Gold rose as
concerns over escalating tensions in Syria, U.S. sanctions on Russia and the U.S.-China
trade stand-off weighed on stock markets and the dollar index -
Gold
on MCX settled up 1.47% at 31355 tracking Comex Gold which rallied $14.10 to
settle at $1,360 hits highest level since August 2016 as investors fled to
perceived safe havens after President Donald Trump threatened a missile strike
in Syria. The metal's price jumped markedly after Trump warned Russia to
"get ready" for a missile strike in Syria following a recent chemical
weapons attack allegedly carried out by the government of Syrian President
Bashar Assad. Trump also criticized Russia's government in a rare rebuke on
Sunday, scolding Russian President Vladimir Putin for Moscow's support of
Assad. Gold prices seen some profit booking after minutes from the Federal
Reserve’s March meeting. The minutes reinforced the view that more
interest-rate increases are on tap. Higher interest rates can boost the dollar
and dull demand for dollar-denominated commodities.
Aluminium
stocks soar on US sanctions -
Chinese and US aluminium manufacturers
have benefited from the US sanctions on Russian producer Rusal as their share
prices jumped amid concerns over tighter supplies of aluminium and alumina. At
the morning closing on Wednesday April 11, shares of Jiangsu Alcha Aluminium
reached a weekly gain of 12.7%, while those of Yunnan Aluminium increased 8.7%.
JiaoZuo WanFang Aluminium Manufacturing stocks rose 2% and Shandong Nanshan
Aluminium was up 3.5%.
Copper
dropper after U.S. President Donald Trump warned Russia of imminent military action
in Syria over a suspected poison gas attack -
Copper on MCX
settled down -0.48% at 448.6 after U.S. President Donald Trump warned Russia of
imminent military action in Syria over a suspected poison gas attack. Labor
negotiations at some of copper’s key mines this year will not necessarily
follow similar paths in terms of contract settlements. So far this year China's
physical copper imports have held up pretty well. Refined metal imports were up
6 percent year on year in January February and those of mined concentrates by
13 percent. Tighter regulations have caused imports of copper scrap to drop by
40 percent, but that should translate into higher import demand for copper in
other forms.
Oil markets
tense on Middle East crisis, but rising U.S. supplies weigh -
Oil
markets remained tense on Thursday on concerns of a military escalation in
Syria, but prices were some way off Wednesday's 2014 highs as bulging American
supplies weighed.U.S. WTI crude futures were at $66.83 a barrel, virtually
unchanged from their last settlement. Both Brent and WTI hit 2014 highs of
$73.09 and $67.45 per barrel on Wednesday, respectively, after Saudi Arabia
said it intercepted missiles over Riyadh and U.S. President Donald Trump warned
Russia of imminent military action in Syria. "Geopolitical risks
outweighed an unexpected rise in inventories in the U.S.," ANZ bank said
on Thursday.
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