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| CapitalStars Investment Adviser |
Gold Prices Recover from 7-month Lows with Inflation Data in Focus - Gold prices started the week off on the right foot, heading further away from seven-month lows seen last week, as easing worries over inflationary pressure supported the precious metal. Last Friday’s jobs report showed wage inflation increasing less than forecast, easing the pressure on the Federal Reserve to take a more aggressive path on policy tightening. Higher interest rates tend to weigh on demand for gold, which doesn’t bear interest, in favor of yield-bearing investments. In a session with no major economic reports, investors looked ahead to inflation data later in the week with the producer price index to be released on Wednesday, followed by the consumer price index a day later.
Zinc inventory holds steady over the weekend - Zinc social inventory in Shanghai, Guangdong and Tianjin was little changed over the weekend as shipments leaving the warehouses in Shanghai offset the arrivals in Guangdong and Tianjin, SMM research found. The overall inventory edged down 2,300 mt from last Friday to 109,900 mt as of Monday July 9, with inventory in Shanghai down 3,800 mt to 80,400 mt, inventory in Guangdong up 1,400 mt to 10,700 mt and inventory in Tianjin up 100 mt to 18,800 mt, SMM data showed. We expect zinc prices to stablise this week. Downstream consumers are likely to take a watch-and-wait stance as some of them had restocked last week. The inventory, therefore, is expected to hold steady or nudge up this week.
Oil Prices Rise Amid Escalating Concerns Over Potential Supply Shortages - Oil prices rose on Tuesday as hundreds of oil workers in Norway were set to strike later in the day, raising concerns of potential supply shortages.Analysts said the strike would likely affect the production of at least one field, Shell’s Knarr, and could potentially adds to disruptions in other oil producers. Meanwhile, United Araba Emirates Energy Minister Suhail Al Mazrouei said the OPEC and its allies are “doing what they could” to offset crude output shortfalls. “It’s unfair to say that OPEC is not doing its part,” Al Mazrouei, who’s also serving as president of OPEC, said in an interview with Bloomberg on Tuesday. “There are things outside of our hand, the geopolitics as well as how much production is coming from the shale oil and Canadian sands.” Al Mazrouei then said OPEC should not shoulder the blame.
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