Gold Prices Fall to More Than 6-Month Lows Amid Ongoing Dollar Strength - Gold prices fell to more than six-month lows as the dollar added to gains, denting demand for the yellow metal despite the increased risk of an escalating trade war as U.S. tariffs on Chinese imported goods are expected to come into effect later this week. The dollar resumed its climb higher as traders increased their bets that the U.S. economy would fare better in a trade war than some of its trading peers ahead of U.S. tariffs on $34 billion worth of Chinese imported goods slated for July 6.he poor start to the week for gold prices comes as traders continued to shun the yellow metal slashing their bullish bets for the second-straight week, according to data from U.S. Commodity Futures Trading Commission (CFTC) released Friday.
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East China spot aluminium traders active as futures prices rebound - Trading among traders were active in the spot aluminium market in east China on Monday July 2 as futures prices rebounded before noon, SMM learned. The SHFE 1807 contract rebounded from a low of 13,885 yuan/mt in the morning. Traders were keen to buy while downstream consumers purchased on demand. In Shanghai, transactions were mostly heard at 13,930-13,950 yuan/mt with discounts of 70-60 yuan/mt against the SHFE 1807 contract. Transactions in Wuxi and Hangzhou were both done at 13,930-13,950 yuan/mt. In Guangdong, sellers held back from selling as cash concerns eased at the start of the second half of the year while downstream consumers took a watch-and-wait approach. Transactions in Guangdong were mostly heard at 14,030-14,040 yuan/mt with Guangdong-Shanghai price spread at about 90 yuan/mt.
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Tepid buying interest limits nickel spot trading in Shanghai - Lacklustre buying interest from stainless steel mills limited transactions of nickel plate in Shanghai on Monday July 2, SMM learned. Most transactions were heard at 116,500-117,000 yuan/mt. Norilsk nickel traded at a premium of about 100 yuan/mt over the Wuxi Stainless Steel Exchange 1807 contract with Jinchuan trading at a premium of about 300 yuan/mt. Jinchuan raised its offer of nickel plate to 117,000 yuan/mt.
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Oil Prices Rise as Libya Declares Force Majeure On Its Supply - Oil prices rose on Tuesday amid reports that Libya declared force majeure on significant amounts of its supply.Libya's National Oil Corporation (NOC) declared force majeure on loadings from Zueitina and Hariga ports on Monday, resulting in total production losses of 850,000 bpd due to the closure of eastern fields and ports. Meanwhile, rising overall output from the Organization of the Petroleum Exporting Countries (OPEC) as well as in the U.S. continued to be cited as headwind for oil prices. OPEC's June output was 32.32 million barrels per day (bpd), up 320,000 bpd from May, Reuters reported on Monday. U.S. oil production, which has surged by 30% over the last two years to 10.9 million barrels per day (bpd), were also in focus.
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