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Gold Remains Near One-Week High as Dollar Falls - Gold prices were at a one-week high on Wednesday as the U.S. dollar weakened. Trading volumes are expected to remain thin throughout the day, as U.S. investors celebrate Independence Day. Gold was bolstered by a weaker U.S. dollar. Gold normally rises as the dollar falls, as the precious metal is denominated in the U.S. currency and is sensitive to moves in the dollar. Bullion becomes more expensive for holders of other currencies when the dollar rises and cheaper when it falls. Trade tensions continued to linger, with the U.S. expected to impose tariffs on $34 billion in Chinese goods on Friday. China has announced it will retality with its own duties on U.S. products.
SHFE zinc prices tumble on rebounding yuan, imports - SHFE zinc prices tumbled earlier this week as the yuan rebounded and as imported zinc flowed into the market, SMM believes. The SHFE zinc 1808 contract fell below the 22,000 yuan/mt level during the night session on Tuesday July 3 with massive sell-off by shorts. The contract then fell to a new low of 21,880 yuan/mt overnight. The yuan rebounded after Tuesday’s uplifting remarks from the People’s Bank of China (PBOC), which accounted for the consecutive and sharp declines in SHFE zinc prices, SMM believes. PBOC Governor Yi Gang said that China will "keep the yuan exchange rate basically stable at [a] reasonable and balanced level". His statement came after PBOC Deputy Governor Pan Gongsheng said at a conference in Hong Kong that policymakers remain "confident" that the yuan can be kept steady.
More arrivals, weak consumption grow aluminium billet inventories - China’s aluminium billet inventory increased over the week ended Thursday July 5 as arrivals grew and as consumption weakened, SMM learned. Inventories of 6063 aluminium billet across five major consumption areas in China rose by 4,300 mt from last Thursday to stand at 65,600 mt, SMM data showed.
Oil prices fall as Trump demands OPEC 'reduce pricing now' - Oil prices fell on Thursday after U.S. President Donald Trump sent a strident tweet demanding that OPEC cut prices for crude.Trump on Wednesday accused the Organization of Petroleum Exporting Countries (OPEC) of driving up fuel prices. "The OPEC Monopoly must remember that gas prices are up & they are doing little to help," Trump wrote on his personal Twitter account. "If anything, they are driving prices higher as the United States defends many of their members for very little $'s." This must be a two way street," he wrote, adding in block capitals, "REDUCE PRICING NOW!" "With contentious midterm U.S. elections looming, the President continues to strong-arm Saudi Arabia to increase oil supplies which, at least for now, is containing price action below WTI $75 per barrel," said Stephen Innes, Head of Trading for Asia/Pacific at futures brokerage OANDA.
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