Latest news with #SoniKumari
Business Recorder
23-05-2025
- Business
- Business Recorder
London copper edges higher as dollar weakens
NEW DELHI: Copper prices in London edged higher on Friday, supported by a softer dollar and poised for weekly gains, although the upside was limited due to persisting uncertainty over US tariffs. Benchmark copper on the London Metal Exchange (LME) was up 0.2% at $9,516 a metric ton, as of 0334 GMT. It rose 0.7% so far this week. The US dollar was soft on Friday and is set to log its first weekly drop in five weeks against the euro and the yen, making greenback-priced commodities more attractive for buyers using other currencies. The weakness in the dollar has been exacerbated by worries over the United States' worsening fiscal health, sending investors scurrying for safe havens. Last week, the US and China agreed to reduce tit-for-tat tariffs and implement a 90-day pause on actions, but there is no clarity on what will follow after the temporary truce. Copper rallies to one-month peak on signs of improving demand 'There are uncertainties lingering around what will happen after the 90-day truce,' said ANZ Commodity Strategist Soni Kumari. 'Market will consolidate in the current range around $9,400-$9,500 a metric ton. And, once we start seeing slowdown of copper imports into the US that will pull down prices a bit.' Among other London metals, aluminium was up 0.2% at $2,462 a ton, zinc firmed 0.2% to $2,702, lead added 0.5% to $1,980 and nickel was up 0.01% to $15,495. Tin firmed 0.3% to $32,475. The most-traded copper contract on the Shanghai Futures Exchange (SHFE) was down 0.1% at 77,830 yuan ($10,806.6) per ton. SHFE aluminium was down 0.1% to 20,170 yuan a ton, zinc added 0.1% to 22,455 yuan, lead was up 0.3% at 16,830 yuan, nickel edged 0.7% lower to 122,660 yuan, and tin fell 0.6% to 264,230 yuan.
Asharq Al-Awsat
02-05-2025
- Business
- Asharq Al-Awsat
Gold Rebounds from Two-week Low; US Jobs Data in Focus
Gold gained on Friday as investors rushed to buy the metal a day after its prices hit a two-week low amid receding trade tensions, while the market's focus shifted to the US non-farm payrolls report due later in the day. Spot gold rose 0.4% to $3,254.51 an ounce, as of 0610 GMT. Gold hit its lowest level since mid-April in the previous session and has lost nearly 2% so far this week, the steepest weekly fall since late February. US gold futures rose 1.3% to $3,263, Reuters reported. "There have been softening stance (on tariffs) and situation has improved a bit, but still there are a lot of uncertainties so gold will still be preferred by investors," said ANZ Commodity Strategist Soni Kumari, adding that every price correction in gold is seen as a buying opportunity. "If prices continue to decline and approach the $3,000 level, it could attract a lot of investment demand." Beijing is "evaluating" an offer from Washington to hold talks over US President Donald Trump's 145% tariffs, China's Commerce Ministry said, although it warned US not to engage in "extortion and coercion." Bullion, a safeguard against political and financial turmoil, last soared to a record high of $3,500.05 on April 22. The market now awaits the US non-farm payrolls report due at 1230 GMT for more cues on the Federal Reserve's policy path. Non-farm payrolls likely increased by 130,000 jobs in April after rising by 228,000 in March, a Reuters survey showed. Chinese markets are closed for the Labor Day holiday from May 1-5 and will resume trade on Tuesday, May 6. Gold started trading in premium in India this week for the first time in five months as demand revived due to a key festival and as prices corrected sharply from last week's record high. Spot silver rose 0.5% to $32.57 an ounce, platinum firmed 1.1% to $968.76 and palladium gained 1.1% to $950.79.
Zawya
26-03-2025
- Business
- Zawya
Gold steady as concerns loom over Trump's reciprocal tariff plans
Gold prices held steady on Wednesday as market participants squared positions ahead of U.S. President Donald Trump's sweeping reciprocal tariff plans, which they fear will fuel inflation and hinder economic growth. Spot gold held ground at $3,019.72 an ounce as of 0328 GMT. U.S. gold futures eased 0.1% to $3,023.60. "There are real concerns around U.S. economic growth and as well as inflation. U.S. is likely to face a stagflationary scenario, and that could support prices," said Soni Kumari, a commodity strategist at ANZ. U.S. consumer confidence plunged to the lowest in more than four years in March, with households fearing a recession in the future and higher inflation triggered by tariffs. The spotlight is now on potential reciprocal tariffs that the U.S. administration might adopt on April 2, causing some nervousness in the market. Trump's tariff policies are likely to be inflationary, potentially slowing economic growth and intensifying trade tensions. Gold, traditionally seen as a hedge against geopolitical and economic uncertainties, has risen 15% so far this year, scaling an all-time peak of $3,057.21 on March 20. Several Federal Reserve officials are due to speak later in the day, offering more insights into this year's monetary policy as uncertainty looms over tariffs. Markets are awaiting the U.S. Personal Consumption Expenditures data on Friday for clues on the Fed's next moves. "We are forecasting $3,200 by September," Kumari said, adding that any hawkish comment from the Fed could be a factor impeding gold's rally. On the geopolitical front, the United States on Tuesday reached deals with Ukraine and Russia to pause their attacks at sea and against energy targets, with Washington agreeing to push to lift some sanctions against Moscow. Spot silver fell 0.2% to $33.69 an ounce and platinum eased 0.1% to $975.45. Palladium lost 0.3% to $953.45. (Reporting by Anushree Mukherjee in Bengaluru; Editing by Sumana Nandy and Janane Venkatraman)
Reuters
26-03-2025
- Business
- Reuters
Gold steady as concerns loom over Trump's reciprocal tariff plans
March 26 (Reuters) - Gold prices held steady on Wednesday as market participants squared positions ahead of U.S. President Donald Trump's sweeping reciprocal tariff plans, which they fear will fuel inflation and hinder economic growth. Spot gold held ground at $3,019.72 an ounce as of 0328 GMT. U.S. gold futures eased 0.1% to $3,023.60. Get a look at the day ahead in U.S. and global markets with the Morning Bid U.S. newsletter. Sign up here. "There are real concerns around U.S. economic growth and as well as inflation. U.S. is likely to face a stagflationary scenario, and that could support prices," said Soni Kumari, a commodity strategist at ANZ. U.S. consumer confidence plunged to the lowest in more than four years in March, with households fearing a recession in the future and higher inflation triggered by tariffs. The spotlight is now on potential reciprocal tariffs that the U.S. administration might adopt on April 2, causing some nervousness in the market. Trump's tariff policies are likely to be inflationary, potentially slowing economic growth and intensifying trade tensions. Gold, traditionally seen as a hedge against geopolitical and economic uncertainties, has risen 15% so far this year, scaling an all-time peak of $3,057.21 on March 20. Several Federal Reserve officials are due to speak later in the day, offering more insights into this year's monetary policy as uncertainty looms over tariffs. Markets are awaiting the U.S. Personal Consumption Expenditures data on Friday for clues on the Fed's next moves. "We are forecasting $3,200 by September," Kumari said, adding that any hawkish comment from the Fed could be a factor impeding gold's rally. On the geopolitical front, the United States on Tuesday reached deals with Ukraine and Russia to pause their attacks at sea and against energy targets, with Washington agreeing to push to lift some sanctions against Moscow. Spot silver fell 0.2% to $33.69 an ounce and platinum eased 0.1% to $975.45. Palladium lost 0.3% to $953.45.
Al Bawaba
14-03-2025
- Business
- Al Bawaba
Oil prices surge amid US sanctions and reduced global supply
ALBAWABA – Oil prices recorded an increase globally due to the United States (US) sanction imposed on Iran and Russia. Increased oil prices and weak demand Oil prices increased significantly amid the continued tight US sanctions on Iran and Russia. The International Energy Agency (IEA), a Paris-based intergovernmental organization that provides policy recommendations, analysis, and data on the global energy sector, forecasted weak global demand. Notably, Brent crude increased to more than $70 per barrel, after a decline of about 1.5% in the prior session, while West Texas Intermediate (WTI) reached nearly $67. US sanction on Iran and Russia The United States (US) previously imposed multiple tight sanctions on Russia and Iran. Iran's oil minister stated earlier that sanctions had been imposed on vessels and other transportation methods, while Russia reported that payment options were significantly restricted. Brent crude increased to more than $70 per barrel, after a decline of about 1.5% in the prior session, while West Texas Intermediate (WTI) reached nearly $67. (Shutterstock) Moreover, The International Energy Agency (IEA), said the global demand is declining by the minute. Daniel Hynes and Soni Kumari, analysts at ANZ Group Holdings Ltd., said: 'Looser balances in the second half of the year should see Brent crude push back toward $70 a barrel by year-end. Tariffs on Canadian crude and rising disruptions to supply from Iran and Venezuela keep the market tight.'
