Gold tread water in Asia on Tuesday with investors looking still to Greece to see if the parliament follows through on tough reforms. On the Comex division of the New York Mercantile Exchange, gold for August delivery was flat at $1,155.40 a troy ounce. Silver for September delivery fell 0.14% to $15.435 an ounce. Overnight, gold futures fell mildly amid a stronger dollar, as Greece and its international creditors agreed in principal to a preliminary bailout early Monday morning following tense, often acrimonious marathon negotiations.


China’s trade data for June released early today are better than expected, but futures analysts worry that poor outlook for foreign trade may still weigh on copper prices. Jinchuan Group cut ex-works prices of nickel to 83,500 yean per tonne on Jul. 13, Shanghai Metals Market learns. The report that Greek government has struck a deal with its creditors to secure the third bailout boosted share market and commodities. However, the weak China copper import data caused LME copper to surrender gains during Asian hours. SHFE 1509 copper contract may trade at RMB 40,200-40,800/mt on July 14. Spot premiums will narrow to RMB 0-60/mt to SHFE 1507 copper  contract.


On Monday afternoon, Iran foreign minister Mohammad Javad Zarif told the Iranian News Agency that no deal will be reached on a comprehensive nuclear deal before the expiration of a midnight deadline. Over the last two weeks, Iran and a group of six western powers have extended the deadline on a final agreement three separate times amid sticking points on the easing of missile, political and economic sanctions against the Gulf state. Crude oil prices dipped in Asia on Tuesday as investors waited U.S. stockpile industry estimates and looked ahead to demand and supply cues on Iran.