BULLION:
Gold prices gained in Asia on Tuesday as weak prices in China paved the way for continued easy policy in one of the top buyers of the precious metal. Chinese consumer prices fell 0.2% in May, weaker than the flat reading expected, while producer prices edged down 4.6%, also weaker than the 4.5% decline seen. The data has been volatile of late and thus waning in importance as to market direction, but the People's Bank of China will take note with some policy reaction possible. China's National Bureau of Statistics said falling vegetable and egg prices dragged the CPI down by 0.39 percentage points.
BASE METAL:
As for this week’s price trends, 35% of industry insiders surveyed by SMM are bearish that LME copper will fall to USD 5,850/mt and SHFE copper to RMB 42,500/mt. Technical indicators showed resistance has enhanced after prices fell below several major moving averages, and the lack of buying support will push prices lower. Besides, markets are pessimistic about China’s economic figures due out this week, including the PPI and CPI. 65% see copper prices to move sideways with LME copper at USD 5,880-5,980/mt and SHFE copper at RMB 42,700-43,500/mt. SMM surveyed 34 large aluminum smelters and traders in China. 41% of them expect prices to stabilize this week: LME aluminum has found strong support, and should consolidate between USD 1,720-1,750/mt.
ENERGY:
Gold prices gained in Asia on Tuesday as weak prices in China paved the way for continued easy policy in one of the top buyers of the precious metal. Chinese consumer prices fell 0.2% in May, weaker than the flat reading expected, while producer prices edged down 4.6%, also weaker than the 4.5% decline seen. The data has been volatile of late and thus waning in importance as to market direction, but the People's Bank of China will take note with some policy reaction possible. China's National Bureau of Statistics said falling vegetable and egg prices dragged the CPI down by 0.39 percentage points.
As for this week’s price trends, 35% of industry insiders surveyed by SMM are bearish that LME copper will fall to USD 5,850/mt and SHFE copper to RMB 42,500/mt. Technical indicators showed resistance has enhanced after prices fell below several major moving averages, and the lack of buying support will push prices lower. Besides, markets are pessimistic about China’s economic figures due out this week, including the PPI and CPI. 65% see copper prices to move sideways with LME copper at USD 5,880-5,980/mt and SHFE copper at RMB 42,700-43,500/mt. SMM surveyed 34 large aluminum smelters and traders in China. 41% of them expect prices to stabilize this week: LME aluminum has found strong support, and should consolidate between USD 1,720-1,750/mt.
Crude oil prices gained in Asia on Tuesday with investors noting the scope for China to ease monetary policy further after weak price data and ahead of U.S. supply data. Chinese consumer prices fell 0.2% in May, weaker than the flat reading expected, while producer prices edged down 4.6%, also weaker than the 4.5% decline seen. The data has been volatile of late and thus waning in importance as to market direction, but the People's Bank of China will take note with some policy reaction possible. China's National Bureau of Statistics said falling vegetable and egg prices dragged the CPI down by 0.39 percentage points.
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