Gold gains in Asia as China Caixin manufacturing PMI gains -1 Aug 2017

Gold gains in Asia as China Caixin manufacturing PMI gains. 

Gold prices gained in Asia on Tuesday with regional currencies showing some gains on the dollar by regional currencies after a better than expected Caixin manufacturing PMI for July. Overnight, gold prices fell below breakeven on Monday, despite a more than fourteen-month slump in the dollar on the back of growing uncertainty whether the Federal Reserve will keep to its plan to raise rates at least once more this year. Gold prices in India last week recorded the biggest discount in seven months as a rebound in prices hurt retail demand while imports of the precious metal are expected to come under pressure amid a seasonal slowdown. Meanwhile, political uncertainty from Washington continued to limited downside in gold prices, as the Trump administration struggles to deliver on its economic agenda which includes tax-reform, after the U.S. Senate rejected a bill to repeal Obamacare.  

   

Why Sellers Dominate in Shanghai Imported Copper Market? SMM Reports.  

Yangshan copper premiums have been climbing steadily as sellers take the upper hand in Shanghai imported copper market, SMM found. High yields from bank financing products could cover some capital costs for holding goods on hand. Hence, traders are under no pressure to sell, SMM explained. Besides, overwhelming bullishness over premium outlook also leaves traders unwilling to sell.  

Nornickel Reports 15 Per cent Decline in Nickel Output in Q2 2017, and Palladium Production Ups. 

Norilsk Nickel (Nornickel) announced on Monday that its nickel output fell 15 per cent in Q2 on a yearly basis.  What’s Nickel Price Outlook after Shining Week? SMM Reports. Lopez also imposed a ban on open-pit mining and demanded a bigger government share in mining revenues, but her orders are now under review, according to a senior official of the Mines and Geosciences Bureau.  

   

Crude gains in Asia after China Caixin manufacturing PMI surprises. 

Crude gained on Tuesday in Asia as China's Caixin manufacturing index showed a surprise July gain, underlying demand prospects."Operating conditions in the manufacturing sector improved further in July, suggesting the economy's growth momentum will be sustained," Zhengsheng Zhong, an economist at CEBM Group, said in a statement accompanying Tuesday's release. "That said, it's unlikely that financial regulatory tightening will be relaxed."Overnight, crude futures settled higher on Monday, as investors cheered news of a producers’ meeting slated for next week and possible sanctions from the U.S against Opec-member Venezuela.Opec’s compliance rate with deal to curb production, fell to 78% in June, the IEA said in its report earlier this month. 

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