Gold Prices Edge Up as Dollar Weakens, Global Trade Tension Escalates -
Gold prices edged up on Monday as the dollar weakened, while trade concerns between the U.S. and China also supported the bullion. The U.S. is considering to declare China’s investment in U.S. technologies companies a threat to economic and national security, according to reports on Monday that cited eight people familiar with the plans. The reports further noted U.S. Treasury Secretary Steven Mnuchin would suggest administering the law in a report scheduled to be released on June 29. On Friday, U.S. President Donald Trump threatened to impose a 20% tariff on all U.S. Imports of European Union-assembled cars, escalating trade tensions with Europe. In response, a senior European Commission official said the EU would respond to any U.S. move to raise tariffs on cars made in the bloc.
Copper scrap imports down 33.3% in May -
China's copper scrap imports in May declined 33.3% from a year ago to stand at 210,000 mt, data released by China Customs on Saturday June 23 showed. This compared with a year-on-year drop of 36.7% recorded in April, and brought copper scrap imports from January to May to 950,000 mt. China's stricter inspections of all US-imported scrap from May 4 accounted for the decline. Copper scrap imported from the US took up 15% of China's total imports and stood at 535,000 mt in 2017, SMM data showed. Separately, China's aluminium scrap imports registered 110,000 mt in May, down 40.5% from last year. The imports during first five months of the year came in at 730,000 mt. China imported a total of 520,000 mt of metal scrap in May, down 27.7% from a year ago. This brought the imports during January-May to 2.46 million mt.
Weaker consumption sees smaller decline in aluminium inventory -
China's inventory of primary aluminium, including SHFE warrants, declined slower over the weekend as environmental probe deterred downstream consumption. As of June 25, inventories of primary aluminium across eight major consumption areas in China shrank 15,000 mt from last Thursday to stand at 1.87 million mt, SMM data showed. This compared with a drop of 32,000 mt recorded on last Tuesday.
Oil falls on OPEC's announced output rise, but markets to remain tight -
Brent crude oil prices fell over 1.5 percent on Monday as traders factored in an expected output increase that was agreed at the headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna on Friday. Despite this, analysts said global oil markets would likely remain relatively tight this year.Prices initially jumped after the OPEC deal was announced late last week as it was not seen boosting supply by as much as some had expected. OPEC and non-OPEC partners including Russia have since 2017 cut output by 1.8 million barrels per day (bpd) to tighten the market and prop up prices. Largely because of unplanned disruptions in places like Venezuela and Angola, the group's output has been below the targeted cuts, which it now says will be reversed by supply rises, especially from OPEC leader Saudi Arabia. Although analysts warn there is little space capacity for large-scale output increases.
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