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BULLION:-
Gold prices rose on the back of a weaker U.S. dollar on Tuesday, extending gains into a third session after U.S. president Donald Trump said he was “not thrilled” with the U.S. Federal Reserve for raising interest rates. Trump said on Monday he was “not thrilled” with the Federal Reserve under his own appointee, Chairman Jerome Powell, for raising interest rates and said the U.S. central bank should do more to help him to boost the economy. Asian stocks were capped in the wake of those comments from Trump and after he accused China and Europe of manipulating their currencies. Atlanta Fed President Raphael Bostic said on Monday he was maintaining his expectation for one more interest rate hike this year, as trade tensions and international events add some downside risk to an otherwise strong U.S. outlook. U.S. businesses have a message for the Trump administration: New tariffs on $200 billion of Chinese imports will force Americans to pay more for items they use throughout their daily lives, from cradles to first bicycles and wedding dresses to coffins. Turkish authorities detained two men suspected of shooting at the U.S. Embassy in the capital Ankara on Monday, in an attack that coincides with increased tensions between the two NATO allies over the trial of a U.S. pastor in Turkey. Meanwhile, Trump also said he did not expect much progress from trade talks with China this week in Washington. China, seeking to skirt U.S. sanctions, will use oil tankers from Iran for its purchases of that country’s crude, throwing Tehran a lifeline while European companies such as France’s Total are walking away due to fear of reprisals from Washington.
METALS:-
Base metals prices rose on Tuesday, with London copper climbing back above the $6,000-a-tonne mark, as the dollar slipped, making metals cheaper for holders of other currencies, while the market awaited U.S.-China trade talks in Washington. Copper prices on the London Metal Exchange have fallen by 18 percent from a four-year high touched on June 7 amid concerns a trade row between the United States and China, which have slapped billions of dollars in tariffs on each other's goods, will hit demand for industrial metals. Industrial metals got a lift from improving sentiment on China’s economy and a rise in the yuan. The Asian nation plans to send a delegation to the U.S. later this month, stoking hopes of a revival of trade talks. Meanwhile, orders to withdraw copper from warehouses tracked by the London Metal Exchange climbed the most since 2015 on Monday. Metal prices plunged last week, sending the LMEX Index to a one-year low, as turmoil fueled by Turkey’s financial woes spread across emerging markets. Currency moves have also set the direction for the market in recent weeks, with the stronger dollar and weaker Chinese yuan leading metal prices lower.
ENERGY:-
Crude oil futures were mixed during morning trade in Asia on Tuesday, with the NYMEX WTI contract ticking up on expected US crude stock draws. Analysts surveyed Monday by S&P Global Platts were expecting latest US crude stocks data to show a 3.37 million-barrel draw for the week ended August 17 -- they had also expected a decline in last week's survey, but stocks instead posted a 6.81 million-barrel build. The American Petroleum Institute is due to release its preliminary stocks report later Tuesday and the more definitive US Energy Information Administration report is due on Wednesday. Meanwhile, Brent prices reacted to supply news elsewhere, including reports that Saudi Arabia ramped up its crude exports, refinery runs and direct burn for power generation in June, which pressured prices lower. Saudi exports rose 260,000 b/d month on month to 7.244 million b/d in June, after falling to a seven-month low in May, according to latest data from the Riyadh-based Joint Organizations Data Initiative. Its refinery runs increased 190,000 b/d on month to 2.792 million b/d in June, the highest since December 2017. Iran on Sunday told OPEC that no member country should be allowed to take over any other member country's share of oil exports as OPEC prepares to pump more oil from the second half of 2018 to offset the loss of Iranian oil as a result of US sanctions.
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