BULLION – Bullion counter may witness profit booking at higher levels Gold traded steady on Thursday after the previous session’s sharp fall, as investors looked forward to trade talks between Washington and Beijing later this week in Japan. U.S. President Donald Trump said a trade deal with Chinese President Xi Jinping was possible this weekend but he is prepared to impose U.S. tariffs on virtually all remaining Chinese imports if the two countries continue to disagree. Trump accused Fed Chairman Jerome Powell on Wednesday of doing a “bad job” and “out to prove how tough he is,” but any move to oust him would likely touch off a legal fight with big repercussions in financial markets as well.
ENERGY- Crude oil may trade on lower path oil prices fell on Thursday, erasing some of the previous session strong gains, as traders eye the G20 summit in Japan and a meeting of OPEC and other oil producers to decide on an extension of output cuts. Oil prices rose more than 2% on Wednesday and hit their highest in about a month, buoyed by U.S. government data showing a larger-thanexpected drawdown in crude stocks as exports hit a record high and surprise drops in refined product stockpiles. However, traders said concerns that a hoped-for breakthrough on trade at the G20 may not eventuate and some nervousness about continued output cuts were crimping follow-through buying. U.S. President Donald Trump will meet with Chinese President Xi Jinping at the Group of 20 summit that starts on Friday in Osaka, Japan to seek a breakthrough in negotiations to end a trade war that has been hitting global economic growth. Crude inventories in the United States, the largest producer and consumer of oil, fell 12.8 million barrels last week, the Energy Information Administration said, far surpassing analyst expectations for a decrease of 2.5 million barrels.
BASE METAL – Base metals may trade with sideways bias. Copper traded almost unchanged on Thursday, as investors exercised caution ahead of a meeting between U.S. and Chinese presidents later this week. Copper is widely used in construction and manufacturing and is seen by investors as a gauge of economic health. A stand-off between the United States and China, the world top two economies, has been hurting copper prices. U.S. President Donald Trump said on Wednesday that a trade deal with Chinese President Xi Jinping was possible this weekend, but he stressed that he was prepared to impose U.S. tariffs on virtually all remaining Chinese imports if the two countries continue to disagree. Unions at Chile Chuquicamata mine have asked Codelco, the world largest copper producer, to resubmit the offer their workers voted down last weekend, a union leader said.
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