- Oil edged higher to $42 a barrel on Wednesday after hitting its lowest since April the previous day, supported by an industry report showing a fall in U.S. inventories and a weaker dollar.But prices could struggle to make much headway, analysts said, as sentiment remains bearish. A supply glut that has weighed on prices could increase if oil exports actually restart from ports in Libya that have been closed since 2014.
- Gold prices held steady below a two-year high in European trade on Wednesday, as investors looked ahead to key U.S.data later in the session to gauge the health of the world’s largest economy and whether it is strong enough to warrant an interest rate hike later this year.The U.S. is due to release the ADP jobs report for July at 12:15GMT, or 8:15AM ET, with market analysts expecting a gain of 170,000 private sector payrolls.
- Nickel futures rose during evening trade in the domestic market on Wednesday as investors and speculators booked fresh positions in the industrial metal amid a pickup in physical demand for nickel from alloy-makers in the spot market. A pickup in the 19-member Euro Area economy also bolstered the demand outlook for the metal as a combined gauge measuring manufacturing and services in the Euro area climbed to 53.2 in July from 53.1 in June with a reading above 50 signaling expansion.
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