Oil falls for third day as doubts over OPEC cuts linger

Gold gains in Asia on renewed risk sentiment on NKorea tensions.

Gold gained in Asia on Wednesday as geopolitical tensions on the Korean peninsula hit risk sentiment. North Korea said on Wednesday it is "carefully examining" plans for a missile strike on the U.S. Pacific territory of Guam, just hours after U.S. President Donald Trump told the North that any threat to the United States would be met with "fire and fury. "Overnight, gold prices edged lower on Tuesday, pressured by a rebound in the dollar, after U.S. job openings topped forecasts, pointing to an improving labor market, lifting expectations the Federal Reserve will keep to its plan to raise rates at least once more this year. Losses in the precious metal were limited, however, as some Fed members suggested that the slowdown in inflation will continue to weigh on the Fed’s ability to raise rates even if the U.S. job market continues to improve.

SHFE Zinc Surges to 6-Month High after Sichuan Earthquake, SMM Reports.

SHFE 1710 zinc rose to the highest from February 2017 after the 7-magnitude earthquake shook Sichuan Province, hitting 24,590 yuan per tonne, SMM and China Refined Zinc Output Falls in July, but to Grow in August alonh holding strong upward momentum , SMM Says. Lead and zinc mines in Aba prefecture, Sichuan, where the earthquake occurred, felt the quake. Workers and staffs of mines have retreated. SMM will continue to track the impact on their production.

China Aluminum Output to Drop MoM in August as Cuts Outpace New Capacity, SMM Expects.

China’s aluminum production will fall in August from July’s level since production cuts will outpace commissioning of new capacity, SMM predicts. In July, Shandong Weiqiao, Shandong Xinfa, Xinjiang East Hope, Inner Mongolia Jinlian, Xinjiang Jiarun and other smelters cut output, while Baotou Huayun and Sichuan Bomei, among others, added new capacity or restarted closed capacity. Output cuts outpaced new capacity, though.

Oil falls for third day as doubts over OPEC cuts linger.

Crude futures fell for a third day on Wednesday despite a bigger than expected fall in U.S. oil inventories reported by an industry group, with doubts lingering over OPEC's ability to restrain supply as promised. Crude stockpiles in the U.S. dropped more than expected last week as imports declined and refinery runs increased, while gasoline inventories increased unexpectedly, the American Petroleum Institute said late on Tuesday. The market seems immune to bullish signs of falling stockpiles as the Organization of the Petroleum Exporting Countries (OPEC) and other major producers struggle to maintain compliance with a deal to cut output. Officials from a joint OPEC and non-OPEC technical committee said on Tuesday that they expect greater adherence to the pact to cut 1.8 million barrels per day in production.

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