News in Brief-(5-6-2018)

Gold price sees little change

BENGALURU, June 04: Gold prices were little changed on Monday as expectations of a US rate hike this month offset support from trade war worries. Spot gold was nearly unchanged at $1,292.96 per ounce by 0340 GMT, after hitting its lowest since May 23 at $1,289.12 in the previous session. US gold futures for August delivery were down 0.2 per cent at $1,297.20 per ounce. Better-than-expected US economic data released on Friday is weighing on prices, said ANZ analyst Daniel Hynes. "Some of the risks on the geo-political front are easing slightly... It is going to be very difficult for gold to really push higher from here," Hynes said. — Reuters

Chicago corn declines

SINGAPORE, June 4: Chicago corn prices slid for a second session on Monday to touch their weakest since April 24, pressured by favourable weather across the US Midwest. Wheat gave up more ground, although losses were limited by concerns over Australian and Black Sea crops, while soybeans dropped to a two-week low. Corn prices are being dragged down by prospects for a bumper US crop following favourable growing weather. The Chicago Board of Trade most-active corn contract dropped to its weakest since April 24 at $3.87 a bushel. It was trading down 0.7 per cent at $3.88-3/4 a bushel by 0250 GMT. — Reuters

Shanghai copper hits highest in six weeks

MELBOURNE, June 04: Shanghai copper rallied to the highest in more than six weeks on Monday, underpinned by a slightly softer dollar and supply concerns amid wage negotiations at the world's largest copper mine. The union of workers at BHP's Escondida copper mine in Chile said on Friday it had kicked off the latest round of labour negotiations with a contract proposal that includes a bonus of about $34,000 per worker at the world's largest copper mine. Supply concerns are supportive, however, demand may be pared back as June is typically a quieter month for demand due to summer holidays in the northern hemisphere. — Reuters