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Energy

Major U.S. energy companies includingPlains All American PipelineHess Corp(N:HES) andKinder MorganInc (N:KMI) are among many seeking exemptions from steel-import tariffs as the United States ratchets up trade tensions with exporters including China, Canada and Mexico. There have been nearly 21,000 requests overall for exclusions submitted to the U.S. Commerce Department since the Trump administration imposed levies this year. Of those, more than 500 petitions involve pipes and related materials. Initial decisions are expected this month, offering the first clues as to how the administration will balance an agenda favoring oil and gas exports while also supporting the U.S. steel and aluminum industries. For... Read more...

Precious Metals

Gold prices gained on Tuesday as intensifying U.S.-China trade tensions fuelled investor appetite for safe-haven gold. A softer dollar was also cited as supportive. Gold futuresfor August delivery on the Comex division of the New York Mercantile Exchange were up $5.70, or 0.44%, to $1,285.70 a troy ounce by 12:40 AM ET (04:40 GMT). U.S. President Donald Trump said on Monday that he has ordered the U.S. Trade Representative to identify $200 billion worth of China goods for additional tariffs.  Trump said in a statement that the move would be in retaliation for Chinas earlier decision to raise tariffs on $50 billion in U.S. goods.   China apparently has no intention of changing its unfair practices related... Read more...

Base Metals

Base metals prices were on divergent paths during Asian morning trading on Thursday June 7, with copper prices leading on the upside, while nickel was the weakest of the complex following its recent run of strength. The other metals were split into two camps with aluminium and tin marginally higher, while zinc and sister metal lead softened slightly. The most-traded July copper contract price on the SHFE rose to 53,930 yuan ($8,434) per tonne as at 10am Shanghai time, up 890 yuan per tonne from Wednesdays closing price. From the macroeconomic perspective, the US trade deficit figure released overnight narrowed to the lowest... Read more...

Energy

Natural gas markets have fallen a bit during the trading session on Wednesday, reaching towards the $2.85 level, and it looks likely that the market will probably continue to find a bit of bearish pressure, but I think that there is support just below and its only a matter of time before we turn around. Read more...

Energy

Oil prices rose on Thursday amid plunging exports by Venezuela, a member of the Organization of the Petroleum Exporting Countries (OPEC). Crude Oil WTI Futures for July delivery were trading at $65.03 a barrel at 12:10PM ET (04:10 GMT), up 0.46%.Brent Oil Futuresfor August delivery, traded in London, were also up 0.48% at $75.72 per barrel. Meanwhile,Shanghai Crude Oil WTI Futuresfor September delivery were up 0.7% at 464 yuan per barrel on Thursday. Venezuela is almost a month behind in shipping crude oil to customers from its main oil export port, reports on Thursday said. OPEC supply changes remain the biggest uncertainties in the market,... Read more...