Gold Prices Struggle to Find Footing as Dollar Rallies - The growing threat of an all-out trade-war between the U.S. and China drew a muted reaction in gold prices as the dollar rally kept a lid on demand for the yellow metal. China vowed to retaliate to the latest trade salvo from the White House – after Trump threatened to impose a 10% tariff on $200 billion of Chinese goods – stoking fears of a trade war between the world's two largest economies. Yet, gold prices struggled to capture the upside enjoyed by other traditional safe-heavens such as the USD/JPY, U.S. Treasuries and the USD/CHF as investors were wary of increasing their bets on gold amid a rally in the dollar to a nearly one-year high.
Four firms approved for Copper Scrap Imports in 14th batch of approvals - Some 2,935 mt of copper Scrap Imports received the green light in the 14th batch of approvals for restricted solid scrap imports, which was released on Tuesday June 19 by the solid waste management centre of China's Ministry of Ecology and Environment. Four companies involved in copper scrap imports made it to the approved list in this round. Two are located in Foshan, Guangdong province; one in Taizhou, Zhejiang province; and the last one is in Tianjin, SMM learned. This round's approved volume compared with 2,805 mt of copper scrap imports in the 13th batch of approvals.
Alumina prices dip for four straight weeks with continued pressure - Declining prices of alumina across China continued to face pressure from higher operating capacity, a potential surge in domestic supply, and falling prices of primary aluminium, SMM learned. As of Friday June 15, the price of alumina averaged 2,812 yuan/mt, down 92 yuan/mt from a week ago, according to SMM assessment. This marked a fourth consecutive week of decline, following a drop of 94 yuan/mt in the previous week. The traded price in Shanxi and Henan province fell below 2,800 yuan/mt on June 15, SMM learned. Alumina operating capacity is expected to increase another 1 million mt per year from July, SMM learned. Some 100,000 mt of bagged alumina at Guangxi ports that were banned from conversion from bag to bulk grew the likelihood of their sale domestically. Declining prices of primary aluminium depressed alumina prices and hampered downstream demand for alumina as the commissioning of aluminium new capacity slowed.
Oil prices edge up on report of lower U.S. crude inventories - Oil prices rose in early Asian trading on Wednesday, supported by a drop in U.S. commercial crude inventories reported by the American Petroleum Institute (API). U.S. crude inventories fell by 3 million barrels in the week to June 15 to 430.6 million barrels, according to the weekly API report published on Tuesday.Looming large over markets, however, was a June 22 meeting in Vienna of the Organization of the Petroleum Exporting Countries (OPEC), together with some other producers including Russia, to discuss forward supply policy. De-facto OPEC leader and top crude exporter Saudi Arabia as well as Russia, which is not a member of the cartel but the world's biggest oil producer, are pushing for looser supply controls, which were introduced in 2017 to prop up prices.
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