Barclays: Copper Price to Fall in Back Half of 2017 on China Reason.- 20 Jun 2017

Commodity Intraday Tips

Gold points weaker in Asia on stronger dollar, Fischer awaited.
Gold pointed weaker in early Asia Tuesday on overnight gains in the dollar that make buying the greenback-denominated precious metal more expensive for key importers. Overnight, gold prices fell on Monday, weighed by an uptick in the dollar after upbeat comments on inflation from the head of the New York Federal Reserve increased expectations of a rate hike this year. Gold futures came under pressure on Monday, as Bill Dudley, head of the New York Federal Reserve, downplayed the recent slowdown in inflation, adding that halting rate increases at this point would be dangerous. In a rising interest rate environment, investor appetite for gold weakens as the opportunity cost of holding the precious metal increases relative to other interest-bearing assets such as bonds.
Barclays: Copper Price to Fall in Back Half of 2017 on China Reason.
Barclays lowered its forecast for copper prices in the second half of 2017, according to Copper prices may fall to $2.50 per pound in the second half of this year due to slower demand, which is a result of tightening credit in China. India's major brass and copper scrap prices remained flat on the Scrap Register Price Index as on Thursday, while copper futures prices at India's Multi Commodity Exchange advanced slightly, after the U.S. Federal Reserve raised rates for the second time this year, boosting financing costs for industry.

Chalco Hikes Aluminum Prices Dramatically in Major Markets.China Aluminum International Trading Co. (Chalco Trading) raised aluminum prices it offered in major markets considerably today after hike in previous day.
Oil prices hold near seven-month lows, glut keeps dragging.
Oil markets held around seven-month lows on Tuesday as investors focused on persistent signs of rising supply that are undermining attempts by OPEC and other producers to support prices. That was their lowest since Nov. 29, the day before the Organization of the Petroleum Exporting Countries (OPEC) and other producers agreed to cut output for six months from January. "Recent data points are not encouraging," Morgan Stanley (NYSE:MS) said in a research note. "Identifiable oil inventories - both crude and product in the OECD, China and selected other nonOECD countries - increased at a rate of (about) 1 (million bpd) in 1Q." OPEC supplies jumped in May as output recovered in Libya and Nigeria, two countries exempt from the production cut agreement. Analysts said rising U.S. crude production has fed the global glut. Data on Friday showed a record 22nd consecutive week of increases in U.S. oil rig numbers..

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