Gold prices down in Asia as hurricane, NKorea risk concerns ease

Gold prices down in Asia as hurricane, NKorea risk concerns ease.

Gold prices fell in Asia on Monday with risk assets taking a breather as Hurricane Irma is downgraded in intensity and an possible ICBM test by North Korea at the weekend failed to materialize. Hurricane Irma knocked out power to more than 2.4 million homes and businesses in Florida on Sunday, threatening millions more as it crept up the state's west coast, and full restoration of service will take weeks, local electric utilities said. Last week, gold prices rose to the highest level in a year on Friday as the dollar remained under pressure amid doubts over prospects for a third Federal Reserve rate hike this year. Diminished expectations for a third rate hike this year compounded by heightened tensions with North Korea and worries over the economic impact of hurricanes in the southeastern U.S. pressured the dollar lower. Concerns over political turmoil in Washington have also fed into recent dollar weakness. An agreement to postpone U.S. debt ceiling talks until December, which would coincide with the Fed's policy meeting have diminished chances for a rate hike.

Nanshan Aluminum to Invest 5.7 Billion Yuan to Build Alumina Project in Indonesia

Nanshan Aluminum Co. announced it plans to raise no more than 5 billion yuan to build an alumina project in Indonesia. China to Grant Huge Loans to Guinea to Secure Bauxite. The project, with total investment at 5.69 billion yuan, will have an annual capacity of 1 million tonnes. Breaking News: Henan to Suspend Construction and Expansion of Small Bauxite and Iron Ore Mines.

Hurricane Disrupts Nickel Production in Cuba, and More

Cuba began suspending nickel production due to hurricane Irma. The powerful earthquake in Mexico will have little impact on copper market. Copper scrap supply grew amid higher copper prices, easing market tightness. It is rumored that large traders will deliver copper to LME warehouses this week. China Sees Big Rise in Nickel Ore Inventories, SMM Reports. Spot TCs for imported copper concentrate moved higher last week, and this attracted smelters to make purchases. SMM data showed China’s alumina output unexpectedly grew in August.

Oil edges up as Saudis discuss extending supply cut.

Oil prices edged up on Monday after the Saudi oil minister discussed possibly extending a pact to cut global oil supplies beyond March 2018 with his Venezuelan and Kazakh counterparts. News of the talks on Sunday helped offset downward pressure on oil prices amid worries that energy demand would be hit hard by Hurricane Irma and its aftermath.Hurricane Harvey - which hit two weeks ago - pushed the U.S. refinery use rate to a seven-year low, but largely spared oil and petrochemical plants along the U.S. Gulf Coast from significant damage. Some units are now restarting after shutdowns ahead of or during the earlier storm. Motiva Enterprises was starting up the large crude unit - a little more than 50 percent of capacity - at its Port Arthur, Texas, refinery on Sunday, according to a source familiar with plant operations.

Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.

CapitalStars Investment Adviser: SEBI Registration Number: INA000001647

Visit Here- http://www.capitalstars.com/