0240 GMT - Copper and aluminum rise in early Asian trade. President Trump has signed a proclamation adjusting certain metals tariffs to more effectively address national security threats, the White House said. Foreign companies that use more U.S. steel and aluminum can qualify for a 10% duty rate, if their capital equipment includes at least 85% of U.S. melted and poured or smelted and cast steel or aluminum by weight, it said. The premium for copper in the U.S. has also risen again, ANZ Research analysts say in a note. "This could see renewed flows of the metal to U.S. ports just as supply side issues mount in the market," they add. The three-month copper contract on the LME is up 0.3% at $13,877.00 a metric ton, while aluminum is 1.1% higher.(amanda.lee@wsj.com)
Gold Appears Trapped Between Two Powerful Narratives -- Market Talk
0010 GMT - Gold prices edge lower in early trade. The precious metal looks trapped between two powerful narratives, says Fawad Razaqzada, market analyst at FOREX.com, in commentary. On one hand, "geopolitical uncertainty continues to underpin demand for safe-haven assets," the analyst says. On the other hand, "persistent inflation and elevated interest-rate expectations limit the scope for a sustained rally," Razaqzada says. "Until one of those themes establishes a clearer advantage, periods of sharp volatility and range-bound trading are likely to remain the dominant feature of the market, with the bias remaining tilted slightly lower," the analyst adds. Spot gold is 0.1% lower at $4,478.72 an ounce. (ronnie.harui@wsj.com)
