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CAPITALSTARS – MCX COMMODITY MORNING MARKET NEWS UPDATES – 7 AUG 2018

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BULLION:-

Gold prices edged up on a steady US dollar early Tuesday, but expectations for further interest rate hikes in the United States supported the greenback and limited interest in the metal. Asian stocks were largely steady on Tuesday, with worries over the US-China trade conflict offsetting support from earnings-led gains on Wall Street. On Tuesday the pound held near an 11-month low against the dollar reached overnight on worries of a “hard” Brexit for Britain, while simmering US-China trade tensions helped support the greenback. Chinese state media on Monday criticised US President Donald Trump’s trade policies in an unusually personal attack, and sought to reassure investors anxious about China’s economy as growth concerns battered its financial markets. China’s exports are expected to have maintained solid growth in July despite new tariffs on billions of dollars of shipments to the United States, though the outlook has darkened as both sides raised the stakes in a trade conflict that has rattled financial markets. The Trump administration will aggressively enforce economic sanctions that it is re-imposing on Iran this week and expects the measures to have a significant impact on the Iranian economy, senior U.S. administration officials said on Monday. SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.78% to788.71 tonnes on Monday from 794.90 tonnes on Friday.

ENERGY:-

Crude oil were largely stable in morning trade in Asia Tuesday after settling higher on Monday as supply-side indicators and geopolitical tensions kept a lid on volatility while inventors awaited fresh fundamental cues from weekly US inventory data. Crude prices have been volatile in recent sessions as the market reacted to an increased supply from OPEC and Russia while weighing the impact of a lack of Iranian barrels in the market due to US sanctions, analysts said. Discussion around possible waivers from the US for some importing countries were still floating around the market, resulting in uncertainty about the impact the Iranian sanctions will likely have. US sanctions on Iran’s oil customers snap back November 4 and could remove up to 1 million b/d of oil from the global market. “Our goal is to get the import of Iranian oil to zero,” a senior US administration official said Monday during a briefing with reporters. “We are not looking to grant exemptions or waivers but are glad to discuss requests and look at requests on a case-by-case basis.” The official declined to say whether any limited waivers had been granted. “We don’t disclose private deliberation with other governments over these things,” he said.

METALS:-

Copper remains under pressure during early trading hours on Tuesday as an escalating trade dispute between Washington and Beijing stoking concerns over demand in China, the world’s biggest industrial metals consumer. On Friday China unveiled tariffs on 5,207 items imported from the United States, with the extra levies ranging from 5 percent to 25 percent, which analysts say could eventually undermine growth. However, even though items earmarked for the 25 percent tariff include copper ore and concentrates, the quantities involved are not significant for China. Miner BHP said on Monday that it had formally requested a period of government mediation with the union at its Escondida copper mine in Chile, the world’s largest, prompting the union to postpone the start of a strike approved by workers. Four more cities in northeast China’s Liaoning province have abandoned proposed alumina projects amid public environmental concerns, after Chaoyang last week scrapped plans to build the world’s biggest alumina refinery. The cancellations – announced by the cities of Fengcheng, Fuxin, Gaizhou and Huludao – mean projects designed to produce over 18.5 million tonnes of alumina will not go ahead as planned. Also indicative of robust demand is falling even.

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