COMEX GOLD SIGNAL
INTERNATIONAL COMEX NEWS
- Gold prices were lower on Wednesday as Sino-U.S. trade tensions continued. Comex gold futures for December delivery fell 0.29% to $1,210.90 a troy ounce as of 10:40 AM ET (14:40 GMT). Investors remained cautious ahead of a upcoming deadline in Sino-U.S. trade disputes as a trade deal between the U.S. and Mexico was underway.
- After years of restraint since crude prices slumped in 2014, oil services companies are now at loggerheads with producers as they battle for what they see as a fair share of the sector recovery. Oil industry suppliers say they have cut costs and prices to the bone and the recent rebound in crude justifies better rewards for anything from rigs to logistics and engineering services.
- Copper prices have recovered from a recent rout, but the possibility of the trade dispute between the Washington and Beijing escalating and its potential to crimp demand in China, the world’s top consumer, is expected to cap gains. Benchmark copper on the London Metal Exchange at $6,100 has climbed nearly 6 percent since crashing to a 14-month low of $5,773 a ton on Aug. 15
- Argentina’s peso touched a record low 32 per U.S. dollar on Wednesday after President Mauricio Macri said his government had asked the International Monetary Fund for early release of funds from the country’s $50 billion standby deal. The currency has weakened more than 42 percent in 2018. Investors are concerned that with high inflation, a weak economy and fallout from a global selloff in emerging markets, Argentina may have problems meeting its debt obligation in 2019.
- Talks to modernize a customs union agreement between Turkey and the European Union, which have been stalled, must start again, Turkish Foreign Minister Mevlut Cavusoglu said on Wednesday. Speaking at a news conference, Cavusoglu also said Turkey did not expect new chapters to be opened regarding its EU accession talks while Austria has the term presidency of the bloc.
- Financial centers outside the European Union would be the benefactors if the European Union sought to punish the City of London as Britain leaves the bloc, Brexit minister Dominic Raab said on Wednesday. Raab told a parliamentary committee he did not believe the EU would try to punish the London’s financial sector, but that if they did, “I think the only winners would be the other financial centers in the top 10 like Tokyo and New York.”