MCX NEWS
BULLION:
Gold prices held steady in early Asia on Tuesday as investors braced for volatile trade as the final day of Greece's current debt bailout package arrives with a new deal nowhere in sight and wide expectations of defaulting on payments due. A last-minute series of phone calls and offers failed to reach a breakthrough on Greece's debt package by early Tuesday in Asia, setting the stage for volatile markets. On the COMEX, division of the New York Mercantile Exchange, gold for August delivery held mostly steady, up 0.01% at $1,179.10 a troy ounce.
BASE METAL:
Copper utilization rate at China’s major wire & cable producers was 78.48% in June, lower than a year ago, and producers were still not optimistic about production in July, SMM finds in its recent survey. Shanghai Futures Exchange approved the application of Russia’s Norilsk nickel for deliveries on the exchange, the bourse said on its website yesterday. Russia’s Norilsk nickel, with brands including NORILSK COMBINE H-1, SEVERONICKEL COMBINE H-1, and SEVERONICKEL COMBINE H-1Y, will be permitted for deliveries since Jun, 29.
ENERGY:
Crude oil prices dipped in Asia on Tuesday with investors less focused on supply/demand figures due later on U.S. stockpiles as geopolitical concerns from Greece to Iran. A last-minute series of phone calls and offers failed to reach a breakthrough on Greece's debt package by early Tuesday in Asia, setting the stage for volatile markets. Talk swirled about the outcome of a planned July 5 referendum with Greece's Prime Minister Alexis Tsipras hinting Monday he might resign if the Greek people vote in favour of the creditors' proposal. While OPEC supply has reached record-highs throughout 2015, its market share has been dented due in part to a surge in U.S. shale production over the last year.
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