Gold prices were quoted lower ahead of early Asian trade on Wednesday - 30 Nov 2016

Commodity Intraday Tips,

PRECIOUS METALS

Gold prices were quoted lower ahead of early Asian trade on Wednesday with investors on the watch for news on prospects for an OPEC effort to curb output in a move that has implications for global growth and inflation outcomes. Gold futures on the Comex division of the New York Mercantile Exchange were last quoted at $1,186.50 a troy ounce, down 0.36%. Overnight, gold prices were lower Tuesday as upbeat U.S. economic reports underlined the view that the Federal Reserve will hike interest rates in December, underpinning dollar demand.

BASE METALS

Data from Japan’s Ministry of Finance showed Japan’s copper exports increased 41.2% year-on-year to 47,225,793 kg in October, according to wenhua.com. Chilean government reported November 29 the country’s copper output dropped 11.1% year-onyear to 445,117 tonnes in October, wenhua.com reported. The decline in copper output is mainly because a copper processor ceased production due to technical factor. Eurozone November CPI will be released today, which is expected to be upbeat thanks to Quantitative Easing by European Central Bank. Deutsche Bank has increased long-term bond yields to strengthen its profitability, though.

ENERGIES

Crude oil prices rebounded mildly in Asia on Wednesday after a draw reported in industry inventory data from the U.S. and as speculation swirls on OPEC's production plans ahead of a crucial meeting in Vienna. U.S. crude oil on the New York Mercantile Exchange traded at $45.39 a barrel, up 0.35%.
Prices were weighed Tuesday by conflicting media comments that call into question OPEC's ability to come to agreement about a cut in production. OPEC members will meet Wednesday in Vienna, Austria.

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