Aluminium to Hold for Long-term, Copper & Nickel Price to Drop in 2018 - 24 Nov 2017

Commodity Intraday Tips
Gold Gains Slightly In Asia As China Market Concerns Ease, US Tax Cuts Eyed. 
Gold prices gained slightly in Asia on Friday as concerns over a sharp selloff in China overnight eased and investors turned focus to the U.S. and next week's Senate review of proposed tax cuts. Overnight, gold prices held steady in holiday-thinned trade on Thursday, after the minutes of the Federal Reserve's most recent policy meeting pushed the U.S. dollar, lending support to the precious metal. Trade volumes were expected to remain light on Thursday, with Comex floor trading scheduled to remain closed for Thanksgiving. An abbreviated session was slated for Friday. The greenback weakened after the minutes of the Fed's latest meeting showed that some policymakers remain concerned over persistently low inflation. The report also showed that the Fed expects to raise interest rates in the "near term", adding to expectations for a December rate hike. However, the central bank added that economic data will determine the timing of future rate hikes, which could mean a slower pace than expected for 2018. Another factor for rate hikes is whether the US Congress manages to pass a tax package this year, with a U.S. House of Representatives version and one in the Senate at odds on key points.  

Antam’s Nickel Ore Sales to Rise 162% in 2018.  
The CEO of Antam said that the company would increase its nickel ore sales to 11 million tons, up 162% in 2018. The sale of 2017 is estimated to be 4.2 million tons. SMM believes that this number is the sum of its local sales and export to China. According to SMM’s data, Indonesia has approved 3.92 million wet tons of nickel ore export quota before mid-November 2017, and approximately 2 – 2.5 million wet tons of nickel ores were exported to China.  
   
JPMorgan: Aluminium to Hold for Long-term, Copper & Nickel Price to Drop in 2018.  
As per research report released by JPMorgan, commodity market may move more terrible in 2018. JPMorgan recommends long-term investment to Aluminium. It estimates copper and nickel supply will increase in 2018, which leading drop in price. The bank estimates average copper price in Q4 will reach $5,400, currently $6,900. 

Crude Oil Mixed In Asia Following Holiday In US, Focus On OPEC. 
Crude oil prices were narrowly mixed in Asia on Friday coming off a US holiday and cautious ahead of a key OPEC review of oil output curbs next week.The US rig count rose by nine to 747 in the week ended Nov. 22, Baker Hughes said in an early release of weekly figures ahead of the Thanksgiving holidays, with the monthly rig count rising for the first time since July as crude prices traded near their highest levels since the summer of 2015. A total of 10 rigs were added for the month.Overnight, crude oil prices bounced higher on Thursday, erasing earlier losses as optimism that the market is rebalancing resurfaced in holiday-thinned trade. Also adding to positive sentiment on oil prices was an announcement by TransCanada revealing that it would slash oil deliveries to the United States by 85% or more on its keystone crude pipeline. 

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