SHANGHAI, Mar 13 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.
The US dollar weakened after progress in Brexit negotiations between the European Union and Britain, and this provided short-term support to gold prices.
Gold settled just before the British parliament again rejected Prime Minister Theresa May's Brexit deal, in a second vote since January. The increasing uncertainty about how Britain will leave the European Union sent gold much higher in ensuing trading.
Base metals rose across the board as LME zinc led the increase and gained 3.35%. LME nickel, aluminium, and tin grew over 1%, copper wen up 0.72%, and lead nudged up. SHFE zinc increased 1.44%, tin climbed 0.67%, nickel jumped 0.54%, lead rose 0.34%, and aluminium and copper closed higher.
US consumer prices rose for the first time in four months in February, but the pace of the increase was modest, resulting in the smallest annual gain in nearly two and a half years.
The Labor Department said on Tuesday that its consumer price index (CPI) increased 0.2% in February, lifted by gains in the costs of food, gasoline and rents. The CPI has remained unchanged for three straight months.
On a yearly basis, the CPI rose 1.5%, the smallest gain since September 2016. The CPI increased 1.6% year on year in January.
Excluding the volatile food and energy components, the CPI edged up 0.1%, the smallest increase since August 2018. The so-called core CPI had increased by 0.2% for five straight months.
The American Petroleum Institute (API) reported on Tuesday that US crude supplies fell by 2.58 million barrels for the week ended March 8. This compared with an expected buildup of 2.86 million barrels.
The API also reportedly showed that gasoline stockpiles dropped by 5.8 million barrels, while distillate inventories rose by 195,000 barrels.
The US will release data on its producer price index (PPI) for February, durable goods orders for January, and its weekly crude inventory data from the Energy Information Administration (EIA).