Crude oil gained supported by tighter supplies amid ongoing disruption to the Keystone pipeline- 27 Nov 2017

Gold dropped as some investors locked in profits at the end of the week, and risk appetite strengthened. 

Gold prices slid lower on Friday as some investors took profits at the end of the week, but losses were held in check by the weaker dollar. A weaker dollar typically tends to support gold, which is denominated in the U.S. currency and becomes more affordable to foreign buyers when the dollar declines. The dollar remained on the back foot after Wednesday’s minutes of the Federal Reserve’s November meeting showed that some officials were concerned inflation would stay below the bank's 2% target for longer than expected. The minutes echoed comments by Fed Chair Janet Yellen earlier in the week that she was uncertain about the inflation outlook. While a rate hike in December is still almost fully priced in, investors pared back expectations for further rate hikes in 2018, sending the dollar lower. In the week ahead, the changing of the guard at the Federal Reserve will be a big focus for investors, with investors awaiting comments from a number of Fed speakers, including both the current chair and next head of 

the U.S. central bank.  

Review of Copper Concentrate Market: Strike Appears Again, with Prudent Market Transaction.  

Last week the entire copper concentrate market is cold, with little transaction willingness of demand and supply, Up to last Friday, SMM spot TC offers at $85-93 per ton, keep same level as previous times. Reviewing recent market, the overall atmosphere is prudent before the negotiation of long-term order. CSPT members insist on floor price of Q4. SMM learned that recently one CSPT smelting plant reached a transaction with a trader for clean ore of TC95, which is scarce in recent times.   

   

Price of Jinchuan Refined Nickel.  

Today price of Jinchuan Group fluctuates in line with market conditions. Jinchuan’s quote on their refined nickel (780x850x3~5mm) is 95,500 yuan / ton in Shanghai today and 96,700 yuan / ton for refined nickel (4x4 inch), 700 yuan / ton more than last Friday. The ex-factory price is close to the Jinchuan nickel spot price this morning.  

Crude oil gained supported by tighter supplies amid ongoing disruption to the Keystone pipeline. 

Crude oil prices finished higher in an abbreviated session on Friday, with the U.S. benchmark surging to its best level since July 2015, as the shutdown at North America's Keystone pipeline continued to cut deliveries to storage facilities. Trading in crude futures settled an hour earlier on Friday, at 1:30PM ET, following the observance of Thanksgiving in the U.S. on Thursday. The disruption to the Keystone pipeline connecting Canada’s Alberta oil sands to U.S. refineries has reduced the usual 590,000 barrel-per-day flow to U.S. refineries, driving down inventories at the storage hub of Cushing, Oklahoma Flow from the pipeline, which was shut on Nov. 16 following a 5,000-barrel spill in South Dakota, was expected to be reduced by 85% through the end of November, according to line operator TransCanada. Crude prices were further supported by growing signals that the Organization of Petroleum Exporting Countries (OPEC) and its allies will agree to prolong supply curbs when producers meet in Vienna at the end of the month. 

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