Gold edged higher in Asia with Japan CPI shrugged off - 28 July 2017

Commodity Intraday Tips
Gold edged higher in Asia with Japan CPI shrugged off.  
Gold held an edge in Asia on Friday with Japan prices data showing little impact and the market seen steady until more clarity arrives on U.S. economic policies. Overnight, gold prices traded higher on Thursday, shrugging off a rebound in the dollar, as investors continue to pile into the precious metal amid expectations that the Federal Reserve could keep interest rates low for longer than initially anticipated. Despite an uptick in the dollar, gold futures continued to advance, adding to gains from the prior session, as investors expected the Federal Reserve to keep rates low for a prolonged period in the wake of central bank’s unchanged rate decision. As was widely expected, the Federal Reserve stood pat on interest rates Wednesday, keeping its benchmark rate in a target range of 1%-1.25% while expressing concerns about the slowdown in inflation, pushing the dollar to fourteenmonth lows.   

China Minmetals’ Refined Copper Output Falls in Q2 2017, and Copper Concentrate Output Surges.  
China Minmetals produced 35,500 tonnes of refined copper in Q2 2017, down 6% YoY. LME Copper Shoots Up 4% on China’s “Category 7” Scrap Metal Import Prohibition, SMM ReportsChina Scrap Lead-Acid Battery Recycling Industry Faces Reshuffle amid Strict Environmental Checks, SMM Reports. The company also produced 332 tonnes of molybdenum concentrate at the same period.  

Rusal Sees Additional Massive Aluminum Closures in China Before End of 2017.   
Apart from already shutdowns of illegal aluminum capacity under operation and construction, Rusal estimated that more capacity will be closed in China by the end of this year. Aluminum Stocks Grow Sharply in China Major Markets, SMM Says. Winter cuts required by Chinese government may result in an annualized production loss of 1.2 million tonnes, Rusal estimates.  

Oil prices dip but stay near eight-week highs on U.S. stock declines. 
Oil prices edged lower on Friday but were still near 8-week highs, buoyed by a decline in U.S. inventories and OPEC's ongoing efforts to curb production.oth benchmarks rose to their highest levels since May 31 in the previous session, buoyed by a rally in U.S. gasoline futures after earlier support from OPEC's latest efforts to cut exports and a sharp fall in U.S. crude inventories. "Crude oil prices rose further as the focus remained on fundamentals. This week's better-than-expected inventory drawdown in the United States continued to support prices," ANZ bank said in a note."Following seasonal norms we expect further declines in crude inventories over August and September," BMI Research said. Brimming U.S. crude supplies have been a challenge to production cuts to prop up prices led by the Organization of the Petroleum Exporting Countries. 

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