Gold Prices Gain In Asia On Demand From India, China

Gold Prices Gain In Asia On Demand From India, China.

Gold prices gained in Asia on Tuesday with physical demand from India during the festival season and the other top importer China as markets gear up after a weeklong holiday last week. Overnight, gold prices rose on Monday supported by a dip in the dollar as an uptick in geopolitical uncertainty increased demand for safe-haven gold but growing expectations that the Federal Reserve will hikes rates for the third time this year capped gains. Gold made a strong start to the week amid renewed geopolitical uncertainty as President Donald Trump’s tweets over the weekend, sparked fears that the president is leaning toward military action against North Korea. President Trump said the United States has been “unsuccessfully dealing” with North Korea for 25 years, insisting that “only one thing will work” to curb the isolated nation’s efforts to further develop nuclear weapons.

Nickel Price Surges on Output Cut News, Fankou Pb-Zn Mine Halts Production, and More.

Aluminum billet processing fees jumped to over 3-month high in Guangdong due mainly to output cuts. China’s aluminum ingot inventories refreshed a new high. Fankou lead-zinc mine suspended production for maintenance. China’s refined nickel output fell 11.5% MoM in September. Nickel price advanced following production cut news. China is busy making environmental protection tax law regulations. Tesla is the biggest winner from fossil fuel vehicle ban, and may build a plant in China.

SHFE Base Metals Surge upon Reopening, with SHFE Zinc Refreshing 10-year High.

The selling was in response to Friday’s closing price reversal top. The chart pattern was confirmed after sellers took out Friday’s low at $3.0180. The main trend is up according to the daily swing chart, however, momentum shifted to the downside with the formation of the closing price reversal chart pattern. The subsequent followthrough selling on Monday confirmed the chart pattern. The confirmation of the chart pattern doesn’t mean the trend is changing to down, but it could lead to a short-term retracement.

Oil prices stable as OPEC says market is rebalancing .

Oil prices were steady on Tuesday as OPEC said there were clear signs the market was rebalancing and as U.S. production remained offline following Hurricane Nate.Traders said prices were supported as the Organization of the Petroleum Exporting Countries (OPEC) said oil markets were rebalancing fast after years of oversupply. "There is clear evidence that the market is rebalancing," OPEC's secretary general Mohammad Barkindo told Reuters on Monday. "The process of global destocking continues, both onshore and offshore, with positive developments in recent months showing not only a quickening of the process but a massive drainage of oil tanks across all regions," he said. OPEC has led an effort to cut output to end years of overproduction that created a huge supply overhang.

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