Gold gains in Asia on Korea tensions ahead of national founding day

Gold gains in Asia on Korea tensions ahead of national founding day.

Gold gained in Asia on Friday as investors awaited a potential ICBM test by North Korea on Sept. 9, to mark its founding as a nation with regional views mixed on the prospect for actual military confrontation. Overnight, gold prices surged on Thursday on the back of a weaker dollar, following data showing weakness in labor market but gains were capped as expectations grew that the European Central Bank is moving closer to tightening monetary policy. Following the European Central Bank’s decision to keep interest rates unchanged, ECB president Mario Draghi said that ECB policymakers would likely make a decision on tapering monetary policy in October but did expressed concerns over the sharp rise in the euro. Draghi said that the currency’s strength “represents a source of uncertainty which requires monitoring with regard to its implications for the medium term outlook for price stability." The sharp rise in the euro came amid a slump in the dollar following data showing initial jobless claims hit a two-year.

China Copper Ore and Concentrate Imports Up Jan-Jul to Echo Recovery in Overseas Supply, SMM Says.

China’s copper ore and concentrate imports increased 2.33% YoY during Jan-Jul to 11.11 million tonnes, according to China Customs. Goldman Sachs Sees Copper Price Fall in 6-12 Months. This may be a sign overseas copper ore output has recovered, SMM said. SMM Releases Copper PMI in August and September Forecast. Production at major domestic copper rod producers in SMM survey sample fell in August on a yearly basis, Shanghai Metals Market survey finds.

Large Aluminum Alloy Wheel Hub Project Enters Operations in Hebei.

Qinhuangdao SINOLION Investment Holdings and CITIC Dicastal put their co-invested aluminum alloy wheel hub project into operation recently in Qinhuangdao, Hebei province. The project has the capacity to produce 3 million pieces of aluminum alloy wheel hubs per year.

Oil markets move little with industry in grip of Caribbean hurricanes.

Oil prices were little changed on Friday as the international petroleum industry remains in the grip of Caribbean hurricanes which have pummeled the region for the last two weeks. "The oil market was little changed, as the recovery from Hurricane Harvey stalled at the same time that Hurricane Irma threatened to disrupt the sector in Florida," ANZ bank said. Hurricane Harvey hit the U.S. Gulf coast two weeks ago, knocking as much as a quarter of the country's huge refinery industry, as a result of which demand for crude oil - refining's lifeblood - fell sharply.Port and refinery closures along the Gulf coast and harsh sea conditions in the Caribbean have also impacted shipping. "Imports (of oil) to the U.S. Gulf Coast fell to levels not seen since the 1990s," ANZ said. Traders said it would take weeks for the U.S. petroleum industry to return to full capacity, and that under the current conditions it was difficult to identify fundamental market trends.

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