Gold dips in Asia ahead of US nonfarm payrolls - 4 Aug 2017

Commodity Intraday Tips
Gold dips in Asia ahead of US nonfarm payrolls.
Gold dipped in Asia on Friday with nonfarm payrolls ahead expected to set dollar direction seen as crucial for overseas buyers from major importers such as India and China. Overnight, Gold prices traded slightly below break even but remained close to seven-week highs on Thursday as investors awaited nonfarm payrolls data for clues about the strength of the economy amid a dip in expectations the Federal Reserve will keep to its plan to raise rates once more this year. Gold struggled to for direction in early morning U.S. trade, as investors remained cautious of initiating large positions in the yellow-metal ahead of nonfarm payroll data on Friday, expected to provide further clues on the outlook for interest rate increases. Gold has edged higher in recent weeks, as investor uncertainty concerning the pace of U.S. interest rate increases continued.
 
World Largest Iron, Zinc Dust Processing Line Passes Acceptance Check.
China Zinc Producer Sihuan Posts Sharp Rise in Profit in First Half on Technical Reform. The production line is built jointly by Shasteel and Beijing Shenwu Environment & Energy Technology Corp. Zinc Price Buoyant as One Large Chinese Zinc Smelter to Cut Output for Maintenance in August, SMM Reports. It realizes recycling of iron and zinc dust resources, and will helps push energy saving and emission reduction in domestic steel industry.

Chalco Cuts Aluminum Prices on Fading Impact from Output Cut Rumor at China Hongqiao.
China Aluminum International Trading Co. (Chalco Trading) cut aluminum prices it offered in major markets today after yesterday’s dramatic hike. SHFE Aluminum Soars after Much-Higher-than-Expected Cut Rumor at China Hongqiao. China Aluminum Stocks Surge Again After Hitting All-Time High, SMM Says. handong Xinfa Group had completed shutdown of illegal aluminum capacity as of July 28.
 
Oil prices dip on high OPEC supplies, rising U.S. production.
Oil markets dipped on Friday, with U.S. crude remaining below $50 per barrel, restrained by rising output from the United States as well as producer club OPEC. Traders said prices were being pulled down by rising output, although strong demand prevented bigger drops. "Developments this week have seen some pessimism return to markets," National Australia Bank said in its August outlook. Crude oil exports by the Organization of the Petroleum Exporting Countries (OPEC) rose to a record high in July, driven largely by soaring exports from the group's African members, according to a report by Thomson Reuters Oil Research this week. In the United States, oil production has hit 9.43 million bpd, the highest since August 2015 and up 12 percent from its most recent low in June last year. Strong demand is still preventing prices from falling.

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