Gold prices rose boosted by a softer dollar after a less hawkish than expected Federal Reserve and growing concerns over trade tariffs - Gold on MCX settled up 0.14% at 30493 boosted by a softer dollar after a less hawkish than expected Federal Reserve and growing concerns over trade tariffs. The Federal Open Market Committee voted at the March 20-21 meeting to increase overnight interest rates by 25 basis points to between 1.50% and 1.75%, matching analysts' expectations. The number of Americans filing for unemployment benefits rose just marginally last week, suggesting strong job growth in March that should underpin consumer spending. A presidential memorandum signed by Trump will target up to $60 billion in Chinese goods with tariffs over what his administration says is misappropriation of U.S. intellectual property, but only after a 30-day consultation period that starts once a list is published. China unveiled plans to impose tariffs on up to $3 billion of U.S. imports in retaliation against U.S. tariffs on Chinese steel and aluminium products, as the world’s two largest economies stood on the brink of a trade war. China blamed U.S. export restrictions for its record trade surplus with the United States, but expressed hope that a solution can be found to settle trade issues between the world’s two biggest economies as U.S. tariffs loom.
SMM Copper Aluminium Summit: Global supply of copper ore to grow - The growth rate of global copper ore output is expected to rise back to 3.3% in 2018, said SMM senior analyst Ye Jianhua. Given copper ore supplies in 2017 and price increases, the supply of copper ore in unlikely to be significantly affected in 2018, even as some 40 salary negotiations would occur at overseas miners this year. China's demand for overseas ore is on the rise as smelting capacity grows, Ye said at the SMM Copper Aluminium Summit on Friday March 23. In recent years, the decline of copper cencentrate supplies has lowered treatment charges (TCs) set between foreign and Chinese smelters, he added. China's aluminium output is likely to grow at a slower pace in 2018 given supply-side reform and restricted production during the heating season, said senior aluminium analyst at Shanghai Metals Market, Liu Xiaolei, on March 23.
Oil Prices Rise On Possibility Of Production Curbs Extending to 2019 - Oil prices rose on Friday morning in Asia, lifted by a statement from Saudi Arabia that production curbs led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia will need to be extended into 2019.Saudi Arabian Energy Minister Khalid al-Falih said on Thursday that OPEC members will need to continue coordinating with Russia and other non-OPEC oil-producing countries on supply restraints in 2019 to reduce the global oil oversupply. OPEC, of which Saudi Arabia is the de-facto leader, as well as a group of non-OPEC countries led by Russia, have been cutting crude output by 1.8 million barrels per day (bpd) to prop up oil prices. The pact began in January 2017 and is set to expire at the end of 2018, but Saudi Arabia now seems to be pushing for an extension.
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