the American Petroleum Institute said on Tuesday. Still, more than half the daily crude production in the U.S. Gulf of Mexico remained offline on Tuesday in the wake of Hurricane Barry, the U.S. drilling regulator said, as most oil companies were re-staffing facilities to resume production. U.S. natural gas futures on Tuesday fell more than 4%, its biggest daily percentage decline since late January on forecasts for less hot weather through the end of July than previously forecast and a slow return of production from the Gulf of Mexico after Tropical Storm Barry.
BASE METAL - Base metals may trade with mixed path. Peruvian President Martin Vizcarra rejected a demand from a regional governor on Tuesday to cancel a permit for Southern Copper Corps $1.4 billion Tia Maria copper mine project amid protests from local residents. London zinc prices fell on Wednesday, ending a five-session streak of gains, after data showed a global zinc market deficit narrowed in May. The global zinc market deficit narrowed to 27,200 tonnes in May from an upwardly revised deficit of 87,500 tonnes in April, data from the International Lead and Zinc Study Group (ILZSG) showed. Zinc inventories in LME-approved warehouses have risen around 60% since April when the stockpiles hit a record low, while stocks in warehouses tracked by ShFE have jumped 268% year-to-date. The global lead market recorded a 13,400-tonne surplus in May after a deficit of 30,800 tonnes in April, data from the ILZSG showed.
ENERGY- Crude oil may trade on weaker path as oil steadied after falling more than 3% overnight, with U.S. crude trailing Brent after U.S. inventory data fell short of expectations, amid conflicting signals from the U.S. and Iran over the disputes that have roiled prices recently. Iran denied it was willing to negotiate over its ballistic missile program, contradicting a claim by U.S. Secretary of State Mike Pompeo, and appearing to undercut Trumps statement that Washington had made progress on its disputes with Tehran. Tensions between the United States and Iran over Tehrans nuclear program have lent support to oil futures; given the potential for a price spike should the situation deteriorate. Crude inventories fell by 1.4 million barrels in the week to July 12 to 460 million, industry group the American Petroleum Institute said on Tuesday. Still, more than half the daily crude production in the U.S. Gulf of Mexico remained offline on Tuesday in the wake of Hurricane Barry, the U.S. drilling regulator said, as most oil companies were re-staffing facilities to resume production. U.S. natural gas futures on Tuesday fell more than 4%, its biggest daily percentage decline since late January on forecasts for less hot weather through the end of July than previously forecast and a slow return of production from the Gulf of Mexico after Tropical Storm Barry.
BASE METAL - Base metals may trade with mixed path. Peruvian President Martin Vizcarra rejected a demand from a regional governor on Tuesday to cancel a permit for Southern Copper Corps $1.4 billion Tia Maria copper mine project amid protests from local residents. London zinc prices fell on Wednesday, ending a five-session streak of gains, after data showed a global zinc market deficit narrowed in May. The global zinc market deficit narrowed to 27,200 tonnes in May from an upwardly revised deficit of 87,500 tonnes in April, data from the International Lead and Zinc Study Group (ILZSG) showed. Zinc inventories in LME-approved warehouses have risen around 60% since April when the stockpiles hit a record low, while stocks in warehouses tracked by ShFE have jumped 268% year-to-date. The global lead market recorded a 13,400-tonne surplus in May after a deficit of 30,800 tonnes in April, data from the ILZSG showed.
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