Gold prices fell as U.S. stock markets stabilized, easing fears of a deeper selloff, and the dollar strengthened.The Trump administration raised the stakes in a growing trade showdown with China, targeting 25 percent tariffs on some 1,300 industrial technology, transport and medical products to try to force changes in Beijing’s intellectual property practices.
The U.S. tariff unveiling, representing about $50 billion of estimated 2018 imports and aimed at dealing a setback to China’s efforts to upgrade its manufacturing base, drew an immediate condemnation from Beijing, along with a threat of retaliatory action. China’s Ministry of Commerce said it “will soon take measure of equal intensity and scale against U.S. goods.”
China’s commerce ministry said it “strongly condemns and firmly opposes” the proposed U.S. tariffs following the Section 301 probe and will take counter measures, according to the official Xinhua news agency. The Perth Mint’s sales of gold products rose about 13 percent in March from a month earlier, while month-on-month silver sales fell for a second month in a row, the mint said in a blog post on its website.
One of the most dovish members of the U.S. central bank, Kashkari admitted that he was surprised by the extent that the tax cut has lifted confidence, although he felt it was still unclear if it will lead to investment or lifter long-term growth. US President Donald Trump said that the US does have problems with the trade deficit with China, while expressing his respect for Chinese president Xi Jinping.
White House trade counselor Peter Navarro said in earlier remarks that bilateral tariff hikes won’t lead to trade escalation between US and China, adding America won’t counter China’s latest measures with imposing new tariffs.
Navarro asserted that President Donald Trump seeks a fair trade relationship with China, which comes after China raised tariffs on 128 US products worth $3 billion in response to wider US tariffs on Chinese imports. The Perth Mint’s sales of gold products rose about 13 percent in March from a month earlier, while month-on-month silver sales fell for a second month in a row, the mint said in a blog post on its website.
The EIA is expected to report U.S. crude supplies rose by about 246,000 barrels last week, while U.S. output is expected to continue its expansion despite a fall in the number of oil rigs seen last week. While rising U.S. output has repeatedly been highlighted as one of the main threats to the OPEC-led deal to slash global supplies, analysts cited another threat: rising Saudi-Iran tensions.
In November 2016, OPEC and other producers, including Russia agreed to cut output by 1.8 million barrels per day (bpd) to slash global inventories to the five year-average. The OPEC-led deal was renewed last year through 2018. Investor concerns over rising Saudi Arabia – Iran tensions come as others warned recently that a U.S.-China trade war could lessen oil demand from emerging markets, and weigh on crude prices.
Arrivals are expected to be around 110,000-120,000 bags this week. Moreover, Centre has approved the procurement of 800,000 tn of mustard in Rajasthan and also allow procurement of 237,250 tn of mustard Haryana. As per SEA meal export data, for Apr-Feb period, 5.3 lt exported, up from 2.1 lt last year for same period.
It is mixed fundamental of good meal demand, lower production estimates and higher carry-over stocks. For 2017-18 (Jul-Jun), India’s mustard production is seen at 72 lt , up from 69 lt the previous year, according to a joint survey by the COOIT and the MOPA. The National Agricultural Cooperative Marketing Federation of India had procured 487 tn of mustard at minimum support price from farmers in Rajasthan and Haryana, an official with the agency said.
The export of turmeric is down by 16% to 79,372 tonnes for the first 9 month of FY 2017/18 compared to last years’ exports. Spot turmeric prices at Erode markets decreased. Traders quoted decreased price for all varieties of the spice and only 60 per cent of the arrivals were sold. About 7,000 bags arrived for sale, of which 6,000 were new turmeric.
Arrivals of the turmeric increased. The price of (new) finger variety was down Rs. 300-500 a quintal due to quality and that of (new) Root Variety was up Rs. 100-200 as the traders were keen in buying the root variety for their demand. At the Erode Turmeric Merchants Association, the Salem Hybrid finger turmeric fetched Rs. 5,678-8,555; root variety Rs. 5,255-7,389.
The local finger turmeric went for Rs. 6,881-7,869; the root variety Rs. 5,255-7,389 a quintal. Of the arrival of 6,161 bags, 2,717 were sold. In Nizamabad, a major spot market in AP, the price ended at 6577.5 Rupees gained 22.5 Rupees.
The Federation of Indian Spices Stakeholders (FISS) — a trade body — projected India’s 2017-18 Jeera output at 6.92 million bags, up 19% on year on back of higher acreage and favourable weather. Last year India produced 5.83 million bags of jeera. Jeera sowing in Gujarat jumped nearly 38% to 382,700 hectares, data from Gujarat Agriculture Directorate showed.
Data showed jeera arrivals in Gujarat during March 1-20 at 37,767 ton as against 31,239 ton a year ago. As per data, arrivals of jeera in the country 50,973 tonnes during Mar compared to 43,831 tonnes last year for the same period. In Gujarat, Jeera acreage is up by 37.3% to 3.83 lakh hectares as on 12-Feb-18. Last year, it was 2.88 lakh ha at that same time.
As per government data, Jeera exports during first 9 month of FY 2017/18 (Apr-Dec) is 107,177 tonnes, up 13.2% compared to last year exports volume for the same period. India’s jeera exports in December were down by 4% on year to 8,497 tonnes.
This post first appeared on After Italy Verdict Gold Trades Higher On Safe-haven Demands; Silver Down, please read the originial post: here