BULLION - Bullion counter may trade on volatile path as gold steadied on Wednesday after retreating from a one-month peak in the previous session as Washington and Beijing decided to further their discussions on trade, soothing investor concerns around a full-blown trade war. U.S. President Donald Trump on Tuesday called the trade war with China little squabble and insisted talks between the world two largest economies had not collapsed, as investors remained on guard for a further escalation of tit-for-tat tariffs. Meanwhile on Tuesday, the Chinese government also confirmed that the two countries have agreed to keep talking about their trade dispute. However, restraining further downside for gold, Asian shares still struggled near a 3-1/2-month low on Wednesday on lingering concerns over the economic impact of a U.S.-China trade war.

ENERGY- Crude oil may trade with sideways bias as oil eased on Wednesday after closely watched data showed a surprise rise in U.S. crude stockpiles, but prices were supported by mounting tensions in the Middle East. U.S. crude stockpiles unexpectedly rose last week, while gasoline and distillate inventories increased data from industry group the American Petroleum Institute showed on Tuesday. Oil prices have drawn support after Saudi Arabia on Tuesday said armed drones struck two of its oil pumping stations, two days after the sabotage of oil tankers near the United Arab Emirates, while the U.S. military said it was braced for possibly imminent threats to U.S. forces in Iraq from Iran-backed forces. Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) on Tuesday said that world demand for its oil would be higher than expected this year as supply growth from rivals including U.S. shale producers slows, pointing to a tighter market if the exporter group refrains from raising output. 

BASE METAL - Base metals prices may witness some short covering at lower levels as copper and most other base metals rose on Wednesday, after U.S. President Donald Trump insisted that trade talks with China had not collapsed. Trump on Tuesday called the trade war with China little squabble and softened his tone in a series of remarks expressing optimism about reaching a trade deal with Beijing, While a Beijing senior diplomat also confirmed that the two countries would pursue relevant discussions. Copper may test 430 while taking support near 420 in MCX. Barrick Gold Corp, the world second largest bullion miner, is preparing its Zambian copper mine Lumwana for sale in the second half of 2019, looking to target Chinese buyers, three sources with knowledge of the matter said. Global miner BHP will hold on to the Australian nickel operations it previously put up for sale, while Rio Tinto, is working on copper and lithium projects as the mining industry bets on demand for electric vehicle (EV) batteries.

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BULLION - Bullion counter may trade on sideways bias as gold prices steadied on Monday as trade talks between the United States and China hit a wall, raising doubts over whether the two countries would be able to reach a deal, thereby boosting demand for safe-haven assets. The United States and China appeared at a deadlock over trade negotiations on Sunday as Washington demanded promises of concrete changes to Chinese law and Beijing said it would not swallow any bitter fruit that harmed its interests. Washington had already hiked tariffs on $200 billion worth of Chinese exports on Friday, while U.S. President Donald Trump further ordered his trade chief to begin the process of imposing tariffs on all remaining imports from China. Gold demand jumped last week in India due to increased retail purchases for key festival and weddings on price corrections, while premiums in China eased as buying slowed at the world top consumer. Hedge funds and money managers raised their net long positions in COMEX gold for the week to May 7, the U.S. Commodity Futures Trading Commission (CFTC) said last week.

ENERGY- Crude oil may trade with sideways to lower bias as oil futures edged down on Monday, pressured by fears over global economic growth amid a standoff in Sino-U.S. trade talks. Brent crude futures were at $70.49 a barrel at 0013 GMT, down 12 cents, or 0.2 percent, from their last close. Brent ended the previous session little changed. U.S. West Texas Intermediate (WTI) crude futures were at $61.31 per barrel, down 27 cents, or 0.4 percent, from their previous settlement. WTI closed the last session steady on the day. The United States and China together accounted for 34% of global oil consumption in the first quarter of 2019, data from the International Energy Agency showed. U.S. natural gas futures edged up to a one-week high on forecasts for more heating demand next week and an increase in liquefied natural gas exports to near record levels. Despite the week's gain, traders said market volatility has remained low since the weather started to warm this spring - just like this time last year - amid a widely held belief that record and growing production will meet any increase in demand.

BASE METAL - Base metals prices may trade with negative bias. Three-month copper on the London Metal Exchange had fallen 0.3% to $6,107 a tonne by 0124 GMT, while the most-traded copper contract on the Shanghai Futures Exchange was almost unchanged at 47,750 yuan ($6,999.72) a tonne. Copper prices fell on Monday, pressured by concerns over the outlook for the global economy as Washington and Beijing appeared at a deadlock in talks to end a bitter trade war. The trade conflict between the world top two economies escalated on Friday, with the United States hiking tariffs on $200 billion worth of Chinese goods after President Donald Trump said Beijing broke the deal by reneging on earlier commitments made during months of negotiations. 

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BULLION - Bullion counter may trade on sideways to upside bias as gold steadied on Thursday, with its appeal as a safe-haven for investors burnished by growing tensions ahead of key Sino-U.S. trade negotiations this week. U.S. President Donald Trump said on Wednesday that China "broke the deal" it had reached in trade talks with the United States, and vowed not to back down on imposing new tariffs on Chinese imports unless Beijing "stops cheating our workers. Trump has threatened to raise tariffs to 25 percent from 10 percent on $200 billion worth of Chinese imports at 12:01 a.m. ET (0401GMT) on Friday. Beijing has threatened to retaliate if tariffs rise, without elaborating on the details. Also aggravating geopolitical concerns, Trump on Wednesday imposed new sanctions on Iran, targeting revenue from its exports of industrial metals. That was the latest salvo in tensions between Washington and Tehran over a 2015 international accord curbing the Islamic Republic's nuclear program.

ENERGY- Crude oil may trade with sideways bias as oil prices dropped 1 percent on Thursday amid concerns over the escalating trade battle between the United States and China, despite a surprise fall in U.S. crude stockpiles. The Sino-U.S. trade war has weighed on oil prices this week as heightened tensions between the world's two biggest economies cloud the global economic outlook. Oil prices have had some support from signs of tighter global supply on the back of production cuts by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia. Both the Brent and WTI benchmarks have risen more than 30 percent so far this year. Global supply has also been tightened by U.S. sanctions on OPEC members Venezuela and Iran. An unexpected drop in U.S. crude inventories kept oil price declines in check. U.S. crude inventories fell by 4 million barrels in the week to May 3, the Energy Information Administration said on Wednesday. U.S. natural gas futures jumped by the most since February due to a decline in output, near record liquefied natural gas (LNG) exports and expectations for a smaller storage build than last week. 

BASE METAL - Base metals prices may trade with sideways bias. Shanghai industrial metals fell in early trade on Thursday, while benchmark London copper hit its lowest in nearly three months, as investors sought safety ahead of crucial trade talks between the United States and China. The bruising trade war, which has slowed the global economy, has clouded the outlook for demand from top metals consumer China. Ahead of the talks, Trump said Beijing "broke the deal" in negotiations with Washington and would face stiff tariffs if no agreement was reached. U.S. President Donald Trump on Wednesday imposed new sanctions on Iran, targeting revenue from its exports of industrial metals, the latest salvo in tensions between Washington and Tehran over a 2015 international accord curbing the Islamic Republic's nuclear program. 

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BULLION - Bullion counter may open on positive note as gold prices steadied on Monday after falling to a near four-month low in the previous session, with the dollar gaining in the wake of indications that U.S. economic growth picked up in the first quarter. The dollar drifted higher against the euro and British pound on Monday, supported by the relative strength of the U.S. economy, though moves remained small as many investors were still away for the long Easter weekend. U.S. retail sales increased by the most in 1- 1/2 years in March as households boosted purchases of motor vehicles and a range of other goods, the latest indication that economic growth picked up in the first quarter after a false start, data showed on Thursday. Hedge funds and money managers switched to a net short position in COMEX gold in the week to April 16, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. Gold premiums in top consumer China jumped to their highest in more than two years, as a drop in global prices and strengthening yuan encouraged purchases amid optimism about the state of the economy.

ENERGY- Crude oil may trade in green as oil prices oil prices rallied by more than 2 percent on Monday to levels not seen since November 2018 as Washington is set to announce all imports of Iranian oil must end or be subject to sanctions. News that the United States is preparing to announce on Monday that all buyers of Iranian oil will have to end their imports shortly, or be subject to U.S. sanctions, was first reported on Sunday by Washington Post foreign policy and national security columnist Josh Rogin. The U.S. reimposed sanctions in November on exports of Iranian oil after President Donald Trump unilaterally pulled out of a 2015 nuclear accord between Iran and six world powers. Washington, however, granted Iran eight main buyers of oil, mostly in Asia, waivers to the sanctions which allowed them limited purchases for half-a-year. Iran biggest oil customers are China and India, who have both been lobbying for extensions to sanction waivers. 

BASE METAL - Base metals prices may trade with firm bias. China refined copper output came in at 705,000 tonnes in March, according to data published by the National Bureau of Statistics on Friday. The bureau said the number was up 10.2 percent year-on-year but it is the lowest monthly total in records on the bureau website since June 2016. The most active aluminium contract on the Shanghai Futures Exchange (ShFE) hit its highest since November 2018 on Monday, following a drop in inventories last week. Shanghai aluminium jumped to as high as 14,175 yuan ($2,114.44) a tonne, after data on Friday showed that aluminium stocks in warehouses tracked by ShFE dropped to 665,067 tonnes, their lowest weekly level since November 2017.

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