India Brass, Copper Scrap prices fall; Copper Futures gain - 2 Jun 2017

Commodity Intraday Tips

Gold drifts weaker in Asia, yuan eyed as buying cue.   
Gold drifted weaker in Asia on Friday as investors kept a close eye on the yuan after it surged to a near seven-month high on Thursday for signs the stronger currency may lead to some bullion buying. The nonfarm payrolls report on Friday, is expected to show that the U.S. economy created 185,000 jobs last month, and will be closely watched as it is the final jobs report before the Federal Reserve Open Market Committee (FOMC) meets in June. According to investing.com’s Fed rate monitor tool nearly 90% of traders expect the Fed to hike its benchmark rate in June from 0.75-1% to 1-1.25%.Overnight, gold dipped on Thursday, pressured by a rebound in the dollar, after a surge in number of private sector jobs the U.S. economy created last month, set an upbeat tone ahead of Friday’s closely watched monthly jobs report.  

India Brass, Copper Scrap prices fall; Copper Futures gain.  
India's major brass and copper scrap prices fell on Scrap Register Price Index as on Wednesday, while copper futures prices at India's Commodity Exchange settled higher as the data showed Chinese manufacturing sector expanded at a solid pace in May. China's data reveled that growth in China's manufacturing sector in May kept pace with the previous month, an official survey showed on Wednesday,  

India Nickel Scrap prices decline; Nickel Futures drop 2.11 percent  
India's major nickel scrap prices declined on the Scrap Register Price Index as on Wednesday, while nickel futures prices at India's Multi Commodity Exchange dropped by 2.11 percent tracking the weakness in nickel prices at London Metal Exchange.  
   
U.S. crude down in Asia on climate change, supply cues awaited. 
U.S. crude fell in Asia on Friday after President Donald Trump abandoned a 2015 pact between 195 nations to tackle climate change and investors awaited further supply cues. Overnight, crude futures settled higher, after data on Thursday showed that supplies of U.S. crude fell more than expected and were down for the eighth consecutive week, easing concerns that rising US oil output would undermine OPEC and its allies’ efforts to curb supply. OPEC and non-OPEC members agreed to extend production cuts for a period of nine months until March last week, but stuck to production cuts of 1.8 million bpd agreed in November last year, against expectations that the oil cartel was set to announce deeper production cuts.   

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