Gold gains in early Asia as political risk events eyed.- 27 Mar 2017
Gold gains in early Asia as political risk events eyed.
Gold prices gained in early Asia on Monday as investors see a week of political risk events, including Britain's move to formally start its break from the European Union. Prime Minister Theresa May will Last week, gold prices retraced gains late Friday but still notched up a second weekly rise as concerns over the Trump administration’s ability to push through its pro-growth economic agenda underpinned safe haven demand. Prices of the precious metal turned lower as the dollar steadied after Republican leaders dropped legislation to replace the Affordable Care Act before a planned vote in the House of Representatives, after it failed to gather enough support to pass.
Investors viewed the Trump administration's failure to push through a healthcare overhaul as a sign he may also face further setbacks delivering on other policy pledges including corporate tax cuts, regulatory reform and infrastructure spending. Set out how her government plans to restore sovereignty over Britain's laws on Thursday, publishing a detailed paper on ending "the supremacy of EU lawmakers," according to Reuters.
Philippines Allows 8 'Suspended' Miners to Ship Out Nickel Ore. The Philippines' environment ministry has allowed 8 suspended nickel ore mining firms to ship out stockpiles of mined ore, Reuters reported. The permission is aimed at limiting the potential buildup of silt in nearby waters, an official with knowledge of the order said, rather than the government toning down its campaign, according to the report. The volume of nickel ore stocks from the mines may well exceed 1 million tonnes, or about a month's worth of consumption by top buyer China, said the official, who declined to be named because he is not authorized to discuss the matter publicly. The total would likely be less than 5 million tonnes, he added.
China has topped the list of global aluminum producing countries from 2001, with total output of 230 million tonnes over the past 16 years, SMM reported from the SMM 2017 Copper & Aluminum Summit. Aluminum consumption reached 24 kilograms per capita in 2016, with 130 kilograms reserves per capita which totaled 178 million tonnes. China will enter peak aluminum consumption period in 2020, and per capita consumption will hover above 35 kilograms.
Crude prices dip in Asia as market mulls supply outlook.
Crude prices gave up early gains in Asia on Monday after a weekend meeting that saw some promise for the extension of a coordinated output cut by OPEC and non-OPEC key producers. At the weekend, a joint committee of ministers from OPEC and non-OPEC oil producers has agreed to review whether a global pact to limit supplies should be extended by six months. Oil sector analysts said the lack of an immediate extension could drag on crude prices.
Data from oilfield services provider Baker Hughes on Friday revealed that the number of active U.S. rigs drilling for oil rose by 21 last week, the tenth weekly increase in a row. That brought the total count to 652, the most since September 2015. Oil has fallen sharply this month amid concern that the ongoing rebound in U.S. shale production could derail efforts by other major producers to rebalance global oil supply and demand.
OPEC agreed in November last year to curb its output by about 1.2 million barrels per day between January and June. Russia and 10 other non-OPEC producers have agreed to jointly cut by an additional 600,000 barrels per day.
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