Crude Oil Prices Edge Higher In Asia, U.S. Rig Count Ahead - 29 Sep 2017

Commodity Intraday Tips
Gold Prices Dip In Asia With India In Focus As China Holidays Ahead - Gold prices fell slightly in Asia on Friday as investors looked for support from physical markets in India with China entering a week-long holiday period next month and trade expected to ease. India's festival season gets in swing next month with demand for physical gold typically strong. Overnight, gold prices were roughly unchanged on Thursday, as dollar weakness capped downside momentum but the precious metal remained under pressure amid investor expectations of a year-end interest rate hike. Gold futures attempted to halt the recent slump, which has seen the precious metal dip below $1,300, supported by a dip in the dollar which followed a pair of mixed economic reports. Fresh on the heels of the upbeat economic growth data, a labor market report showed the number of Americans filing for unemployment benefits rose more than expected last week. A jump in investor expectations for a December rate, however, is expected to weigh on upside momentum in gold prices. “We suspect that gold will likely remain on the defensive for a little while longer, as the market currently is in the throes of a higher dollar/higher rates backdrop,” said Edward Meir, independent commodity consultant at INTL FCStone.

China Refined Nickel Imports to Grow in September, SMM Foresees -
The profitable import window for refined nickel was open for most of second month of September, a favorable factor for imports. Premiums for Russian Nickel in Bonded Area Rise Rapidly. Moreover, September is the delivery month of SHFE three-month nickel contract, and this will also stimulate import enthusiasm. China’s imports of refined nickel were off 15 per cent in August on a monthly basis.

BHP Billiton: Copper to Be the First to Benefit from Electric Car Revolution - 2017 will be the year of revolution for electric cars and copper will be the metal of the future, Arnoud Balhuizen, Chief Commercial Officer at BHP, said. Global Car Giants Betting on Chinese Electric Vehicle Market. Currently, electric cars account for roughly 1 million units out of 1.1 billion cars worldwide. But, the number of electric cars will rise to 140 million vehicles by 2035. China to Set Timetable for Ban Fuel Vehicle Sales.

Crude Oil Prices Edge Higher In Asia, U.S. Rig Count Ahead - Crude oil prices edged higher on Friday in Asia with sentiment underpinned by an ongoing rebalance of supply and demand and geopolitical tensions over rumblings for Kurdish independence in Iraq.Overnight, crude oil prices settled lower on Thursday as traders unwound some of their bullish bets on crude but sentiment on oil remained positive following inventory data on Wednesday showing a surprise draw in crude oil supplies. Crude oil prices fell as investors appeared to take profit on the recent rally which has seen oil prices hit multi-month highs on expectations that higher global demand would nudge the market closer toward rebalancing. Crude oil prices are on track extended their weekly winning streak to four weeks following strong gains earlier this week on the back of data showing weekly crude exports jumped to their highest on record while refinery activity showed signs of stabilizing.

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