COMMODITY HEADLINES

Crude oil down on US crude supply worries
Silver dips on weak global cues
Gold down on French presidential election outcome
Yellow metal dips on French election result
Aluminium futures slide on muted physical demand
Nickel futures drop 0.65% on subdued physical demand

TODAY'S Recommendations

BUY GOLD ABOVE 28800 TGT 29000/29200 SL BELOW 28650
SELL GOLD BELOW 28600 TGT 28400/28200 SL ABOVE 28790
BUY SILVER ABOVE 40800 TG1 41050/41450 SL BELOW 40500
SELL SILVER BELOW 40300 TG1 40100/39800 SL ABOVE 40600

SPECIAL NEWS

The United States and Canada faced off on Tuesday in a renewed battle over softwood lumber that threatened to spill over into multiple other sectors, though President Donald Trump said he did not fear a trade war.

Canada vowed to resist Washington's move on Monday to impose tariffs on lumber that mostly feeds U.S. homebuilding, noting trade authorities have consistently sided with Ottawa in the long-standing dispute.

The threat of a U.S. government shutdown this weekend appeared to recede on Tuesday after President Donald Trump backed away from a demand that Congress include funding for his planned border wall with Mexico in a spending bill.

Even if the fight over wall funding is over, Republicans and Democrats still have difficult issues to resolve as they face a Friday night deadline when existing money expires for many federal agencies.

COMMODITY BUZZ

Gold prices dipped slightly in Asia on Wednesday with no fresh support triggers in regional tensions on the Korean peninsula and caution ahead of tax plan details expected from the U.S. later in the day that if approved by Congress could set the pace for interest rate hikes this year by the Fed.

Overnight, gold prices edged lower on Tuesday, despite a slump in the dollar, as investors continued to favour riskier assets for the second straight day.Gold dropped to its lowest level in two-weeks, as risk on sentiment continued to dominate asset flows

Oil prices resumed their downward trend on Wednesday as data showed a rise in U.S. crude inventories and record supplies in the rest of the world cast doubt on OPEC's ability to cut supplies and tighten the market.

U.S. West Texas Intermediate (WTI) crude oil futures (CLc1) were trading at $49.32 per barrel at 0052 GMT, down 24 cents, or 0.5 percent from their last close, after gaining 0.7 percent in the previous session. WTI has fallen for seven of the past eight sessions.

Brent crude futures (LCOc1), the international benchmark for oil prices, were at $51.88 per barrel, down 22 cents, or 0.4 percent, from their last close. Brent is around 8.5 percent below its April peak.

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