Gold Prices Dip In Asia as Weekend Of Polls And NKorea Mulled

Gold Prices Dip In Asia as Weekend Of Polls And NKorea Mulled.

Gold prices dipped slightly in Asia on Monday after a weekend in which New Zealand and Germany went to polls to both produce results that pointed to lengthy talks to form coalition government and North Korea and the U.S. ramped up a war of words and actions. Elsewhere, a 3.4 magnitude earthquake in North Korea raised speculation of a new nuclear test, but monitoring agencies were split on whether it was a natural event or a nuclear detonation. Ahead this week, fresh comments from Federal Reserve Chair Janet Yellen are due as expectations start to grow for a December rate hike. Investors will be focusing on a pair of speeches from ECB President Mario Draghi as well as remarks from the heads of central banks in the UK, Canada and Japan. The precious metal was boosted after North Korea said on Friday it could test a hydrogen bomb over the Pacific Ocean after U.S. President Donald Trump threatened to “totally destroy” the country if the U.S. was forced to defend itself or its allies.

COMEX Copper Net Longs Fall Steeply on Capital Flight.
COMEX copper net longs held by hedge funds declined sharply in the week ended September 19, according to CFTC report. WBMS: World Copper Deficit Intensifies Sharply during Jan-Jul. COMEX copper net longs fell 30% to 32,587 lots, as capital fled from the market. Chile Copper Output to Grow Dramatically in Next Decade.

Chinese Firm JISCO to Expand Alumina Capacity in Jamaica.

On Sept. 21, China’s Jiuquan Iron & Steel Corporation (JISCO) and the government of Jamaica signed Jamaica Industrial Park Construction Non-Binding Intention Agreement. According to the agreement, the park will build a new alumina project with annual capacity at 2 million tonnes. In addition, the park will also build industrial and construction aluminum extrusion projects.

Oil holds gains as producers say market rebalancing.

Oil prices stood little changed on Monday, keeping most of their gains from the previous session to hold near their highest levels in months, as major producers meeting in Vienna said the market was well on its way towards rebalancing. The Organization of the Petroleum Exporting Countries, Russia and several other producers have cut production by about 1.8 million barrels per day since the start of 2017, helping lift oil prices by about 15 percent in the past three months. Kuwaiti Oil Minister Essam alMarzouq, who chaired Friday's meeting of the Joint Ministerial Monitoring Committee, said supply cuts were helping cut global crude inventories to their five-year average, OPEC's stated target."There is still ample time to decide for producers whether to extend output curbs beyond March," said Tomomichi Akuta, senior economist at Mitsubishi UFJ Research and Consulting in Tokyo.

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