Gold gains in Asia as Trump probe widens with counsel appointment -18 May 2017
Gold gains in Asia as Trump probe widens with counsel appointment.
Gold rose in Asia on Thursday after U.S. Justice Department Deputy Attorney General Rod Rosenstein appointed former FBI director Robert Mueller as special counsel to take over the investigation of Russia's alleged interference in the U.S. presidential election. Overnight, gold futures soared to a two-week high on Wednesday, as investors poured back into the safe-haven trade, after U.S. political turmoil and a recent batch of downbeat economic data dampened investor appetite for riskier assets. Dollar-denominated commodities such as gold are sensitive to moves in the dollar – A dip in the dollar makes gold cheaper for holders of foreign currency and thus, increases demand. According to investing.com’s Fed rate monitor tool only 58% of traders expect the Federal Reserve to hike its benchmark rate in June, compared to nearly 70% of traders in the previous week.
WBMS: Global Copper Surplus Reaches 148,000 tonnes in January-March.
World Bureau of Metal Statistics (WBMS) said on its website global copper surplus was 148,000 tonnes in January-March, 2017, which was 199,000 tonnes in 2016, according to wenhua.com. Global copper production at mines totaled 4.97 million tonnes in the first three months of 2017, up 2.2% on a yearly basis. Global copper cathode production decreased 0.1% year-on-year to 5.76 million tonnes. WBMS: Global Zinc Market Sees 86,000 tonnes Glut in First Quarter
WBMS: Global Aluminum Deficit Eases Significantly during January-March 2017.
Global primary aluminum market was in a deficit of 356,000 tonnes in Q1 2017, compared with a staggering shortage of 1.12 million tonnes in the whole of 2016, according to latest data from World Bureau of Metal Statistics (WBMS).LME aluminum will find support from a weaker US dollar, but will meet strong resistance at USD 1,930/mt and should move at USD 1,917-1,935/mt today.
Oil prices dip as supply remains ample despite output cuts.
Oil prices dipped on Thursday, weighed down by plentiful supply despite ongoing efforts led by OPEC to tighten the market by cutting production.Overall oil supplies remain ample, with large amounts of crude from the United States and other producers being shipped to the big consumer regions in northern Asia, undermining the OPEC-led efforts to tighten the market. The Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia have pledged to cut production by almost 1.8 million barrels per day (bpd) during the first half of 2016, a deal likely to be extended until the end of March 2018. North Sea oil shipments to Asia have also been at record highs this year, with 19 tankers delivering in Q1, and a similar amount expected to go to Asia in the second quarter.
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