BULLION - Bullion counter may trade with volatile path. Gold inched up on Wednesday, after falling the most in nearly two weeks in the previous session, as share markets retreated on worries about a possible U.S. recession and weak data added to concerns about the economy. Asian shares slipped on Wednesday, giving up their small gains made in the previous day, as investors tried to come to terms with a sharp shift in U.S. bond markets and the implications for the world's top economy. U.S. homebuilding fell more than expected in February as construction of single-family homes dropped to near a two-year low, while consumer confidence ebbed in March, offering more evidence of a sharp slowdown in economic activity early in the year. President Donald Trump's expected nominee for the Federal Reserve Board of Governors, Stephen Moore, said the U.S. central bank should immediately cut interest rates by half a percentage point, according to an interview with the New York Times on Tuesday. China's net gold imports in February via main conduit Hong Kong fell 13.6 percent from the previous month, as economic woes dented appetite in the world's top bullion consumer.
ENERGY- Crude oil may trade on mixed note as oil prices edged lower on Wednesday after an industry report showed an unexpected rise in U.S. crude inventories, but losses were capped by ongoing supply curbs and issues affecting output from countries including Venezuela. The American Petroleum Institute, a trade organization, said late on Tuesday that U.S. crude inventories rose 1.9 million barrels in the latest week, while analysts had forecast a decrease of 1.2 million barrels. Oil rose on Tuesday as Venezuela's main oil export port of Jose and its four crude upgrades were unable to resume operations following a massive power blackout on Monday, the second in a month. Oil prices have risen more than 25 percent this year, supported by supply curbs by the Organization of the Petroleum Exporting Countries and other major producers, along with U.S. sanctions on exports from Venezuela and Iran. But worries about demand have limited oil's rally as manufacturing data from Asia, Europe and the United States pointed to an economic slowdown. U.S. natural gas futures settled slightly lower on Tuesday on higher output and easing demand, even as volatility abated going into a seasonal transition.
BASE METAL - Base metals prices may trade sideways to positive path. Most base metals moved higher in early Asian trade on Wednesday, with Shanghai zinc touching a more than one-year high, as investors focused on tight inventory levels and the resumption of U.S.-China trade talks in Beijing this week. Polish miner KGHM and union representing workers at its Sierra Gorda copper mine in Chile have agreed to extend contract talks, temporarily warding off the threat of a strike, the union president said. Zinc inventories in LME warehouses fell by another 650 tonnes on Tuesday to 56,425 tonnes, the lowest since February 1991. Nickel, used to make stainless steel, added 1.9 percent in Shanghai to 101,40 yuan a tonne, while Shanghai copper nudged up 0.5 percent to 48,490 yuan a tonne.
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