Gold The dollar index, which measures the greenback against a basket of six major currencies, was down 0.1 per cent. China and the United States plunged deeper into a trade war on Tuesday after Beijing added $60 billion of US products to its import tariff list in retaliation for President Donald Trump’s planned levies on $200 billion worth of Chinese goods. Asian stocks rose and US Treasury yields hovered near four-month highs on Wednesday, as investors looked past the latest escalation in the US-China trade conflict, seen by some market participants as less severe than expected.
London copper led the gains overnight and settled 2.36% higher at $6,091/mt when eased market worries buoyed most base metals. It broke resistance at the 40-day moving average as shorts exited, and may test pressure above at the 60-day moving average in the short run. The SHFE 1811 contract also closed higher at 49,610 yuan/mt after rising to a high of 49,730 yuan/mt. Spot premiums will remain firm at 250-310 yuan/mt today.
Oil prices on Wednesday pulled back from gains racked up the previous day, pushed down amid a surprise climb in U.S. crude stockpiles. U.S. West Texas Intermediate (WTI) crude CLc1 fell 0.20 percent, or 14 cents, to $69.71 a barrel. U.S. crude inventories rose by 1.2 million barrels to 397.1 million in the week to Sept. 14, according to data released on Tuesday by the American Petroleum Institute (API). That compared with analyst expectations for a decrease of 2.7 million barrels.
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