HIGH LIGHT
U.S. challenges China raw material export duties in trade enforcement push.
Brent, NYMEX rebound in Asia as investors buy following overnight dip.
Gold gains in Asia as investors await Bank of England, eye BoJ.
PRECIOUS METAL
Gold edged higher in Asia with investors keeping a sharp eye on central bank moves with the Bank of England set to announce its latest moves Thursday and questions swirling whether the Bank of Japan may take new easing steps.
On the Comex division of the New York Mercantile Exchange, gold for August delivery rose 0.22% to $1,346.55 a troy ounce.
Silver futures for September delivery gained 0.39% to $20.492 a troy ounce.
BASE METAL
LME copper will hold firm and range USD 4900-4,960/mt during Asian trading hours Thursday in spite of slump in oil prices.
Market will eye US June PPI and last week’s initial jobless claims today, as well as policy decision for the BOE’s July meeting.
US import & export price index was mild in June, meaning low possibility of improvement for US inflation in June. Annual rate of US PPI remained low in June. US initial jobless claims remained below 300,000 last week.
ENERGIES
Crude oil rebounded in Asia on Thursday as investors bought on a dip overnight on data that showed the summer driving in the season in the U.S. is not making a major impact on demand.
While consumers continue to spend at the pump at a steady rate, they haven't traveled enough over the key summer driving season to push gasoline inventories dramatically lower or offset the excessive supply gains.
Overnight, crude futures fell sharply on Wednesday, retreating back near two-month lows, as investors shrugged off a modest draw in U.S. oil stockpiles placing a greater focus on the sharpest build in distillate fuel inventories in six months.
CAPITALSTARS
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