Gold dips in Asia as investors note UN Security Council rap of NKorea

Gold dips in Asia as investors note UN Security Council rap of NKorea.

Gold dipped slightly in Asia on Wednesday a day after it spiked on a North Korean missile test over Japan with investors poised to react anew to fresh provocations after the United Nations Security Council condemned Pyongyang again for ramping up its weapons programs. Overnight, gold prices remained supported despite easing from nearly 11-month highs on Tuesday, as the dollar pared some of its losses but geopolitical uncertainty limited downside momentum. The rally, however, was short lived as traders appeared to take profit on the precious metal’s spike to multi-month highs, following a rebound in the dollar amid better-than-expected consumer confidence data.

Codelco Sees Copper Roll Back Gains in Near Term, but Bullish in Medium-to-Long Term.

Codelco President Oscar Landerretche said on Tuesday copper prices may fall from 3year high in the coming few months. Rio Tinto Copper Ore Output Declines in Q2 2017. Nevertheless, he is cautious toward recent gains in copper prices. Nevertheless, he is optimistic toward copper prices in the medium-to-long term. Barclays: Bull Run for Much Inflated Copper May End Soon, Copper Price to Slide in 2018.

South Korea Aluminum Foil Sales Grow in H1 2017.

Sales by aluminum foil producers in South Korea rose on a yearly basis in H1 2017, according to Korea Nonferrous Metal Association (KONMA). Aluminum Price Rise Cycle Just Begins. Sales totaled 48,500 tonnes in H1 2017, up 4.7% year-on-year. Of them, domestic sales rose 6.3% year-on-year to 28,800 tonnes, while exports rose 2.6% year-on-year to 19,600 tonnes. Environmental Crackdowns Hurt Aluminum Consumption, SMM Survey.

Crude oil prices dip in Asia despite API draw, EIA awaited.

Crude oil prices dipped in Asia on Wednesday despite a massive draw in U.S. stocks reported by an industry body as inevstors looked ahead to the impact of Hurricane Harvey on supply and demand in the coming months. Investors will now look ahead to official data from the Energy Information Administration on Wednesday. Overnight, crude futures settled lower for the second day in a row, as investor concerns grew over a fall in demand for U.S. oil, after Hurricane Harvey tore through Texas, shutting down more than 16% of overall U.S. capacity. Crude oil’s poor start to the week continued, as Hurricane Harvey wreaked havoc in Texas, ripping through the heart of the U.S. oil industry, knocking out several refiners in the region, weighing on refining capacity. About 3 million bpd of U.S. refining capacity had already been shut, with more shutdowns expected, sparking concerns over an excess in crude oil supplies, the primary input at refiners. U.S. crude production also came under pressure due to Harvey, however, analysts believe the impact of lower crude demand at refineries would outweigh the dip in crude oil production.

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