BULLION- Bullion counter may trade on sideways bias to weak bias. Gold prices eased on Tuesday as reports that trade talks between Washington and Beijing were making progress cheered markets, but a dearth of concrete signs kept investors on the edge. U.S. President Donald Trump said on Monday that U.S.-China trade talks were making progress, adding to a comment he made on Friday that a trade deal will be signed by the time the Asia-Pacific Economic Cooperation meetings take place in Chile on Nov. 16- 17. Meanwhile, in the middle of delicate talks, China is seeking $2.4 billion in retaliatory sanctions against the United States for failing to comply with a World Trade Organization ruling in a case that highlights White House complaints about the global trade body. Investors now await a U.S. Federal Reserve meeting at the end of the month that could offer further signs of monetary easing.
ENERGY- Oil prices steadied a little on Tuesday, supported by signs of progress in talks on resolving the U.S.-China trade dispute, but gains were contained by lingering anxiety a slowdown in the global economy could hurt crude demand. U.S. President Donald Trump on Monday said efforts to end a U.S. trade war with China were going well as negotiators from the two nations work to nail down a Phase 1 trade deal text for their leaders to sign next month when they meet at Novembers APEC summit. Brent is down about 22% from its April peak, while WTI is down around 20% from its peak reached in April. On the supply side, U.S. crude stockpiles were expected to have increased for the sixth straight week, while distillates and gasoline stocks likely fell in the week to Oct.18.
BASE METAL- Base metals may trade with positive bias. U.S. President Donald Trump on Monday said efforts to end a U.S. trade war with China were going well. Copper may test 445 while taking support near 438. Copper prices rose on Tuesday, after protests in top copper producer Chile intensified, raising concerns about supply shortages. Thousands of Chileans on Monday protested in Santiago against high living costs, prompting President Sebastian Pinera to declare the country was at war with vandals. The union of workers at BHPs Escondida, the worlds largest copper mine, will hold a day-long strike on Tuesday in a show of solidarity with protests in Chile. Global primary aluminum output fell to 5.163 million tonnes in September from revised 5.329 million tonnes in August, data from the International Aluminum Institute (IAI) showed on Monday.
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