MCX MORNING NEWS UPDATES - 2 July 2018

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Gold prices recovered some of its losses from lows as speculators took profits amid a weaker dollar -   Gold prices are likely to remain under pressure this week as traders digest the minutes of the Federal Reserve’s June meeting on Thursday when markets re-open after Wednesday’s Independence Day holiday. The Fed hiked interest rates in June and signaled for the first time that they could lift rates four times this year, a typically gold-negative factor. On Friday, metals traders will turn their attention to the U.S. employment report for June for an update on the health of the labor market. The report is expected to show that hiring cooled. Last month’s jobs report was overshadowed by a tweet from U.S. President Donald Trump that said he was looking forward to the data, so investors will likely keep an eye on the president’s Twitter account ahead of the release of the report.

Copper prices remained under pressure from escalating trade tensions between the United States and top metals consumer China - Copper on MCX settled down -0.54% at 452.3 as prices remained under pressure from escalating trade tensions between the United States and top metals consumer China. The floor price of imported copper concentrate treatment charges (TCs) for the third quarter has yet to be decided by the China Smelters Purchase Team (CSPT). In anticipation of further upward room in the third quarter, the CSPT members were unwilling to suggest a reference price for the TCs in the hope of getting a better price. Another reason could be due to the varying inventory levels among the team members, which left them unable to reach an agreement.

Zinc dropped as pressure again seen after China's largest zinc smelter said it would not participate in the output cuts - Zinc on MCX settled down -1.76% at 198 as pressure again seen after China's largest zinc smelter said it would not participate in the output cuts, while doubts emerged over whether other smelters would fully comply. Earlier news was there that China's top zinc smelters plan to cut output by 10 percent after holding a meeting in Shaanxi province to address low zinc prices and treatment charges, two sources briefed on the matter said. In May, China, the world's biggest zinc producer, churned out 457,000 tonnes of the metal which is used to galvanise steel, according to the National Bureau of Statistics.


Oil falls amid rising Saudi output, Asian economic slowdown - Oil prices fell by more than 1 percent on Monday as supplies from top exporter Saudi Arabia rose and as signs of an economic slowdown in Asia dented the outlook for demand.U.S. President Donald Trump wrote in a tweet on Saturday that Saudi Arabia's King Salman bin Abdulaziz Al Saud had agreed to produce more oil. The White House later walked back on the president's comments, saying the king said his country can raise oil production if needed. Saudi Arabia's output is up by 700,000 barrels per day (bpd) from May, a Reuters survey found on Friday, and close to its 10.72 million bpd record from November 2016, more than making up for disruptions elsewhere within the Organization of the Petroleum Exporting Countries (OPEC).

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