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Tuesday, 7 August 2018


CapitalStars Investment Adviser

Gold prices were steady early on Wednesday, after rising in the previous session, as the U.S. dollar softened against China's yuan and the euro. The dollar index, which measures the greenback against a basket of six major currencies, was down 0.1 percent at 95.133. Asian shares rose on Wednesday on the back of firmer Wall Street earnings while expectations for increased Chinese stimulus helped take the edge off wider concerns about the worsening Sino-U.S. trade dispute. The United States will begin collecting 25 percent tariffs on another $16 billion in Chinese goods on Aug. 23, the U.S. Trade Representative's office said on Tuesday as it published a final tariff list targeting 279 imported product lines. Companies doing business with Iran will be barred from the United States, President Donald Trump said on Tuesday, as new U.S. sanctions took effect despite pleas from Washington's allies. U.S. job openings held near record highs in June amid a modest decline in hiring, pointing to a further tightening of labor market conditions, which economists hope will soon spur faster wage growth. The prospect of a "no-deal Brexit" appears to have grown after the European Union's negotiator rejected last month central elements of Prime Minister Theresa May's proposals for a new trade agreement. The European Parliament has agreed to ease tough new liquidity rules for banks trading gold, marking a success for the London Bullion Market Association's (LBMA) campaign to revise the plans. Gold-backed exchange-traded funds (ETFs) saw outflows in North America, Europe and Asia in July as a strong U.S. dollar helped weaken gold prices, the World Gold Council said on Tuesday. SPDR Gold Trust, the world's largest goldbacked exchange-traded fund, said its holdings fell 0.15 percent to 787.53 tonnes on Tuesday from 788.71 tonnes on Monday.

Oil prices were mixed on Wednesday amid reports that Iran’s exports fell after US re-imposed economic and crude sanctions against the world’s fifth biggest oil exporter, U.S.’s crude inventories also declined, API data showed. Iran’s oil exports dropped for the third consecutive month by 7% to 2.32 million barrel per day in July, the lowest level in four months, data from S&P Global Platts showed. Exports to China rose, on the other hand, to nearly 800,000 barrels per day in July and that to India also rose by 400,000 barrels per day from June to July. The data came after Washington announced sanctions against Iran on Tuesday. Crude sanctions will take effect in November this year, while other economic sanctions became effective on Tuesday. “The Iran sanctions have officially been cast. These are the most biting sanctions ever imposted, and in November they ratchet up to yet another level. Anyone doing business with Iran will not be doing business with the United States,” said U.S. President Donald Trump. Separately, the American Petroleum Institute (API) said on Tuesday that U.S. crude inventories decreased by 6 million barrels in the week to Aug 3 to 407.2 million, US official EIA data will be released today.

Base metals prices trading mostly higher on early Wednesday, as a rising yuan kept the dollar on the back foot and easing US-China trade war concerns supported sentiment. Copper prices were given a further boost on fears a wage dispute at the world’s largest copper mine could result in a strike if an agreement isn’t reached. Talks to resolve the despite between the Chile’s Escondida and the labor union were set to get underway Tuesday. China will release trade data later, with economists predicting exports maintained solid growth in July despite new tariffs on billions of dollars of shipments to the United States. Chile’s exports of lithium carbonate reached $85 million in July, more than double that of the same month the previous year, as demand and prices for the key component in electric vehicle batteries continues to rise. Zinc had the secondlargest speculative short position on the LME, accounting for 21 percent of open interest at Friday's close, according to estimates by Marex Spectron. LME aluminium dipped 0.3 percent to end at $2,038 a tonne. LME on-warrant inventories - those not earmarked for delivery - fell to the lowest level since September 2007, LME data showed on Tuesday.


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