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Gold prices were steady early Thursday, after gaining for two straight sessions, as the dollar extended losses. The yen was broadly higher on Thursday on trade tensions and on revelations the Bank of Japan is under pressure to move away from its accommodative policy. Asian shares were subdued on Thursday after a new round of tit-for-tat tariffs in the U.S.-Sino trade conflict torpedoed oil prices, while the Russian rouble tumbled as the U.S. slapped fresh sanctions on the country. China is putting additional tariffs of 25 percent on $16 billion worth of U.S. imports from fuel and steel products to autos and medical equipment, as the world’s largest economies escalated their trade dispute. China’s exports surged more than expected in July despite U.S. duties and its closely watched surplus with the US remained near record highs, as the world’s two major economic powers ramp up a bitter dispute that some fear could derail global growth. Washington said on Wednesday it would impose fresh sanctions on Russia by the end of August after it determined that Moscow had used a nerve agent against a former Russian agent and his daughter in Britain. The United States is “not willing to wait for too long” for North Korea to take steps toward denuclearization, U.S. Ambassador to the United Nations Nikki Haley said on Wednesday. The U.S. economy is strong enough to warrant further interest rate increases by the Federal Reserve, Richmond Fed President Thomas Barkin said on Wednesday.


Copper sprices surged more than 1% in early trades on Thursday as China’s consumer inflation picked up from the previous month, largely due to a rise in non-food prices, official data showed on Thursday. The consumer price index (CPI) rose 2.1 percent from a year earlier, beating expectations of 1.9 percent which was unchanged from June’s growth, but still within the governments’ comfort zone of 3 percent. On a month-onmonth basis, the CPI rose 0.3 percent. London copper ticked higher on Wednesday as the dollar weakened against a basket of major currencies as its recent rally fueled by U.S.-China trade tensions appeared to fizzle, with nickel hitting a one-week peak. China’s imports of copper concentrate rose to an all-time high last month as Chinese smelters ramped up purchases to feed their growing capacity and take advantage of high processing charges. China’s aluminium exports rose to their second-highest level on record in July, as a weaker yuan and a still-favourable price arbitrage to international markets outweighed the imposition of U.S. import tariffs and growing trade tensions. Aluminium jumped more than 3 percent to a two-week high of $2,113.50 per tonne, in a flurry of activity in afternoon trade that saw volumes double within a couple hours.


Oil prices slid about 3 percent on Wednesday as a trade dispute between the United States and China escalated further and after Chinese import data showed a slowdown in energy demand. China is slapping additional tariffs of 25 percent on $16 billion worth of U.S. imports, from fuel and steel products to autos and medical equipment. The escalating trade war has rattled global markets. Investors fear a potential slowdown of the world’s two largest economies would slash demand for commodities. China’s crude imports recovered slightly in July after two straight monthly declines, but remained low due to a drop-off in demand from smaller independent refineries. Shipments into the world’s biggest importer of crude last month rose to 8.48 million barrels per day from 8.18 million bpd a year earlier and June’s 8.36 million bpd, customs data showed. However, July imports were still the third lowest so far this year. Also weighing on prices, the U.S. Energy Information Administration reported that crude inventories fell just 1.4 million barrels in the latest week, less than half the 3.3 million-barrel draw analysts had expected. Prices drew some support from U.S. sanctions against Iran, introduced Tuesday in a range of sectors. From November, Washington will target the petroleum sector in Iran, the No. 3 producer in the Organization of the Petroleum Exporting Countries. An Iranian newspaper reported that Foreign Minister Mohammad Javad Zarif said a U.S. plan to reduce Iran’s oil exports to zero will not succeed.

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