News in Brief-(18-04-2018)

Gold dips as sharper risk appetite lifts equities

BENGALURU, Apr 17: Gold fell on Tuesday as sharper appetite for risk benefited cyclical assets at bullion's expense, though losses were capped by the dollar's slip to three-week low against a basket of currencies. Gold rallied to a 2-1/2 month high last week as heightened tensions over Syria and US sanctions on Russia sparked a drop in equities and ratcheted up interest in nominally defensive assets. Those gains, however, have proved hard to maintain. Spot gold was down 0.2 per cent at $1,342.40 an ounce by 0945 GMT, while US gold futures dropped 0.4 per cent to $1,345.20. — Reuters

Global steel demand to grow by 1.8pc this year

LONDON, Apr 17: Global steel demand will grow by 1.8 per cent this year to 1.616 billion tonnes driven by favorable global economic momentum, though the market faces risks from rising trade tensions, the World Steel Association (worldsteel) said on Tuesday. In 2019, global steel demand growth will slow to 0.7 per cent and total 1.627 billion tonnes, it said. Steel use in China, which consumes half the world's steel, will remain flat in 2018 at 736.8 million tonnes and fall by 2 per cent next year to 722.1 million tonnes, worldsteel said. — Reuters

Wheat firms after sharp drop, soybeans and corn also firm

HAMBURG, Apr 17: Chicago wheat futures rose on Tuesday on bargain-buying after falling 2 per cent in the previous session, with the market shrugging off a US Department of Agriculture (USDA) report saying the state of US winter wheat is improving. "Wheat, corn and soybeans are seeing a bounce today on buying interest after sharp falls in some sectors on Monday," said Charles Clack, agricultural commodity analyst at Rabobank. Chicago Board of Trade May wheat rose 0.7 per cent to $4.65-1/2 a bushel at 1122 GMT. May soybeans increased 0.2 per cent to $10.44-3/4 a bushel and May corn rose 0.3 per cent to $3.84 a bushel. — Reuters