Gold The dollar index, which measures the greenback against a basket of six major currencies, was down 0.1 per cent. Stocks on major world markets edged lower on Tuesday, with a decline in the materials sector offsetting rising energy shares. US long-dated Treasury yields fell on Tuesday in choppy trading, as investors took a respite from selling bonds that took rates to multi-year highs following recent economic data and on interest rate prospects over the next year and a half.
The SHFE 1811 contract also performed strongly overnight. It jumped past 107,000 yuan/mt to the highest since September and ended at 106,950 yuan/mt. The metal was voted as the most promising base metal for 2019 at this year’s LME week in London, which might account for the recent increases in prices of futures. We expect LME nickel to hover at $12,800/mt today with the SHFE 1811 contract trading at 105,500-107,500 yuan/mt. Spot prices are seen at 105,000-112,000 yuan/mt.
Oil prices edged lower on Wednesday after the IMF lowered its global growth forecasts but prices were supported as Hurricane Michael churned towards Florida, causing the shutdown of nearly 40 percent of U.S. Gulf of Mexico crude output.
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