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CS MCX Commodity Evening mkt updates



Gold prices rose on Wednesday along with equities as the U.S. dollar softened, with markets showing little worry over the latest escalation in the U.S.-China trade war. China and the United States plunged deeper into their trade feud on Tuesday after Beijing added $60 billion in U.S. products to its import tariff list in retaliation for President Donald Trump’s planned levies on $200 billion in Chinese goods. U.S. decision to impose a 10 percent tariff – as opposed to a 25 percent one (expected) – has encouraged investors in the sense there could be hope for a future compromise on trade,” said John Sharma, an economist at National Australia Bank. Bond traders are increasing bets that the Federal Reserve will raise U.S. short-term interest rates into 2019 as the jobs market tightens and with inflation seen climbing above its 2 percent goal. gold may retest a resistance at $1,202 per ounce, with a good chance of breaking above this level and rising towards $1,208, according to Reuters technical analyst Wang Tao. the short and medium-term, gold is likely to trade range bound between $1,190-$1,210. There is some physical demand in Shanghai and Hong Kong,” Fung said.


Oil steadied on Wednesday, as concerns that producers may fail to cover a shortfall in supply once U.S. sanctions on Iran come into force outweighed an increase in U.S. inventories. Reuters reported on Sept. 5 that Saudi Arabia wants oil to stay between $70 and $80 a barrel to keep a balance between maximizing revenue and keeping a lid on prices until U.S. congressional elections. Organization of the Petroleum Exporting Countries and other producers including Russia meet on Sept. 23 in Algeria to discuss how to allocate supply increases within their quota framework to offset the loss of Iranian supply. sanctions affecting Iran’s oil exports come into force on Nov. 4. Although many buyers have scaled back purchases, it is unclear how easily other producers can compensate for any lost supply. Traders took the Saudi comments “as a sign that they (Saudi Arabia) won’t be aggressively responding to the rise in prices with supply increases”, ANZ bank said in a note.

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