Crude gains in Asia on bigger than seen API draw, gasoline weighs - 10 May 2017

Gold gains in Asia as Trump's firing of Comex sparks policy concerns.  
Gold gained in Asia on Wednesday as markets reacted to a decision by President Donald Trump to dramatically fire FBI Director James Comex, fearing that the resulting political blowback could further derail efforts at tax cuts and other economic policy aims.  Elsewhere, China reported consumer prices for April rose 1.2%, more than the 1.1% gain seen year-on-year and producer prices gained 6.4%, less than the expected 6.9% rise.  Overnight, gold prices traded lower on Tuesday, as investors continued to ditch safe-haven assets, after Emmanuel Macron’s victory in the French election eased uncertainty while a surge in rate hike expectations weighed on upside momentum.  

BHP Billiton May Sell Cerro Colorado Copper Mine in Chile.  
BHP Billiton said Wednesday it is mulling over sales of Cerro Colorado copper mine in Chile, with assessment work in early stage, reported. It remains unsure whether a sales agreement will be reached. Chile Copper Output Slid 23% in March after Escondida Hurt by Strike Glencore Copper Output Slide in First Quarter, Leaves Target untouched in 2017. Cerro Colorado copper mine is located in Tarapac√°, Chile. It produced 77,000 tonnes of copper in 2016 fiscal year.  

India Nickel Scrap prices down; Nickel Futures remain flat.  
India major nickel scrap prices showed a down trend on the Scrap Register Price Index as on Monday, while nickel futures prices at India's Multi Commodity Exchange remained flat aided by higher steel prices in China. Trader where caution as Philippine President Rodrigo Duterte has appointed a former military man as the new environment minister after Congress dismissed his first choice, who ordered the closure of more than half of the mines in the world's top nickel ore supplier.  

Crude gains in Asia on bigger than seen API draw, gasoline weighs.  
Oil Crude gained in Asia on Wednesday as industry estimates showed a much sharper draw in U.S. crude inventories expected, though higher than seen gasoline stocks dimmed sentiment. On the New York Mercantile Exchange crude futures for June delivery rose 0.72% to $46.21 a barrel, while on London's Intercontinental Exchange, Brent was last quoted up 0.14% to $49.02 a barrel.  Russian energy Minister Alexander Novak said on Monday, that a production cut extension for a longer period will help “speed up” market rebalancing while Saudi oil chief Khalid Al-Falih said that he was “confident the agreement will be extended into the second half of year and possibly beyond”.  

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