
Gold Prices Slide as Dollar Rises On Higher U.S.
Yields - Gold prices were trading
lower on Friday as the U.S. dollar rose amidst higher 10-year U.S. treasury
yields. Meanwhile, the dollar climbed against other major currencies. The U.S.
dollar index that tracks the greenback against a basket of six major currencies
rose 0.07% to 89.70. The dollar got a lift from the higher 10-year U.S.
Treasury yields that climbed to 2.9%. Dollar-denominated assets such as gold
are sensitive to moves in the dollar – a gain in the dollar makes gold more
expensive for holders of foreign currency and thus decreases demand for the
precious metal. As geopolitical tensions eased, prices of safe-haven assets
such as gold slipped. U.S. President Donald Trump said he hoped the summit with
North Korea would be successful, and he made no new fresh demands on trade at
his meeting with Japanese Prime Minister Shinzo Abe earlier this week.
Copper prices dropped as concerns over more US
sanctions eased
- Copper on
MCX settled down -0.47% at 456.95 as pressure seen on continuous weak
sentiments after increasing geopolitical concerns, surging warehouse
inventories and a weaker Chinese demand put pressure on prices. Copper prices
are overall down so far this year after hitting a four year high in December
amid concerns that protectionist trade policies and the prospect of an economic
slowdown in China, the world’s largest consumer of industrial metals, could hit
demand. Concerns over a U.S.-China trade spat will also remain in focus as the
spring meetings of the International Monetary Fund and the World Bank get
underway on Monday.
Zinc import window has yet to
open - The
arbitrage window for imported zinc has yet to open up despite some imported
materials circulating in the market this week, SMM believed. Small amounts of
zinc imports were heard to be in the Shanghai spot market this week, including
materials from Australia, South Korea, Brazil, Spain and India. Offers of these
materials were 10-30 yuan/mt lower than the domestic 0# common brand. However,
imported zinc still stand to lose about 400 yuan/mt for now, according to our
calculations.
Oil Prices Hover Around Late-2014 Highs On Supply Cuts - Oil prices on Friday morning in Asia stayed
close to three-year highs reached earlier this week as ongoing OPEC-led supply
cuts gradually shrink excess supplies.A gradually tightening market combined
with healthy demand has pushed up oil prices. The Organization of the Petroleum
Exporting Countries (OPEC), Russia and several other oil producers have been
cutting output since January 2017 in an attempt to reduce the global oversupply
and prop up prices. Results are closing in on the original target of the pact -
reducing industrialized nations’ oil inventories to their five-year average.
The pact has been extended until the end of 2018 and OPEC will meet in June to
review policy. However, there is no indication yet that Saudi Arabia or its
allies want the supply cut to end.
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