BULLION- Bullion counter may trade with sideways path as profit booking can be seen at higher levels. Gold prices fell on Tuesday as the dollar gained, making the bullion costlier for investors holding other currencies, but fears of a global economic slowdown fuelled by intensifying U.S.-China trade war kept prices near multi-year high. The dollar index was at its highest in more than two years against a basket of currencies, while global stocks were hit by U.S.-China trade frictions. China has lodged a complaint against the United States at the World Trade Organization over U.S. import duties, the Chinese Commerce Ministry said on Monday. Prime Minister Boris Johnson implicitly warned lawmakers on Monday that he would seek an election if they tied his hands on Brexit, ruling out ever countenancing a further delay to Britains departure from the European Union. The Perth Mints silver sales soared 18.7% in August from a month earlier, the refiner said on Monday, while gold product sales inched higher.
ENERGY- Crude oil may trade with weaker path as oil prices fell on Tuesday, declining for a second day as more signs emerged of the toll from the U.S.-China trade war, with South Korea revising down second-quarter growth due to lower exports. The United States this week imposed 15% tariffs on a variety of Chinese goods and China began to impose new duties on a $75 billion target list, deepening the trade war that has rumbled on for more than a year. Oil output from the Organization of Petroleum Exporting Countries (OPEC) rose in August for the first month this year as higher supply from Iraq and Nigeria outweighed restraint by top Saudi Arabia and losses caused by U.S. sanctions on Iran. OPEC, Russia and other non-members, known as OPEC+, agreed in December to reduce supply by 1.2 million bpd from Jan. 1 this year. OPECs share of the cut is 800,000 bpd, to be delivered by 11 members and exempting Iran, Libya and Venezuela.
BASE METAL-Base metals may trade with mixed path. Philippine nickel mining companies are likely to boost ore production next year when Indonesia bans exports of the raw material used in stainless steel and batteries, but may still not be able to fill up the supply gap. Indonesia will stop nickel ore exports from Jan. 1, 2020, two years earlier than initially flagged as it speeds up efforts to process more of its resources at home, raising questions about the Philippines’ ability to cover the supply gap created by the ban. The Philippines, which has 29 nickel mines and two nickel processing plants, usually ends its mining season in October, when heavy rains and strong winds hamper mining and shipping operations.
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