Gold settled flat recovering from lows as disappointing growth in U.S. wages tempered pressure from a jump in domestic jobs-12 Mar 2018

Commodity Intraday Tips
Gold settled flat recovering from lows as disappointing growth in U.S. wages tempered pressure from a jump in domestic jobs - Gold on MCX settled flat by -0.09% at 30401 recovering from lows as disappointing growth in U.S. wages tempered pressure from a jump in domestic jobs. The latest snapshot of the U.S. labor market showed strong job growth and a higher participation rate, with the nation adding 313,000 new jobs in February. But the 12-month increase in pay slipped to 2.6% from a revised 2.8% in January. Gold was sold at a discount in India as demand remained subdued for a fourth straight week while buying in the rest of Asia picked up as prices fell for a third consecutive week. Dealers in India were offering a discount of up to $3 an ounce over official domestic prices, compared with a premium of $2 last week. India’s gold imports in February dropped a quarter from a year ago to 63 tonnes as higher prices curtailed demand in the world’s second-biggest consumer of bullion. Meanwhile in China, there was some good buying through the mid-week, with gold selling at a premium of $6-$8 over benchmark rates this week, down slightly from $8-10 last week.

Short supplies of nickel concentrate in China to end by 2021 - Supply shortages of nickel concentrate in China are likely to end by 2021, showed SMM data. Global supplies fell in recent years as prices of nickel weakened. The decline in imports of nickel concentrate  led to the subsequent decrease in supplies in 2015-2017. In addition, a major producer of nickel pig ingot (NPI) in south China raised its use of nickel concentrate after Indonesia imposed an export ban on nickel ore in 2014. SMM expects China’s nickel concentrate supplies to grow as new mines in Qinghai province and Russia are set to open in 2020. Imports of nickel ore will also rise in 2018 after Indonesia's export ban eased in 2017. Demand for nickel concentrate will rebound when Indonesia reinstates the ban on nickel ore exports in 2022.

Oil edges up on reduced U.S. drilling activity, booming job market - Oil markets edged up on Monday on the back of a drop in the number of U.S. rigs drilling for more production and as the U.S. economy continued to create jobs, which industry hopes will drive higher fuel demand."A falling rig count and the strong employment data may have helped support prices," said William O'Loughlin, investment analyst at Rivkin Securities.In oil markets, U.S. energy companies last week cut oil rigs for the first time in almost two months , with drillers cutting back four rigs, to 796, Baker Hughes (N:GE) energy services firm said on Friday.

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