GOLD NEWS:
Gold prices dipped in early Asia on Friday as
investors looked ahead to Europe where a week of furious deal making over terms
for Greece's bailout comes to a head this weekend. On Thursday evening, Greece
presented a signed copy of an emergency bailout to its troika of creditors
three hours before the expiration of a midnight deadline. Under the new
proposal, Greece agreed to a strict package of reforms and spending cuts worth
up to €13 billion, according to the Guardian. The Greek Parliament is expected
to approve the proposal on Friday before prime minister Alexis Tsipras heads to
Brussels for an emergency summit over the weekend.
BASE METAL:
Base metal prices on the SHFE are expected to rally across
the board on Jul. 10, Shanghai Metals Market foresees. The easing of concerns
on China’s stock market and Greek issues will help improve market sentiment,
SMM explains. Utilization rate at China’s copper wire rod producers fell to
69.85% in June and most of the surveyed are pessimistic about the production in
July, SMM finds in a recent survey. Panic triggered by China’s stock crash and
Greek debt crisis seemed to ease some, which, combined with bright financial
reports from large firms, including Pepsi, allowed US shares to rebound.
Crude oil prices
gained slightly in Asia on Friday as investors kept up a focus on China's stock
market volatility for demand cues from the world's top importer. Energy traders
also awaited the release of oil services firm Baker Hughes weekly U.S. rig
count on Friday for further indications on supply levels throughout the nation.
Last week, the firm said U.S. oil rigs rose by 12 to 640, ending a 29-week
streak of weekly draws. In Vienna, hopes for a final agreement on an Iranian
Nuclear Deal before Friday's deadline faded following equivocal comments from
U.S. president Barack Obama on the possibility of an accord.
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