HIGH LIGHTS:- Crude oil futures mixed before U.S. inventory report.
Gold prices higher in cautious Asian trade with eyes on central banks.
LME copper will grow to USD 4,940-5,000/mt during Asian trading hours with longs gathering strength.
Gold prices higher in cautious Asian trade with eyes on central banks.
LME copper will grow to USD 4,940-5,000/mt during Asian trading hours with longs gathering strength.
PRECIOUS METALS:- Gold flitted between small gains and losses in Asia on Wednesday with investors on the sidelines ahead of a European Central Bank meeting on Thursday and with prospects for a U.S. rate hike sooner rather than later this year edging up. On the Comex division of the New York Mercantile Exchange, gold for August delivery edged higher by 0.06% to $1,222.15 a troy ounce.
Overnight, gold ticked up on Tuesday, in spite of a firmly stronger dollar, as investors awaited two critical central bank meetings later this month for further indications on the strength of the yellow metal as a hedge against inflation.
Overnight, gold ticked up on Tuesday, in spite of a firmly stronger dollar, as investors awaited two critical central bank meetings later this month for further indications on the strength of the yellow metal as a hedge against inflation.
BASE METALS:- remained on pace for its eighth consecutive winning session. Expectations of monetary stimulus tend to benefit gold, as the metal is seen as a safe store of value
LME copper will grow to USD 4,940-5,000/mt during Asian trading hours Wednesday with longs gathering strength. Diverging trend will continue on base metal market on Wednesday.
The annualized PPI from Germany may improve slightly in June. The country’s annualized CPI grew for two straight months in June and annualized PPI for May also shows sign of pick-up. But inflation in the country is still far below the 2% target.
Some analysts expect Chinese yuan to depreciate further despite release of possible measures by the PBOC.
LME copper will grow to USD 4,940-5,000/mt during Asian trading hours Wednesday with longs gathering strength. Diverging trend will continue on base metal market on Wednesday.
The annualized PPI from Germany may improve slightly in June. The country’s annualized CPI grew for two straight months in June and annualized PPI for May also shows sign of pick-up. But inflation in the country is still far below the 2% target.
Some analysts expect Chinese yuan to depreciate further despite release of possible measures by the PBOC.
ENERGIES:- Oil futures rose in Asian trading on Wednesday but gains were limited and U.S. crude traded sideways in advance of the release of official weekly inventory figures later in the day.
The dollar firmed in Asian trading on Wednesday, as strong U.S. data and rising expectations that the Bank of Japan will muster additional easing steps sent the dollar index to four-month highs.
U.S. crude rose earlier after industry group the American Petroleum Institute reported crude stockpiles fell by 2.3 million barrels last week. Adding to the sense of oversupply for oil products, China’s June gasoline output rose 8.7 percent from a year ago to 11 million tones, or about 3.1 million barrels per day, the Statistics Bureau said on Wednesday.
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The dollar firmed in Asian trading on Wednesday, as strong U.S. data and rising expectations that the Bank of Japan will muster additional easing steps sent the dollar index to four-month highs.
U.S. crude rose earlier after industry group the American Petroleum Institute reported crude stockpiles fell by 2.3 million barrels last week. Adding to the sense of oversupply for oil products, China’s June gasoline output rose 8.7 percent from a year ago to 11 million tones, or about 3.1 million barrels per day, the Statistics Bureau said on Wednesday.
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