India Nickel Scrap prices stay steady; Nickel Futures slightly advance

Gold steadies as dollar eases from highs.

Gold steadied on Wednesday, supported by a drift lower in the dollar, as investors anticipated a flurry of potential risk events that could spur volatility and uncertainty, increasing demand for safe havens. The report comes a day ahead of the ECB interest rate decision and press conference from ECB President Mario Draghi, who in speech last Monday, said that stimulus and support measures were still needed to boost in inflation. While pollsters predict that UK Prime Minister Theresa May’s Conservative party will garner enough seats to fend off a competition from the Labor party, investors remain concerned that the Conservative party may not significantly expand its majority by as much as hoped. The final General Election polls have showed that the gap between the Tories and Labor has remained at six points.

LME Zinc to Hover at Lows.

LME zinc fell further below the 60-day moving average and found little support. The number of US initial jobless claims last week, import and export data in May and seasonally adjusted GDP in Q1 will be released today. UK’s presidential election result and European Central Bank’s statement about interest rate decision will also be eyed.

India Nickel Scrap prices stay steady; Nickel Futures slightly advance.

India's major nickel scrap prices stayed steady on the Scrap Register Price Index as on Tuesday, while nickel futures prices at India's Multi Commodity Exchange gained amid expectations of weak demand as a seasonal construction slowdown in the summer months looms.NYMEX oil slumped 5% as inventories surged. The US dollar fluctuated widely. The stainless steel industry entered low-demand season, adding to finished product inventory pressure at stainless steel plants..

Crude futures tumble 5% on unexpected rise in inventories.

Crude futures settled lower, after data on Wednesday showed that supplies of U.S. crude rose for the first time in nine weeks, adding to concerns that rising US oil output would undermine Opec and its allies’ efforts to curb supply. A weekly report from the Energy Information Administration on Wednesday showed U.S. crude, gasoline and distillates stocks swelled in the week ended May 26. The faster than expected increase in gasoline inventories surprised investors, as the summer months are traditionally associated with the start of the U.S. summer driving season, which usually spurs heavier refining activity. Oil prices have suffered a volatile start the week, tumbling more than 1% on Monday, after Saudi Arabia and other Arab states severed diplomatic ties with Qatar, fuelling investor concerns about a disruption to the global deal to curb the glut supply.

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