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Bullion counter were little changed on Friday as a report of China’s efforts to smooth the way for trade talks with the US offset Worries that an interim deal might not occur until next year. China has invited top U.S. trade negotiators for a new round of faceto-ace talks in Beijing amid continued efforts to strike at least a limited deal, the Wall Street Journal reported on Thursday, citing unnamed sources. China will strive to reach the agreement with the United States as both sides keep communication channels open, the Chinese commerce ministry said. The number of Americans filing applications for unemployment benefits was unexpectedly unchanged at a five-month high last week, suggesting some softening in the labour market. Silver demand will creep up by 1% this year, reducing global oversupply to the lowest since 2015, as slowing global economic growth amid the tariff war has weakened demand for the industrial metal, consultancy Metals Focus said.


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Crude prices were toppled from their highest in nearly two months on Friday by doubts over future demand for crude as uncertainty continues to shroud a potential U.S.-China trade deal, and along with it the health of the global economy. That was more than enough to offset news of a likely extension of production cuts among major producers that drove prices higher in the previous session on the prospect of tight crude supply. The key factor for the demand outlook for oil is the (U.S.-China) trade negotiation currently going on. Russian President Vladimir Putin said on Wednesday that Russia and OPEC have a common goal of keeping the oil market balanced and predictable, and Moscow will continue cooperation under the global supply curbs deal. The Organization of the Petroleum Exporting Countries (OPEC) meets on Dec. 5 in Vienna, followed by talks with a group of other exporters, including Russia, known as OPEC+.


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Base metals may trade with sideways to weak bias. Copper prices dropped on Thursday, after touching a one-week high in the previous session, as a possible delay in a much-awaited “phase one” trade deal between Washington and Beijing weighed on sentiment. The global world refined copper market showed a surplus of 29,000 tonnes in August, compared with 71,000 tonnes deficit in July, the International Copper Study Group (ICSG) said in its latest monthly bulletin. Global primary aluminum output rose to 5.392 million tonnes in October from revised 5.222 million tonnes in September, data from the International Aluminum Institute (IAI) showed.

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