Gold prices were mixed during morning trade in Asia on Monday, with gold and silver trading lower while platinum and copper making gains. Dollar-denominated assets such as gold are sensitive to moves in the dollar. While a gain in the dollar usually makes gold more expensive for holders of foreign currency, and thus decreases demand for the precious metal, this is not the case on Monday morning. Though the upbeat nonfarm payroll data last week supported the dollar, the uncertain trade prospects between the U.S. and China set the dollar back. Last Friday, the U.S. reported an increase in nonfarm payroll employment of 223k in May versus 159k the same period last year, which fuelled the dollar. Trade talks between the U.S. and China ended on Sunday without reaching any agreements, casting uncertainty over the trade relations between the two countries. This should stir up demand for safe-haven assets such as gold. However, expectations of an interest rate hike by the Federal Reserve this month offset support for gold from worries about a trade war.

China’s Copper Scrap imports are likely to remain at low levels in May as Chinese authorities imposed broad-based inspections on all scrap materials from the US from May 4, SMM believed. China imported 180,000 mt of copper scrap in April, down 36.7% year on year and 19.3% month on month, according to data from Chinese Customs. This marked a third low in the past 20 years, higher than the Chinese New Year period in February 2018 and 2016. In the first four months of this year, overall copper scrap imports shrank 38.5% on the year and came in at 740,000 mt. Copper scrap imports flowing in through Ningbo port accounted for 49% in March of overall volumes, compared to an average of over 20% in 2017. Approved copper scrap imports by companies in Taizhou and Ningbo in Zhejiang province amounted to 82% of the overall copper scrap imports approved in the 13 batches so far this year, and this accounted for the sharp increase from last year.

Oil prices were down again on Monday morning in Asia due to record U.S. output and continued expectations that OPEC producers may decide to boost output later this month.U.S. crude production has risen relentlessly by more than a quarter in the last two years, inching ever closer to top producer Russia’s output of around 11 million bpd. According to an Energy Information Administration announcement last Thursday, U.S. crude production rose in March to 10.47 million barrels per day (bpd), a monthly record. Meanwhile, U.S. drillers are picking up the pace. General Electric (NYSE:GE) Co’s Baker Hughes energy services firm said on Friday that U.S. drillers added two oil rigs last week, bringing the total number to 861 which is a record since March 2015. This is also the eighth time they added rigs in the past nine weeks.

CS GOLD (AUG) OVERVIEW:
TREND : BEARISH
RESIST 2: 31100
RESIST 1: 31000
SUP 1: 30700
SUP 2: 30600

CS SILVER (JULY) OVERVIEW:
TREND : BEARISH
RESIST 2: 40000
RESIST 1: 39800
SUP 1: 39200
SUP 2: 39000

CS COPPER (JUNE) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 467.00
RESIST 1: 465.00
SUP 1: 458.00
SUP 2: 456.00

CS NICKEL (JUNE) OVERVIEW:
TREND : BULLISH
RESIST 2: 1055.00
RESIST 1: 1050.00
SUP 1: 1020.00
SUP 2: 1015.00

CS ZINC (JUNE) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 213.00
RESIST 1: 211.00
SUP 1: 206.00
SUP 2: 204.00

CS LEAD (JUNE) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 169.00
RESIST 1: 167.00
SUP 1: 162.00
SUP 2: 160.00

CS ALUMINIUM (JUNE) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 160.00
RESIST 1: 158.00
SUP 1: 153.50
SUP 2: 152.00

CS CRUDE OIL (JUNE) OVERVIEW:
TREND : BEARISH
RESIST 2: 4510
RESIST 1: 4470
SUP 1: 4350
SUP 2: 4310

CS NATURAL GAS (JUNE) OVERVIEW:
TREND : BULLISH
RESIST 2: 204.00
RESIST 1: 202.00
SUP 1: 197.00
SUP 2: 195.00