Gold gained as the U.S. dollar slid after North Korea signaled that it is open to nuclear talks and investors worried about aggressive U.S. trade policy - Gold on MCX settled up 0.73% at 30573 as the U.S. dollar slid after North Korea signaled that it is open to nuclear talks and investors worried about aggressive U.S. trade policy. U.S. equities and the dollar weakened after President Donald Trump said he would push ahead with punitive tariffs on steel and aluminium imports, rekindling fears of a potential trade war. U.S. stock futures and the dollar slumped after a key advocate for free trade in the White House announced his resignation, fanning fears Trump would go ahead with tariffs and risk a trade war. Trump's top economic adviser Gary Cohn resigned after the U.S. president said he was sticking with plans to impose hefty tariffs on steel and aluminium imports, which some critics have dubbed the first shot in a global trade war. New orders for U.S. made goods recorded their biggest decline in six months in January and business spending on equipment appeared to be slowing after strong growth in 2017.
China to eliminate dependency on refined copper imports - China is likely to eliminate its dependency on overseas refined copper and move to develop foreign copper ore supplies by optimising its industry, SMM believes. China will intensify efforts to improve capacity structure and reorganise steel, coal and power enterprises, said deputy director of the National Development and Reform Commission (NDRC) Ning Jizhe at the National People’s Congress on Tuesday March 6. SMM does not expect an overcapacity issue in China's copper production as China accounts for half of the world's copper consumption. About 30% of China's refined copper demand is supplied by imports. It is likely that more efforts will be put in improving the industry structure and upgrading established projects. New smelters will be built along the coast and near copper mines that enjoy logistical advantages.
Oil Prices Fall Over Fears of Global Trade War - Oil prices fell Wednesday morning in Asia, pulled down by concerns that a trade war is on the horizon.The drop in prices followed a decline of more than 1 percent in S&P 500 Futures, triggered by the resignation of a key advocate for free trade in the U.S. Gary Cohn, economic adviser to U.S. President Donald Trump, said on Tuesday he was resigning, fueling growing concerns that Washington would go ahead with protectionist measures including the proposed import tariffs, which could risk a trade war. A global trade war could bring economic growth to a standstill, and by extension, drag down oil consumption. Major powers including the European Union and China have warned that if implemented, the new tariffs could lead to retaliatory action. Oil prices were also pulled down by weaker sharemarkets as well as soaring U.S. crude oil production and rising inventories recently.
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