Gold prices rebounded on Tuesday in Asia as investors - 20 Sep 2016

Commodity Intraday Tips

PRECIOUS METALS

Gold prices rebounded on Tuesday in Asia as investors looked ahead to central bank policy reviews in Japan and the U.S. on Wednesday. Gold for December delivery on the Comex division of the New York Mercantile Exchange rose 0.11% to $1,319.15 a troy ounce.Overnight, gold prices held on to overnight gains during North America's session on Monday, as the U.S. dollar slipped amid expectations of no rate change from the Federal Reserve this week.The Federal Reserve is not expected to take action on interest rates at the conclusion of its two-day policy meeting at 2:00PM ET on Wednesday.

BASE METALS

LME copper is expected to range at USD 4,740-4,770/mt on Tuesday and SHFE 1611 copper will move at RMB 37,100-37,400/mt.Overnight, base metals on both LME and SHFE market stayed firm, supported by softer dollar. But further gains on base metal market will be curbed by market caution before US September FOMC meeting. Focus will be on those economic figures on Tuesday, including US August housing starts, building permits and Germany’s August  PPI.Philippines is likely to suspend more Nickel mine operations as it does not meet environmental standards. The country may suspend at least 10 more mines.

ENERGIES

Crude oil fell in Asia on Tuesday on profit-taking after support based on higher chances of an output freeze by major producers and turmoil in Liby. U.S. crude on the New York Mercantile Exchange for November delivery fell 0.55% to $43.62 a barrel.Later Tuesday, the market turns attention to industry estimates of refined product and crude stocks in the U.S. last week from the American Petroleum Institute. The figures will be followed Wednesday by more closely-watched data from the U.S. Department of Energy.


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