Crude Oil Prices Drop In Asia With Markets Still Supported On Demand Views

Gold Prices Dip In Asia On Stronger Dollar, India Demand Eyed.

Gold prices fell in Asia as the dollar showed gains, making the commodity priced in greenbacks more expensive for key buyers in countries such as China and India. Overnight, Gold prices fell sharply on Wednesday amid a rally in the dollar on the back of rising expectations of a year-end rate hike and tax reform. Expectations grew that tax reform will be implemented sooner rather than later supporting a move higher in dollar, pressuring gold prices as Republicans in the U.S. Congress and the White House unveiled plans to change America’s tax code in a proposal that slashes taxes on businesses the wealthy. Dollar-denominated assets such as gold are sensitive to moves in the dollar – A rise in the dollar makes gold expensive for holders of foreign currency and thus, reduces demand. That added further pressure on the yellow metal amid an uptick in expectations for a Federal Reserve rate hike later this year following economic data showing the economy continued to strengthened. According to investing.com's fed rate monitor tool, nearly 80% of traders expect a December rate hike, compared to about 60% a week ago..

LME Aluminum to Hover at Lows.

LME aluminum will move within USD 2,120-2,140/mt today, meeting resistance at the 10day moving average and testing support at the 20-day moving average due to a stronger US dollar. Positions of SHFE 1711 aluminum fell sharply due to risk aversion before upcoming week-long holiday. SHFE 1711 aluminum will range RMB 16,200-16,500/mt.

Jinchuan Group Cuts Nickel Price 1,200 yuan.

Jinchuan Group reduced nickel ex-works price by 1,200 yuan on Thursday. One Stainless Steel Mill in South China Enters Market for High-grade NPI Purchases. After the cut, its ex-works price was down to 84,800 yuan per tonne (nickel plate), and 86,000 yuan per tonne (small ones, in barrel), respectively.

Crude Oil Prices Drop In Asia With Markets Still Supported On Demand Views .

Crude oil prices fell in Asia with the markets still supported by supply and demand fundamentals and with the U.S. market eyed for fresh demand cues if the Trump administration manages to pass a massive tax cut.Overnight, crude oil prices settled higher on Wednesday, as traders cheered data showing an unexpected draw in U.S. crude supplies pointing to a recovery in refinery activity and exports following disruptions due to Hurricane Harvey in August. Crude prices initially struggled to capitalise on a report from the Energy Information Administration (EIA) showing crude stockpiles unexpectedly fell last week as investors weighed the dip in crude stockpiles against a rise in gasoline inventories for the first time in four weeks.The draw in U.S. crude inventories comes against a three-week build of stockpiles as refinery shutdowns due to Hurricane Harvey weighed on demand for crude oil, the primary input at refiners.

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