BULLION – Bullion counter may trade with negative path. Gold prices suffered strong double-digit losses and hit a three-week low today, while the silver market was hammered to a three-month low. The precious metals bulls are fading fast late this week amid a resurgent U.S. dollar index that is pushing toward its recent multi-month high. The U.S. economic data point of the day was the third and final reading on fourth-quarter gross domestic product. GDP came in at up 2.2%, which was right in line with the consensus forecast and compares to the last 4Q estimate of up 2.6%. At the same time the U.S. jobless claims report came in and showed a drop in the latest week. The U.S. dollar index began its rally today right after those U.S. data releases.
ENERGY- Crude oil may trade on positive note as oil prices rose on Friday, pushed up by ongoing supply cuts led by producer club OPEC and U.S. sanctions against Iran and Venezuela, which have given crude markets the biggest first quarter price push since 2009.Oil prices have been supported for much of 2019 by efforts by the Organization of the Petroleum Exporting Countries (OPEC) and non-affiliated allies like Russia, known as OPEC+, who have pledged to withhold around 1.2 million barrels per day (bpd) of supply this year to prop up markets. Production cuts from the OPEC+ group of producers have been the main reason for the dramatic recovery since the 38 percent price slump seen during the final quarter of last year.
BASE METAL – Base metals prices may trade sideways to positive path. Most base metals rose on Friday, with London copper heading for its first quarterly gain since the end of 2017, as hopes of progress in U.S.-China trade talks lent support. U.S. Treasury Secretary Steven Mnuchin said on Friday he had a productive working dinner the previous night in Beijing, as he headed to a state guest house to begin a day of trade talks. Aluminum Corp of China Ltd recorded a 16 percent rise in aluminium production in 2018 to 4.17 million tonnes, the company, known as Chalco. The jump was enough for it overtake Russia Rusal as the worlds second-biggest publicly traded producer of the metal. Rusal produced 3.753 million tonnes last year.
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