MCX MORNING UPDATE
BULLION – Bullion counter may trade with mixed bias. Gold prices were steady in early Asian trade on Tuesday, after rising to a more than two-week peak in the previous session on global slowdown fears and tensions in the Middle East, while an improved Sino-U.S. trade tone weighed on the yellow metal. U.S. Treasury Secretary Steven Mnuchin said on Monday that he and U.S. Trade Representative Robert Lighthizer would meet with Chinese vice Premier Liu He for trade talks in two weeks. The Federal Reserve has delivered a boost to the economy this year not only with interest-rate cuts but also because it shifted away from its earlier view that it would need to raise rates in 2019, two Fed policymakers said on Monday. Britain, Germany and France backed the United States and blamed Iran on Monday for an attack on Saudi oil facilities, urging Tehran to agree to new talks with world powers on its nuclear and missile programs and regional security issues.
ENERGY- Crude oil may remain on negative path. Oil prices eased in early Asian trade on Tuesday as weak manufacturing data from Europe and Japan focused market attention on a gloomy outlook for demand, though lingering uncertainty over Saudi supply disruption broke the drop. Still, oil prices remained at comparatively elevated levels for the year in the wake of the mid-month attack on Saudi Arabia largest oil processing facility that halved output at the world top oil exporter. European powers – Britain, Germany and France – backed the United States in blaming Iran for the Saudi oil attack, urging Tehran to agree to new talks with world powers on its nuclear and missile programmes and regional security issues
BASE METAL- Base metals may trade with sideways bias. U.S. President Donald Trump on Monday questioned a decision by his top trade negotiators to ask Chinese officials to delay a planned trip to U.S. farming regions after trade talks last week, saying he wanted China to buy more American farm products. Copper may test 440 while taking resistance near 448. London copper prices edged higher in early trade on Tuesday, after U.S. Treasury Secretary Steven Mnuchin said he would meet with Chinese vice Premier Liu He for trade talks in two weeks. The global refined copper market showed a 21,000 tonne deficit in June, compared with a 70,000 tonne deficit in May, the International Copper Study Group said in its latest monthly bulletin. Chile’s state copper miner Codelco issued $2billion worth of bonds on Monday, while offering to buy back short-term notes, as it seeks to smooth financing of a major overhaul of its ageing mines. China’s.
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