COMMODITY HEADLINES

 Crude oil rises as OPEC production cut likely
 Silver rises on robust global cues
 Gold rises as US dollar declines
 Nickel futures surge 0.65% on overseas cues
 Zinc futures up on global cues
 Copper futures keep head above water

TODAY'S Recommendations
BUY GOLD ABOVE 28880 TGT 28980 29180 SL BELOW 28780
SELL GOLD BELOW 28500 TGT 28400 28200 SL ABOVE 28600
BUY SILVER ABOVE 39920 TGT 40120 40500 SL BELOW 39720
SELL SILVER BELOW 38800 TGT 38600 38000 SL ABOVE 39000

SPECIAL NEWS

Allowing swaps clearinghouses to turn to central banks for the same kind of emergency loans that banks can access would add to financial stability in important ways, Chicago Federal Reserve President Charles Evans said on Tuesday in Shanghai.Since the financial crisis, regulators in the United States and elsewhere have forced much of the world's nearly $500-trillion swaps market into centralized clearinghouses, seen as safer than the unregulated trader-to-trader market.

But regulators worry that concentrating risk in this way means that the failure of a clearinghouse could have a major impact on the broader financial market, and they are seeking ways to minimize spillovers during times of financial stress.Giving central banks the ability to provide emergency liquidity lines to clearinghouses would be an important step in that direction, Evans said in remarks prepared for delivery to the Symposium on OTC Derivatives.

Euro zone finance ministers failed to agree on debt relief for Greece with the International Monetary Fund on Monday and did not release new loans to Athens, but came close enough in talks to aim for both deals at their next meeting in three weeks.Greece needs new cash from the euro zone to avoid a default in July when it has to repay some 7.3 billion euros ($8.20 billion) worth of maturing loans. To get the money, the Greek parliament approved pension cuts and tax hikes last Thursday.

But for the disbursement to take place, Greece needs to implement some 140 "prior actions" - laws that have to be passed to make the reforms stick - and even though most of them had been done, some still remained to be completed.The chairman of euro zone finance ministers Jeroen Dijsselbloem told a news conference that work was progressing for the disbursement to take place "before the summer".

COMMODITY BUZZ

Crude prices fell in Asia on profit-taking on Tuesday and in cautious trade after a deadly explosion at a concert venue in Manchester was said to be a terror attack with reports suggesting that the government is mulling rescheduling the June 8 polls for parliament.On the New York Mercantile Exchange crude futures for June delivery dipped 0.33% to $50.96 a barrel, while on London's Intecontinental Exchange, Brent fell 0.35% to $53.68 a barrel

Oil prices jumped to highs on Monday, as expectations soared for an extension of the supply-cut agreement, after Iraqi Oil Minister Jabar Ali al-Luaibi said on Monday he agreed with Saudi Arabia on the need to extend OPEC crude output cuts for a further nine months.

Gold edged higher in Asia on Tuesday after a deadly explosion at a concert venue in Manchester was said to be a terror attack with reports suggesting that the government is mulling rescheduling the June 8 polls for parliament.Gold for June delivery on the Comex division of the New York Mercantile Exchange rose 0.04% to $1,261.87 a troy ounce.Overnight, gold futures rose on Monday, supported by a slump in the dollar, after the euro rose to six-month highs while concerns over U.S. political turmoil underpinned demand for safe-haven gold.

Gold added to its 2% gain achieved last week, as investors continued to piled into the yellow-metal amid concerns that President Donald Trump may struggle to introduce his pro-growth economic agenda intended to boost the economy.

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