Gold prices rose slightly in Asia on Thursday after China trade data

PRECIOUS METALS

Gold prices rose slightly in Asia on Thursday after China trade data showed an unexpected gain in imports. Gold for December delivery on the Comex division of the New York Mercantile Exchange rose 0.11 to $1,351.05 a troy ounce.The world's second largest buyer of the precious metal behind India, China reported a trade balance surplus of $52.05 billion, narrower than the $58.00 billion seen for August with exports down 2.8%, less than the 4.0% decline seen year-on-year, and imports up 1.5%, beating an expected 4.9% drop and making the first gain in 22 months as global commodity prices show signs of a rebound.

BASE METALS

LME copper is expected to range at USD 4,635-4,670/mt on Thursday and SHFE 1611 copper will move between RMB36,450-36,750/mt.US crude oil inventories for last week and European Central Bank interest rate decision will be a focus of markets today. Russia’s copper exports to non-CIS countries decreased in the first seven months of this year, while aluminum and nickel exports grew.LME aluminum will move in a wide range of USD 1,580-1,610/mt on Thursday.

ENERGIES

Oil prices extended gains by more than 1.5 percent on Thursday after industry data showed what might be the largest weekly crude stock draw in over three decades.U.S. crude stocks surprisingly plunged by 12.1 million barrels last week, data from the American Petroleum Institute showed aftermarket settlement on Wednesday, compared with expectations for an increase of around 200,000 barrels. If official data released from the U.S. government later on Thursday confirms the draw, it would be the largest one-week decline since April 1985.NYMEX crude for October delivery was up 85 cents at $46.35, having settled the previous session up 67 cents.

Get Free Silver Tips With Profitable Calls By Our Expert Researcher, Amazing MCX Bullion Tips, Profitable Commodity Trading Tips, Sureshot Profit Crude Oil Tips...
Visit- CapitalStars