Gold settled flat recovering from lows as
disappointing growth in U.S. wages tempered pressure from a jump in domestic
jobs - Gold on MCX settled flat by -0.09%
at 30401 recovering from lows as disappointing growth in U.S. wages tempered
pressure from a jump in domestic jobs. The latest snapshot of the U.S. labor
market showed strong job growth and a higher participation rate, with the
nation adding 313,000 new jobs in February. But the 12-month increase in pay
slipped to 2.6% from a revised 2.8% in January. Gold was sold at a discount in
India as demand remained subdued for a fourth straight week while buying in the
rest of Asia picked up as prices fell for a third consecutive week. Dealers in
India were offering a discount of up to $3 an ounce over official domestic
prices, compared with a premium of $2 last week. India’s gold imports in
February dropped a quarter from a year ago to 63 tonnes as higher prices
curtailed demand in the world’s second-biggest consumer of bullion. Meanwhile
in China, there was some good buying through the mid-week, with gold selling at
a premium of $6-$8 over benchmark rates this week, down slightly from $8-10
last week.
Short supplies of nickel concentrate in China to end by 2021 - Supply shortages of nickel concentrate in China
are likely to end by 2021, showed SMM data. Global supplies fell in recent
years as prices of nickel weakened. The decline in imports of nickel
concentrate led to the subsequent decrease in supplies in 2015-2017. In
addition, a major producer of nickel pig ingot (NPI) in south China raised its
use of nickel concentrate after Indonesia imposed an export ban on nickel ore
in 2014. SMM expects China’s nickel concentrate supplies to grow as new mines
in Qinghai province and Russia are set to open in 2020. Imports of nickel ore
will also rise in 2018 after Indonesia's export ban eased in 2017. Demand for
nickel concentrate will rebound when Indonesia reinstates the ban on nickel ore
exports in 2022.
Oil edges up on reduced U.S. drilling activity, booming job market - Oil markets edged up on Monday on the back of a
drop in the number of U.S. rigs drilling for more production and as the U.S.
economy continued to create jobs, which industry hopes will drive higher fuel
demand."A falling rig count and the strong employment data may have helped
support prices," said William O'Loughlin, investment analyst at Rivkin
Securities.In oil markets, U.S. energy companies last week cut oil rigs for the
first time in almost two months , with drillers cutting back four rigs, to 796,
Baker Hughes (N:GE) energy services firm said on Friday.
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