Zinc Price Keeping High, How Much will Smelting Plants Increase in Output

Gold Falls In Asia As Market Awaits Fed Minutes

Gold prices eased in Asia on Wednesday ahead of minutes from the Fed due later in the day and expected to show a largely hawkish stance on the need for a December hike and into next year. Overnight, gold prices rose for the second day in a row buoyed by continued dollar weakness while ongoing political tensions between the U.S. and North Korea lifted sentiment. Gold’s bullish start to the week continued as safe-haven demand remained elevated amid ongoing geopolitical uncertainty on the Korean Peninsula while dollar weakness supported an uptick in demand for the precious metal. “Gold has benefited from the U.S. dollar’s fall, along with geopolitical tensions. For the remainder of this year, we believe that gold is likely to mirror the dollar and ‘follow fear,’ wrote Scott Wren, senior global equity strategist at Wells Fargo (NYSE:WFC) (NYSE:WFC) Investment Institute, in a Monday research note. Gains in gold, however, were capped after the Catalan government Carles Puigdemont said he wanted to delay any formal declaration of independence, easing geopolitical uncertainty in the region. "We propose to suspend the effect of the independence declaration... in order to work towards putting into practice the result of the referendum... Today, we are making a gesture of responsibility in favour of dialogue," Catalan president Carles Puigdemont said in speech to the Spanish parliament.

Trader Reaction to $3.0700 Will Determine Near-Term Direction

December Comex High Grade Copper futures surged on Tuesday on expectations of increased demand from China and a weaker U.S. Dollar. The weaker Greenback drove up foreign demand for the dollar-denominated copper market. The main trend is up according to the daily swing chart. Tuesday’s rally drove the market through the closing price reversal top at $3.0560, negating the chart pattern and signaling a resumption of the uptrend.

Zinc Price Keeping High, How Much will Smelting Plants Increase in Output

SMM news on Oct.11th, with the end of this year coming near, zinc price keeps high with good profits of smelting plants. Since plants reduce output for overhaul due to raw materials and environmental protection during first half of the year, many enterprises plan to increase output for annual production plan. But as per SMM research, zinc smelting plants gain much less output increase than anticipation due to short supply of raw materials and problems of production equipment.

Crude Oil Prices Up In Asia As Market Looks To API Estimates

Crude oil prices gained in Asia on Wednesday ahead of industry estimates of U.S. inventories as refineries in Texas recover from hurricane-related shutdowns.ater Wednesday, the American Petroleum Institute (API) is to release its estimates of crude and refined product inventories at the end of last week, followed by official data on Thursday from the Energy Information Administration (EIA). The API and EIA figures often diverge.Overnight, crude oil prices settled sharply higher on Tuesday after de facto Opec leader Saudi Arabia vowed to reduce monthly crude exports amid expectations that market rebalancing is underway. Crude oil prices had their best day in two weeks as sentiment turned positive after Saudi Arabia pledged to cut its November crude oil exports by 7% or 560,000 barrels a day, compared with the same period last year in order to strengthen the market rebalancing process. The gap between supply and demand in oil markets is expected to narrow further in the coming months amid a surge in global demand growth which has lifted oil prices above $50 a barrel. “The strongest global demand growth we have seen in at least the last two years, if not longer, gets some of the credit it appears that [the Organization of the Petroleum Exporting Countries] sees the glut of oil almost gone,” said Phil Flynn, senior market analyst at Price Futures Group.

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