Gold prices steady, set for best year since 2010

Gold prices were steady on Tuesday, holding below a more than two-month peak hit in the previous session, as weakness in the dollar countered optimism about the United States and China signing an interim trade deal soon.

FUNDAMENTALS

Spot gold was little changed at $1,515.23 per ounce by 0044 GMT. Prices hit their highest since Oct. 25 at $1,516.20 in the previous session. U.S. gold futures were unchanged at $1,518.30.

Gold prices are set to post their best year since 2010, having gained about 18%, mainly driven by a tariff war between the world's two largest economies and quantitative easing by major central banks.

The dollar edged lower against a basket of rivals, making gold cheaper for holders of other currencies. On Friday, the index suffered its biggest one-day fall since March.

The White House's trade adviser said on Monday the U.S.-China Phase 1 deal would be signed next week, but said confirmation would come from President Donald Trump or the U.S. Trade Representative.

The South China Morning Post reported on Monday Chinese Vice Premier Liu He would visit Washington this week to sign the deal.

Speculators raised their bullish positions in COMEX gold contracts in the week to Dec. 24.

China's net gold imports via Hong Kong in November plunged 72% from the previous month to their lowest in nearly nine years, data from the Hong Kong Census and Statistics Department showed on Monday.

Among other precious metals, silver rose 0.1% to$17.93 per ounce, while platinum gained 0.4% to $961.27 and palladium edged up 0.1% at $1,907.66 per ounce.

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Crude oil trading range for the day is 4357-4459

Crude oil on MCX settled up 0.3% at 4416 boosted by hopes that the China-U.S. trade fight would soon come to an end and by a report showing lower U.S. crude inventories. China said it was in close touch with the United States on a trade deal signing ceremony, after U.S. President Donald Trump said a day earlier that he and Chinese President Xi Jinping will hold a ceremony to sign the Phase 1 trade deal.

Trading Ideas:

* Crude oil trading range for the day is 4357-4459.

* Crude oil gained boosted by hopes that the China-U.S. trade fight would soon come to an end and by a report showing lower U.S. crude inventories.

* The American Petroleum Institute, an oil industry group, said that U.S. crude stocks fell by 7.9 million barrels last week, much more than forecasted.

* Still, U.S. producers, not party to the OPEC+ agreement, have been pumping record amounts of oil, especially shale.

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Cotton trading range for the day is 18720-19300

Cotton on MCX settled down by -1.04% at 18950 due to improved sowing, higher imports and weak international prices. CCI procured 13.78 lakh bales in total across India, buying the large quantity of 8 lakh bales from Telangana followed by 2.2 lakh bales from Punjab, Haryana and Rajasthan. Around 1.82 lakh bales were procured from Maharashtra, 71,500 bales from Gujarat and the minimum purchases of 23,000 bales were reported from Andhra Pradesh.

Trading Idea for the day

* Cotton trading range for the day is 18720-19300.

* Cotton prices dropped due to improved sowing, higher imports and weak international prices.

* CCI procured 13.78 lakh bales in total across India, buying the large quantity of 8 lakh bales from Telangana

* The cotton arrivals from all over India stood approximately 72.3 lakh bales this season so far.

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Stocks hover near record highs, gold breaches $1,500

Gold surged past $1,500 an ounce and a gauge of global equity markets hovered near record highs on Tuesday in a year-end rally spurred by hopes of a U.S.-Sino Phase 1 trade deal and as China's latest policy easing pledge added to investor optimism.

President Donald Trump said he and Chinese President Xi Jinping will sign the initial phase of the pending trade pact in a ceremony, the latest remarks by the U.S. leader to flag the deal is close to being finalized.

European stocks ground out fresh record gains as did the Nasdaq on Wall Street as equities remained on track to post their best year in a decade.

The pan-European STOXX 600 index added 0.14% as it touched an all-time high and the domestically focused mid-cap index in Britain rose 0.63% to hit a new high.

France's CAC 40 and Spain's IBEX 35 both closed little changed, while German, Italian and Swiss country indexes were closed for the day.

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CPO trading range for the day is 734.6-748.8

* CPO trading range for the day is 734.6-748.8.

* Crude palm oil dropped on profit booking after prices gained fuelled by concerns over lower stockpiles due to seasonal declines.

* Poor rainfall in top producers Indonesia and Malaysia earlier this year is likely to curb yields of the tropical oil in the first half of 2020.

* Exports of Malaysian palm oil products during Dec. 1-15 fell between 15.5% and 18.6% from a month earlier, data from cargo surveyors showed.

* Crude palm oil prices in the spot market gained by 3.80 rupees and settled at 742.80 rupees.

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Oil declines, but losses limited as U.S.-China near trade deal

Oil prices slipped on Monday, but held near recent three-month highs amid optimism that the United States and China are close to signing a trade deal, with President Donald Trump saying an agreement would be signed "very shortly".

Brent crude was down 15 cents, or 0.2%, at $65.99 a barrel by 0306 GMT. West Texas Intermediate was also down 15 cents at $60.29 a barrel.

A so-called phase one deal was announced earlier in December as part of a bid to end the months-long tit-for-tat trade war between the world's two largest economies, which has sent shockwaves through markets and roiled global growth.

The United States is to agree to reduce some tariffs in return for a big increase in purchases by Chinese importers of American farm products, according to the deal that is due to be signed in January.

"We just achieved a breakthrough on the trade deal and we will be signing it very shortly," Trump said at a Turning Point USA event in Florida on Saturday.

The easing of tensions has improved business confidence and boosted the outlook for economic growth and energy demand.

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Punjab heads towards record production of cotton

Punjab is expected to see a record production of cotton this year at 18.20 lakh bales against last year's 12.23 lakh bales, state agriculture officials said on Thursday.

With this, an average production per acre crossed the 10 quintals per acre mark. Last year there was an average production of 9.31 quintals per acre.

Chief Minister Amarinder Singh has congratulated the farmers, especially from the Malwa belt, for record production of cotton, while directing the Agriculture Department to ensure timely advance support for the cotton growers for the next Kharif season.

He lauded the efforts of the Agriculture Department, especially the field staff, in motivating the farmers to shift to cotton cultivation, as part of the state government's crop diversification focus.

These efforts translated into increase in the area under cotton cultivation from 6.70 lakh acres last year to 9.80 lakh acres during this year, an official spokesperson told IANS.

Timely intervention by the Cotton Corporation of India, on the initiative on the Chief Minister has for far led to the purchase of 4.36 lakh quintals of cotton, which is about 20 per cent of the total arrival of the produce in the market.

Agriculture Secretary K.S. Pannu said the favourable climate had also contributed to the bumper production of the 'white gold' and the introduction of drip irrigation helped boost yield and lower cost of cultivation.

The decline in cost of production due to decreased use of pesticides had also proved beneficial for the farmers, he added.

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