Gold drifted weaker in Asia on Tuesday as minutes from the Bank of Japan's July meeting - 27 Sep 2016

Commodity Intraday Tips

PRECIOUS METALS

Gold drifted weaker in Asia on Tuesday as minutes from the Bank of Japan's July meeting showed an easing push and investors awaited the outcome of a debate between the two main candidates for president in the U.S. Gold for December delivery on the Comex division of the New York Mercantile Exchange fell 0.21% to $1,341.25 a troy ounce.Overnight, gold prices swung between small gains and losses during North America's session on Monday, remaining near a two-week high as investors' attention turned from central banks to American politics ahead of the first U.S. presidential debate.

BASE METALS

LME copper will range at USD 4,820-4,865/mt on Tuesday and SHFE 1611 copper should fluctuate at RMB 37,650-37,900/mt.A series of major economic indicators are due for release today from China and the US. The US dollar index weakened overnight, while crude oil rose. Base metals fell at first and then climbed, mostly closing with gains. Base metals are expected to report big volatility today.Value-added at China’s large industrials accelerated on a year-on-year basis. And prices of some energy and raw material climbed, boding well for profit at China’s large industrials in August. Stabilizing fixed asset investment and improving property market in August will also lend a boost.

ENERGIES

Crude futures slipped in Asian trade on Tuesday as investors took profits after prices climbed more than 3 percent in the previous session.The dollar was also weighing on oil prices after rising against a basket of currencies, suggesting markets were judging Democrat Hillary Clinton as the winner in the first U.S. presidential debate with Republican candidate Donald Trump.A stronger greenback makes commodities like crude that trade on a dollar basis more expensive for consumers that pay in other currencies.Expectations of a build in U.S. crude stockpiles last week, according to a Reuter’s poll, also pressured prices amid concerns of a global oversupply.

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