Copper settled up as support seen after dollar dipped and investors remained upbeat about global growth prospects

Gold Prices Dip In Asia On Stronger Dollar, Trump Fed Choice Awaited.

Gold prices dipped in Asia on Wednesday with a stronger dollar weighing and markets awaiting President Donald Trump's selection for the new Fed chief. Gold prices came under pressure as the dollar edged higher on signs of progress toward pro-growth tax reform and data showing bullish manufacturing and services growth. House Republicans aim to introduce their tax bill on Nov. 1, CNBC reported citing a Capitol Hill source, fuelling investor expectations that tax reform is edging closer to fruition. News on the progress of tax reform came just hours after investor expectations of solid quarterly economic growth received a boost on the back of data showing manufacturing and services activity topped economists’ forecasts. Gold prices have consolidated in recent sessions as traders weigh the prospect of further downside amid uncertainty over the future path of interest rates and tax cuts.

Copper settled up as support seen after dollar dipped and investors remained upbeat about global growth prospects.

Copper hit a one-week high on Tuesday while other metals also gained as the dollar dipped and investors remained upbeat about global growth prospects, though risks of a slowdown remained, especially in top consumer China. The dollar edged down versus a currency basket while Asian shares held near recent decade highs. China stocks inched up as Beijing’s ruling Communist Party moved to the final stages of a twice-adecade congress.

Zinc prices gained on worries that winter production cuts are tightening supplies of the metal.

Zinc on MCX settled up 1.52% at 210.95 on fresh buying as support seen on the speculation that the winter production cuts will support the prices for the remainder of the year. Zinc prices rose since this week started after data showed output in China slipped in September, highlighting worries that winter production cuts are tightening supplies of metals.

Oil hovers near four-week high on Saudi pledge to end glut.

Oil prices were largely steady on Wednesday, hovering near a four-week high hit a day earlier after top exporter Saudi Arabia said it was determined to end a supply glut.Saudi Arabia's Energy Minister Khalid al-Falih said on Wednesday the focus remained on reducing oil stocks in industrialized countries to their five-year average and raised the prospect of prolonged output restraint once an OPEC-led supplycutting pact ends. The pact runs to March 2018, but they are considering extending it. "OPEC is holding a line on the production cuts," said Tony Nunan, oil risk manager at Mitsubishi Corp in Tokyo. "Even though shale (output) is now rebounding, the stocks are drawing, and now we're heading into the winter season, so the market is strong."The U.S. Energy Information Administration will release official government inventory data later on Wednesday.

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