Crude Oil Futures Gain In Asia On API Estimates, China Caixin PMI

Gold Prices edge Up In Asia Ahead Of Fed Meeting, Nonfarm Payrolls Eyed.

Gold prices edged up in Asia on Wednesday with the upcoming Fed meeting expected to hold steady and investors cautious ahead of nonfarm payroll data at the end of the week. Overnight, gold prices hovered above session lows pressured by a rising dollar on the back of a duo of bullish economic reports that lifted investor expectations of bullish U.S. economic growth. Consumer sentiment is a leading indicator of consumer spending, which plays a major role in overall economic activity. The bullish reports come ahead of a busy few days on the economic calendar concerning monetary policy as the Federal Reserve is slated to announce its interest rate decision on Wednesday while President Donald Trump is expected to announce the next head of the Fed on Thursday. President Donald Trump is leaning toward appointing Federal Reserve Governor Jerome Powell – who shares a similar stance to Janet Yellen on monetary policy – to be next chairman of the Fed, Reuters reported Monday, citing a source.

CNIA: Non-existence for Chinese Aluminium Foil Companies’ Dumping to USA.

China Nonferrous Metals Industry Association (CNIA) released statement on its website Tuesday, saying the association always insists that Chinese Aluminium foil enterprises have not damaged related industries in USA, let alone dumping action to USA. China’s aluminium foil industry has a high level marketization and export pricing is mechanized by international aluminium price plus processing fees.

Codelco: Actual Shortage to Raise Copper Price above $10,000 per Tonne.

The world’s largest copper producer Codelco provides the most optimistic prospect of copper market, saying the balance of demand and supply for copper will convert to “actual” shortage in 2018. The copper price is likely to break $10,000 per tonne, setting new historic high. The copper output of Codelco accounts for nearly 10% of the global output. The prediction is a huge change of its attitude as the producer is not very optimistic toward future copper market just a few months ago.

Crude Oil Futures Gain In Asia On API Estimates, China Caixin PMI.

Crude oil prices gained in Asia on Wednesday as industry estimates of U.S. inventories boosted sentiment and an on target PMI reading in China soothed concerns of a slowdown.Supplies at the oil storage hub of Chushing, Oklahoma, fell by 263,000 barrels. Analysts expected a 2.575 million barrels drop in crude, a 2.450 million barrels decline in distillates and a 2.050 million barrels dip in gasoline supplies. The EIA and API figures often diverge. Overnight, crude oil prices settled higher on Tuesday as investors looked ahead to inventory data expected to show crude supplies fell last week amid ongoing optimism that OPEC will agree to extend output cuts. With the upcoming OPEC November meeting edging closer, oil prices added to recent gains as investors continued to expect OPEC will extend output cuts through March 2018 amid recent comments from OPEC Secretary General Mohammad Barkindo.

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