Gold edges higher after disappointing US economic data.- 1 Jun 2017
Gold edges higher after disappointing US economic data.
Gold edged higher on Wednesday, as signs of weakness in the U.S. economy spurred safe haven demand after both manufacturing and housing data fell short of expectations. Gold prices remained on track to snap a two-day losing streak, as investors piled into safe haven gold amid a downturn U.S. Midwest manufacturing and pending home sales. The soft duo of economic results came ahead of the release of the Federal Reserve’s Beige Book, a report on current economic conditions in each of the 12 Federal districts in the U.S, which serves as a prelude to the Federal Open Market Committee meeting in June. Geopolitical uncertainty and a continued slide in dollar, has emboldened demand for safe haven gold, despite rising expectations that the Federal Reserve is poised to hike interest rates in June.
India Brass, Copper Scrap prices edge lower in line with Copper Futures.
India's major brass and copper scrap prices edged lower on Scrap Register Price Index as on Tuesday in line with copper futures prices at India's Commodity Exchange as the market waited for China to return from a public holiday and data on Wednesday that is expected to show a slowdown in Chinese industrial growth. Also weighing on copper prices were comments from China's largest copper smelter that the building of new smelting capacity will allow China to attain self-sufficiency in refined copper in the next few years. Lead-Zinc Mines, Smelters in Hunan Return to Production after Environmental Protection, SMM Reports.
Many lead-zinc mines and smelters in Huayuan County, Hunan Province restarted production recently after environmental protection inspections, SMM reported.Huayuan’s government has been dealing with goaf from July 2016. Unqualified mines were required to suspend production. Local mines closed across the board from April after entry of central environmental protection teams. This also affected zinc smelters and forced them to cease production in mid-to-late April.
Oil futures climb 1 percent after U.S. stockpile draw.
Oil futures rose on Thursday after slumping to a three-week low in the previous session, buoyed by a report from an industry body that showed U.S. crude stockpiles had fallen more than expected. Further gains may be limited for the two major oil benchmarks as bearish news keeps coming from the Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia that are locked in a battle against rising shale production in their efforts to boost prices. Oil futures have given up all the gains posted in advance of last week's agreement between OPEC and non-OPEC producers to extend a production cut for a further nine months.
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