Oil Gains on US Crude Draw down | Today Commodity Market News 06 April 2018
Bullion - Opens on positive Note Gold -30660-30650 Silver -38300-38340
Energy - Opens on mixed Note Crude Oil - 4105-4108 Natural Gas -174.50-175
Base Metals - Opens on negative Note Copper -437-437.50 Nickel -858-859 Lead -154.80-154.70 Zinc - 210.20-210.30 Aluminium -129.80-129.90
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President Trump suggested in a tweet yesterday that they are not in a trade war with China, that war was lost many years ago by the foolish,
or incompetent, people who represented the US. Now they have a Trade Deficit of $500 Billion a year, with Intellectual Property Theft of
another $300 Billion.
Precious Metal prices are consolidating in mid-ground; the market seems stuck in a $1310-1360 per oz range. Given jittery stock markets and
trade tensions, it is surprising gold prices are not attracting more interest. That said, talk of summits between the US and North Korea and
the US and Russia, as well constructive developments between some of the Arab majors and Israel, all point towards some easing in
geopolitical tensions.
Crude Oil prices are supported on fall in US inventories coupled with possibility of extension in OPEC and Russia's cooperation to curb output.
Russian Energy Minister Alexander Novak said that a joint organization for cooperation between OPEC and non-OPEC countries may be set
up once the current deal on oil output curbs expires at the end of this year. Meanwhile, risk sentiment improved amid prospect of talks
between US and China to avert a full-fledged trade war. However, uncertainty will prevail and if the new import tariffs are imposed they will
affect global trade as well as economic growth.
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