Oil prices were flat on Wednesday morning in Asia, having edged up slightly after two days of decline - 14 Mar 2018

Commodity Intraday Tips
Gold prices turned positive as the U.S. dollar lost ground after news that U.S. President Donald Trump replaced Secretary of State Rex Tillerson -  Gold on MCX settled up 0.15% at 30377 as prices saw some safe-haven demand due to increasing concerns about turmoil in the Trump administration. U.S. Secretary of State Rex Tillerson was fired by President Trump prompted some fresh safe-haven in gold and silver markets. The firing of a Trump cabinet official comes on the heels of Trump’s chief economic advisor quitting last week. Trump is seeking to impose tariffs on up to $60 billion of Chinese imports and will target the technology and telecommunications sectors, two people who had discussed the issue with the Trump administration said. Gold was sold at a discount in India as demand remained subdued for a fourth straight week while buying in the rest of Asia picked up as prices fell for a third consecutive week. 

Copper prices gained tracking firmness in LME prices finished 0.5 percent higher at amid weakness in dollar - Copper on MCX settled up 0.16% at 450.95 recovered from the day's low as support seen after the update that reliable supply of copper from the world’s largest producer, Chile, is under threat as unions face broad wage renegotiations across top global miners. Strong demand from the growing electric economy could be undermined by supply disruptions if wage contracts can’t be negotiated across the major producer. Also China’s lower copper imports in February weakened the sentiment on copper. While New Federal Reserve Chair Jerome Powell said in his Congress testimony that hiking interest rates four times this year would be considered a "gradual pace", bolstering expectations of a March rate hike.

Oil Prices Stable With Strong China Data - Oil prices were flat on Wednesday morning in Asia, having edged up slightly after two days of decline.China’s industrial output rose 7.2% in the first two months of the year compared with the same period last year, surpassing expectations of a 6.1% growth. At the same time, during the spring season now starting, U.S. crude inventories are not rising as much as expected, implying healthy demand. However, oil markets remain relatively weak. Prices have strayed far from their January highs of almost $67 for WTI and over $70 per barrel for Brent. While the Organization of the Petroleum Exporting Countries (OPEC) has been propping up prices by cutting output, the U.S. has been capping prices by ramping up production.

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