Gold rises as dollar weakens on report Trump's election campaign subpoenaed - 18 Nov 2017

Commodity Intraday Tips
Gold prices rose on Friday as the dollar weakened after a report that investigators looking into possible Russian interference in the 2016 U.S. presidential election had subpoenaed President Donald Trump's election campaign for documents.

Special Counsel Robert Mueller's team issued the subpoena last month for documents containing specified Russian keywords from more than a dozen officials, the Wall Street Journal reported.

Spot gold had climbed by 0.3 percent to $1,282.72 per ounce by 0429 GMT. It is up about 0.5 percent for the week, in what could be its second straight weekly gain.

U.S. gold futures for December delivery rose 0.4 percent to $1,282.70.

"The fall in the dollar and strengthening in Asian currencies have made gold attractive for Asian investors," said John Sharma, an economist with National Australia Bank.

However, uncertainties surrounding a U.S. tax reform bill and a likely interest rate hike by the Federal Reserve next month are sending mixed signals to the market, keeping gold rangebound,

"Prices should likely continue to hover between $1,260 and $1,290 in the short-term," he added.

Republican U.S. lawmakers on Thursday took an important step toward the biggest tax code overhaul since the 1980s as the House of Representatives approved a broad package of tax cuts sought by Trump.

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Gold Prices Little Changed Ahead of U.S. Tax Vote - 16 Nov 2017

Commodity Intraday Tips
Gold Prices Little Changed Ahead of U.S. Tax Vote - Gold prices were little changed in early deals on Thursday, as investors kept an eye on U.S. tax reform developments ahead of a vote in Congress later in the day. House Republicans are set to pass a sweeping rewrite of the tax code when they vote this morning, bringing President Donald Trump and the Republican party closer to their first major legislative win. The final passage vote is expected soon after Trump speaks with a full conference of House Republicans at an 11:30AM ET (1630GMT) closed-door meeting in Washington. On Wednesday, gold touched a session high of $1,290.00, its best level since Oct. 20, before turning lower to lose about 0.4% as U.S. inflation and retail sales data further firmed up the case for a December rate hike by the Federal Reserve. The Fed is scheduled to hold its final policy meeting of the year on Dec. 12-13, with interest rate futures pricing in a 100% chance of a rate hike at that meeting, according to Investing.com's Fed Rate Monitor Tool. Gold is highly sensitive to rising rates, which lift the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar, in which it is priced.

Oil steady as expected output curbs balance U.S. supply - Oil markets stabilized on Thursday as expectations that OPEC would extend production limits balanced rising U.S. crude production and inventories. Global oil markets are looking ahead to a meeting of the Organization of the Petroleum Exporting Countries in Vienna on Nov. 30 which is expected to decide to extend limits on crude production to help tighten supply. OPEC and other big producers including Russia agreed a year ago to cut crude output by 1.8 million barrels per day (bpd) to try to bolster prices. That deal is due to expire at the end of March 2018 but ministers have signaled that they are likely to extend the agreement, possibly until the end of next year. "OPEC, led by Saudi ... will look to support the market," said Shane Chanel, equities and derivatives adviser at ASR Wealth Advisers. Oil prices have risen steadily over the last few months as the impact of supply cuts has drained inventories. Both crude benchmarks hit two-year highs last week. Prices have slipped back in recent days, partly due to evidence that supply from the United States is rising fast, hampering OPEC's efforts to tighten the market.

SMM: Fundamentals & Macro Hard to Support Copper Price in November - Recently China’s economic data is lower than anticipation, which causes concern. Copper price slumps under pressure. Copper output is in upward channel both home and abroad. In the beginning of the year global copper output was reduced due to strikes and suspension but from April copper output in Chile has been in an obvious upward channel. Domestically, China’s refined copper output was 722,500 tonnes in October 2017, up 5.55% MoM and 9.14% YoY, according to SMM data. Output in the first ten months of the year totaled 6.5465 million tonnes, up 1.84% YoY. SMM predicts China’s refined copper output in November will keep as high as 723,000 tonnes, rising 8.4% YoY. Output in the first eleven months of the year is estimated to reach 7.2695 million tonnes, up 2.46% YoY, which shows sustainable rise of domestic refined copper supply.


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Gold Prices Dip In Asia On Global Interest Rate Views Remain Mixed - 15 Nov 2017

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Gold Prices Dip In Asia On Global Interest Rate Views Remain Mixed.
Gold prices eased in Asia on Wednesday as investors continue to see uncertainty about next year's outlook for interest rates in the U.S. and Europe. Four of the world's top central bankers promised on Tuesday to keep openly guiding investors about future policy moves as they slowly withdraw the huge monetary stimulus rolled out during the financial crisis. After pumping some $10 trillion into financial markets since the 2008 crisis - driving them many markets to record highs - the Federal Reserve, European Central Bank, Bank of England and Bank of Japan are now trying to wean investors off easy money without causing an upset. The Fed has said it expects three rate hikes in 2018 as well as one in December, but the market has not priced those in fully for next year. Overnight, gold prices rose on Tuesday as traders increased their bullish bets on the pressure metal while dollar weakness lifted sentiment on the precious metal. Gold prices added to Monday’s gains, shrugging off a report showing wholesale inflation grew faster-thanexpected in October. 

[Hot Topic] Balance between Nickel Supply and Demand, Price Decides the Supply.
Nickel price has surged since the end of September. The main reasons are numerous output restrictions for environment protection, short of inventory, and new energy cars are expected to have a strong growth in the future, which brought up the demand from the downstream. After a few days of market correction, a sharp decline happened yesterday. Long position owners brought up the price during the night, only to see it going down again after the release of China’s economy growth data.

Copper Cathode Spot Price in Shanghai.
Copper cathode spot quote is at a 10 – 130 yuan / premium than the futures contract of the month. Transaction price of copper (standard) is 52,680 – 52,850 yuan / ton, and copper (substitution) is 52,700 – 52,880 yuan / ton.

Oil prices slide after IEA casts doubt over demand outlook.
Oil prices fell over 1 percent on Wednesday, continuing Tuesday's slide after the International Energy Agency cast doubts over the past few months' narrative of tightening fuel markets.The price falls mean that crude prices are now down by around 5 percent since hitting 2015 highs last week, ending a 40-percent rally between June and early November. "Crude prices dropped dramatically after the IEA forecast a gloomy outlook for the near future ... The drop was arguably exacerbated by a global selloff in other commodities," said Sukrit Vijayakar, director of energy consultancy Trifecta. The International Energy Agency (IEA) on Tuesday cut its oil demand growth forecast by 100,000 barrels per day (bpd) for this year and next, to an estimated 1.5 million bpd in 2017 and 1.3 million bpd in 2018. The demand slowdown could mean world oil consumption may not, as many expect, breach 100 million bpd next year, while supplies are likely to exceed that level. (For a graphic on global crude oil supply and demand balance. 

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Natural gas prices retreated on Monday as investors cashed in following last week’s sharp rally - 14 Nov 2017

Crude Oil Prices Dip as Focus Shifts to U.S. Supply Data - Oil prices edged lower on Tuesday, as investors looked ahead to weekly data from the U.S. on stockpiles of crude and refined products to gauge the strength of demand in the world’s largest energy consumer. Oil prices finished mixed on Monday as the prospect of further rises in U.S. output undermined ongoing OPEC-led production cuts aimed at tightening the market. The U.S. government said on Monday U.S. shale production for December would rise for a 12th consecutive month, increasing by 80,000 barrels per day (bpd). Despite the cautious sentiment, crude prices stayed within sight of their strongest level in more than two years amid optimism that oil producing countries will agree to extend an output cut at their meeting at the end of this month. Discussions are continuing in the run-up to the Nov. 30 meeting, which oil ministers from OPEC and the participating non-OPEC countries will attend. Oil's rally, which began in early October, has been largely driven by growing indications that the crude market was finally starting to rebalance. Brent is over 40% above June's 2017 lows, while WTI is one-third higher than its 2017 lows.

Gold Prices Slide To 1-Week Low Ahead of Central Banker Gathering - Gold prices were on the back foot on Tuesday, as market players turned their attention to a panel discussion including the heads of the European, U.S., British and Japanese central banks for further hints on future monetary policy moves. European Central Bank chief Mario Draghi, outgoing U.S. Federal Reserve Chair Janet Yellen, Bank of England head Mark Carney and Bank of Japan Governor Haruhiko Kurodawill form an all-star panel on Tuesday at an ECB-hosted conference in Frankfurt. The panel discussion, titled "At the heart of policy: challenges and opportunities of central bank communication", is set to start at around 5:00AM ET (1000GMT). Curve-flattening on both sides of the Atlantic, but more markedly in the United States, suggests investors have doubts over the future path of inflation and may be starting to price in a downturn just as the global economy picks up speed. Prices of the yellow metal ended modestly higher Monday as investors retreated somewhat from purchasing assets perceived as risky amid uncertainty over the outlook for tax reforms in the United States. The Senate Finance Committee is due to start working on the tax reform bill during the week. Republicans had initially hoped to hold a final vote on the bill by Thanksgiving next week, but analysts expressed some doubt at the timeline.

NATURAL GAS - Natural gas prices retreated on Monday as investors cashed in following last week’s sharp rally amid calls for average to above-average temperatures over the near-term. Natural gas prices retreated on Monday as investors cashed in following last week’s sharp rally amid calls for average to above-average temperatures over the near-term. As far as the weather is concerned, look for a mild weather system to track across the East the next few days. The central and southern U.S. should also see relatively warmer temperatures. A strong weather system with subfreezing temperatures will track across the Midwest and NE late this week and next weekend for another round of stronger demand. Looking ahead to Thursday’s storage report, traders are looking for a draw of about 9 billion cubic feet (bcf) in the week-ended November 10.

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Gold prices turned lower as U.S. Treasury bond yields rose - 13 Nov 2017

Commodity Intraday Tips
Gold prices turned lower as U.S. Treasury bond yields rose. 
Gold prices turned lower as U.S. Treasury bond yields rose, but losses were limited by weaker stock markets and the dollar, which fell due to uncertainty over U.S. tax reform. The dollar was set for its first weekly fall in a month as disappointment that a landmark U.S. tax overhaul may be delayed until 2019 put a brake on the currency's recent rally. Uncertainty over the tax plans also hit U.S. stock markets and helped end the longest run of global share price gains since 2003. Expectations of lower taxes, one of President Donald Trump's key promises, have helped power the S&P more than 20 percent since the 2016 presidential election. Gold demand slid to its lowest in eight years in the last quarter as jewellery buying fell and inflows into bullionbacked exchange traded funds dried up, data from the World Gold Council showed. Overall demand fell 9 percent to 915 tonnes, its weakest since the third quarter of 2009, the WGC said. India’s gold imports in the last quarter of 2017 could drop by a fourth from a year ago due to weak demand during key festivals and as investors seek better returns from riskier assets like equities, industry officials said. 

Surging Profit from Increasing Output of Aluminum and Zinc: Vedanta Resources. 
Vedanta Resources said that their profit surged by 37.4% in the first half of the year, as a result of increasing output of aluminum and zinc price climbing of commodity. From March 1st to September 30th,profit of zinc products had surged by nearly 80% in Vedanta, with a 42.1% profit increase from Indonesian zinc minerals. Vedanta’s aluminum output rose by more than 39% with the 23% increase of average price of aluminum.

Price of Jinchuan Refined Nickel. 
Jinchuan lowered their quote today of Refined Nickel (780x850x3~5mm) to 99,000 yuan / ton in Shanghai and 100,200 yuan / ton for Refined Nickel (4 x4 inch), a 300 yuan / ton drop. The mill price of Jinchuan Nickel spot is higher than that in the market.

Crude oil prices settled lower as investors fretted over an uptick in U.S. production.
Crude oil prices settled lower as investors fretted over an uptick in U.S. production but losses were limited as expectations grew that OPEC would extend its agreement on output curbs. Crude oil fell to a weekly loss as investors weighed a report from Baker Hughes showing the number of oil rigs operating in the US rose to the highest in almost a month by 9 to 738. The uptick in rig counts added to concerned over rising U.S. output after federal energy projections estimated U.S. production to rise to 9.2 million barrels per day (bpd) in 2017 and a record 10.0 million bpd in 2018. Losses in oil prices were limited, however, as investor expectations for an extension to the OPEC -led product-cut agreement remained elevated ahead of the upcoming meeting on Nov. 30. In May, OPEC producers agreed to extend production cuts for a period of nine months until March, but stuck to production cuts of 1.2 million bpd agreed in November last year.

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Gold Dips In Asia, But Well Supported On Middle East Tensions, APEC Eyed - 10 Nov 2017

Commodity Intraday Tips
Gold Dips In Asia, But Well Supported On Middle East Tensions, APEC Eyed.  
Gold dipped in Asia on Friday, but remained well supported on Middle East tensions between Iran and Saudi Arabia and await a summit in Vietnam among Asia-Pacific nations. Overnight, gold prices rose to three-week highs on Thursday amid a slump in the dollar on fears that the Senate would delay corporate tax cuts until 2019. Gold prices added to gains from Wednesday’s session after the dollar fell on reports that Senate Republicans on Thursday will propose delaying a cut in the corporate tax rate from 35% to 20% until 2019. The news of a possible delay to corporate tax cuts halted recent risk-on sentiment, fueling a flight-tosafety as traders appeared to unwind their bullish bets on riskier assets which followed on expectations that President Trump’s tax-reform plans would be enacted before year-end. Gold prices are sensitive to moves lower in the U.S. dollar – A lower dollar makes gold cheaper for holders of foreign currency, thus, increases demand. Also supporting demand for safe-haven gold was ongoing political unrest in the Middle East after Saudi Arabia advised citizens not to travel to Lebanon and urged the international community to impose fresh sanctions on Iran.  

Aolong Zinc: Bullish at Zinc Oxide Market Next Year.  
SMM Wang yanlong, General manager of Aolong Zinc, says the environmental protection has been normalizing and will become stricter. According to new standard. It takes at least three years to do environment assessment again and initiate the project. Hence, increase of capacity needs time. Even if the capacity increases, industrial park also needs to do environment assessment with projects in it. So I am quite bullish at zinc oxide market next year.  

11.6 Billion Yuan Aluminium Extruded Section and Deep-processing Project Settles.  
On Nov.9th, Wuqiang County signed the contract with Beijing Peace Aluminium Group on the co-investment project valuing at 11.6 billion yuan of aluminium extruded section and deep-processing. After the project is completed, the annual sales will reach 25.1 billion yuan, with 3 billion profits and taxes.   

Oil markets stable, but analysts expect high volatility ahead. 
Oil markets were little changed on Friday, supported by ongoing supply cuts and strong demand, although the prospect of rising U.S. shale output capped prices around recent gains.Analysts said the high prices were a result of efforts by the Organization of the Petroleum Exporting Countries (OPEC) and Russia to withhold supplies to tighten the market, as well as strong demand and rising political tensions. "Oil prices have rallied sharply over the past week. The latest catalyst for this move higher was the sharp rise in geopolitical tensions last weekend, with growing confidence in an OPEC extension and strong oil demand fueling the rally previously," said U.S. bank Goldman Sachs (NYSE:GS). But there were some words of caution. "This (oil upward) move may be short lived as it is possible that shale production can be brought back on stream relatively quickly," said Goldman's peer Morgan Stanley (NYSE:MS).  

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Crude Oil Gains In Asia In Rebound After Weak EIA Data Overnight - 9 Nov 2017

Commodity Intraday Tips
Gold Prices Dip In Asia As Trump-Xi Talks Underway. 
Gold dipped in Asia on Thursday as President Donald Trump got down to talks with China\'s President Xi Jinping over contentious trade issues and tensions on the Korean peninsula. Overnight, gold prices rose to a nearly three-week high on Wednesday as ongoing concerns over tax reform weighed on the dollar, boosting demand for the precious metal. Gold prices reversed losses from Tuesday’s session, as the dollar came under pressure on signs that the GOP Senate could derail Donald Trump’s Tax plan by delaying the implementation of corporate tax cuts, with reports suggesting that the Senate is considering a one-year delay. Gold prices are sensitive to moves lower in the U.S. dollar – A lower dollar makes gold cheaper for holders of foreign currency, thus, increases demand. The uptick in gold prices comes as recent data suggested that traders were slightly less bearish on the precious metal. 

SMM Output Data: Copper Concentrates Copper Rises 9.14% in October. 
SMM China’s copper concentrates output reaches 722,500 tonnes in October, 2017, rising 5.55% on monthly basis and 9.14% on yearly basis. The monthly rise in October keeps strong mainly because utilization of newly-extended capacity of Daye Nonferrous, Jiangtong Fuye and Dintong goes up, with obvious output increase of smelting plants as Zijin, Jinchuan, Jinlong. Meanwhile one smeliting plant which declined with its copper concentrates output in September due to short supply of anode copper resumes its production. 

Rio Tinto to Close Goff Alumina Refinery Permanently. 
Mining Giant Rio Tinto Announced recently, saying it will close Goff alumina refinery permanently and spend large amount of time and assets for industrial dismantling and recombination to promote environment benefits of the enterprise. Spain's gross value of imports was $309.6 billion in 2016. The import volume in Spain had been on the decline for the recent 5 years. It is estimated that Spain's import of aluminum oxide will increase in 2017.

Crude Oil Gains In Asia In Rebound After Weak EIA Data Overnight.
Crude oil gained in Asia on Thursday, rebounding from disappointing overnight U.S. inventory data and supported by continued expectations of a supply and demand rebalance.Overnight, crude oil prices settled lower on Wednesday after data showed crude supplies rose while production jumped to a record all-time high last week offsetting a larger-than-expected draw in refineries. Crude oil settled lower for the second day in row as concerns over a surge in US production weighed on upside while a mixed report from the Energy Information Administration (EIA) showing crude stockpiles rose while gasoline and distillate supplies fell weighed on sentiment.The negative day for crude prices came as China’s October oil imports fell to 7.3 million barrels per day from about 9 million barrels per day in September, according to data from the General Administration of Customs on Wednesday.

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