Gold Prices Drop Despite Softer Dollar -
Gold prices were trading lower on Wednesday despite the dollar dropped to below the 94 level. Concerns about a global trade war also eased, as U.S. Treasury Secretary Steven Mnuchin said he's been attempting to secure an exemption for Canada from the US' recent steel and aluminum tariffs, which market participants are taking as a sign that key personnel in the Trump administration are beginning to balk at protectionist measures. Yesterday, gold prices fell about 0.2%, the third daily loss, due to weak demand for safe havens assets, as risk appetite increased in the financial markets. The dollar rallied earlier in the day due to the strong prospects for the Federal Reserve to raise U.S. interest rates at next week’s meeting.
Baiyin Nonferrous Group's zinc smelters resume production -
Production at Baiyin Nonferrous Group's three zinc smelters resumed operation as of Wednesday June 6 after maintenance, SMM learned. Maintenance began from the start of May to early June, and affected zinc output of over 10,000 mt. All production lines of the Group's zinc smelters will maintain normal production in the near term.Baiyin Group, the fourth largest zinc producer in China, produced 280,300 mt of zinc last year.
Copper rose amid concerns over the potential supply impact of wage negotiations at the world's biggest copper mine -
Copper on MCX settled up 2.04% at 474.8 amid concerns over the potential supply impact of wage negotiations at the world's biggest copper mine. The union at BHP's Escondida facility in Chile said that it had started the latest round of negotiations with a proposal, which includes a bonus of about $34,000 per worker. Failure to reach a labour deal at the mine during last year's wage talks led to a 44-day strike that resulted in a near 8 percent drop in annual output from Escondida. The premium of three-month copper over the cash contract has fallen to $1.75, its narrowest since March 2017, signalling near-term tightness in the market. China's Chinalco said it had begun a $1.3 billion expansion of its Toromocho mine in Peru, which it said would raise copper output by 45 percent by 2020.. April's output exceeded the previous forecast as the actual output of Jiangxi Copper, Jinchuan Group, and Dongying Fangyuan Nonferrous Metals in April exceeded their plans.
Oil prices rise amid Venezuela export concerns -
Global oil prices rose during Asian trade on Wednesday after Venezuela raised the prospect of halting some crude exports, according to people familiar with the matter, but gains were capped amid reports the U.S. government had asked Saudi Arabia and some other OPEC producers to increase output. Falling production from Venezuela has contributed to a rally in global oil price Brent to nearly $80 a barrel. State firm PDVSA is considering declaring force majeure on some exports, three sources told Reuters, amid plummeting output from its oil fields and tanker bottlenecks at ports.
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