China Copper Cathode Output Goes Up in March, and to Decline in April, SMM Surveys

Is $1,300 Gold In The Cards? - Analysts.

While the U.S. dollar is showing some resilience following a massively disappointing March jobs report, it might not have much impact on gold as investors focus on growing geopolitical risks, according to some analysts. Gold is ending the week near a five-month high because of renewed safe-haven demand after the U.S. launched 59 missiles at a Syrian military airbase overnight. The market also added to its gains after the U.S. government reported only 98,000 jobs were created last month, much less than expected.

China Copper Cathode Output Goes Up in March, and to Decline in April, SMM Surveys.

China’s copper cathode output expanded 1.18% MoM to 642,000 tonnes in March but dropped 0.47% YoY and that totaled at 1.91 million tonnes in the first three months of 2017, up 2.11% YoY, according to SMM’s survey. On a monthly basis, Ningbo Shimao Copper Industry resumed 100,000 tonnes of copper cathode capacity, growing copper cathode output in March. Moreover, Shandong Xianghui Copper Industry put 100,000 tonnes of copper cathode capacity into operation in the month but contributed limited output due to tight copper scrap supply.

Oil prices firm on strong demand, political uncertainty in Syria.

Oil prices were firm on Monday, supported by strong demand and political uncertainty in Syria, although another rise in U.S. drilling activity kept a lid on gains. Traders said prices were being supported by strong demand, and also political uncertainty following the U.S. missile air strikes on Syria late last week. ANZ bank said on Monday that strong oil demand and "an unsettled global backdrop (is) leaving the market very finely balanced." However, another increase in U.S. oil drilling, which has run up for 12 straight weeks to 672 rigs - the highest level since August 2015, kept markets from breaking last week's one-month highs of over $56 per barrel. Bank Goldman Sachs said following the rig data release that year-on-year U.S. oil production "would rise by 215,000 barrels per day in 2017" once a backlog of production waiting to be brought back online was taken into account.

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