Gold gains in Asia as Fed chief comments to Congress noted.

Gold gains in Asia as Fed chief comments to Congress noted.

Gold prices gained in Asia on Wednesday despite mildly hawkish comments by the Fed chief on the need to raise rates sooner rather than later. Gold for April delivery on the Comex division of the New York Mercantile Exchange gained 0.14% to $1,227.15 a troy ounce, while silver futures for March delivery rose 0.18% to $17.922 a troy ounce. Overnight, gold prices came off the strongest levels of the session in North American morning trade on Tuesday, after Federal Reserve Chair Janet Yellen told Congress that waiting too long to raise interest rates would be "unwise" as economic growth continues and inflation rises. Yellen said that even though the Fed expects to hike gradually and to keep policy accommodative, getting rates back to normal levels is important and hikes will be considered ahead.

China Copper Cathode Self-Sufficiency Ratio Increases on Expanding Capacity, SMM Says.

As the largest copper consuming country in the world, China is heavily reliant on imported goods. Copper imports surged over recent years with growing demand. Meanwhile, self-sufficiency ratio also increased, SMM says. China’s copper smelting capacity is still in supply shortages, so China needs to import large amounts of copper each year. Copper cathode imports totaled 3.63 million tone’s in 2016, up 334.63% from 2001, according to China Customs data.China’s copper smelting capacity expanded noticeably over recent years due to rising spot TCs of copper concentrate, higher profit at smelters, the need of local governments to increase fiscal revenue and stronger domestic demand. This increased China’s self-sufficiency ratio of copper cathode, SMM said.Domestic copper cathode capacity totaled 10.80 million tone’s in 2016, up 91% from 2008, according to SMM data. In this scenario, domestic copper cathode output increased from 3.71 million tone’s in 2008 to 7.76 million tone’s in 2016. SMM data show China’s self-sufficiency ratio of copper cathode rose from 62.5% in 2010 to 70.97% in 2016 as output grows.

Crude dips in Asia as API estimates show larger stock build than seen.

Oil prices dipped slightly in Asia on Wednesday with the market shrugging off a much larger than expected build in U.S. inventories reported by an industry group.On the Intercontinental Exchange in London, Brent for April delivery fell 0.13% to $55.77 a barrel. On the New York Mercantile Exchange, crude oil for delivery in March eased 0.43% to $52.970.Crude oil inventories jumped 9.94 million barrels the end of last week, more than expected, according to estimates from the American Petroleum Institute (API) on Tuesday. Gasoline stocks rose 720,000 barrels and distillate stocks increased by 1.5 million barrels.Official data from the U.S. Energy Information Administration (EIA) is due on Wednesday. A poll of analyst sees crude oil inventories up 3.175 million barrels, while distillates and gasoline supplies are each seen down by 1.15 million barrels.

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