Crude Oil Prices Gain In Asia With U.S. Rig Count Figures Ahead - 3 Nov 2017

Commodity Intraday Tips
Gold Prices Ease In Asia As Markets Await Nonfarm Payrolls. 
Gold prices edged weaker in Asia on Friday with markets cautious ahead of nonfarm payrolls later in the day. Overnight, gold prices were roughly unchanged on Thursday supported by dollar weakness as investors looked ahead to President Donald Trump's choice of nominee to head the Federal Reserve. Gold prices remained on track to snap a two-week losing streak amid dollar weakness despite upbeat labor market data lifting expectation for a bullish nonfarm payrolls report due Friday. The data comes amid speculation that President Donald Trump is set to nominate Fed governor Jerome Powell to lead the Federal Reserve in early February. Trump is expected announce his nominee for Fed chair at 3 p.m. ET. Powell, a Republican, was appointed to the Fed’s board of governors in 2012 by President Barack Obama. He was confirmed for a full term in 2014. The gradual path of monetary policy is not expected to change should Powell get the nod for the Fed’s top post as the governor shares a similar stance to current Fed chair
Janet Yellen on monetary policy. 

Copper prices settled flat as the U.S. dollar falling in the wake of details of a Republican tax plan. 
Copper on MCX settled up 0.09% at 447.95 traded in the range while LME Copper was trading up 0.1 percent after ending the previous session little changed and gained 0.3 percent in Shanghai. Copper prices declined after the U.S. dollar hold at three-month high, but failed to hold against a basket of major currencies on Thursday after Republicans in the U.S. House of Representatives released proposals to overhaul the tax code. 

Comprehensive Utilization Project of High-alumina and Coal Ash in Inner Mongolia Initiates. 
Recently executives meeting of Shenhua Group formally confirms that the group’s comprehensive utilization project of high-alumina and coal ash of 300,000 tonnes' annual capacity in Jungar mining area and industrialized pilot project of alumina of 125,000 tonnes' annual capacity formally initiate, symbolizing these projects are expected to launch construction very soon.

Crude Oil Prices Gain In Asia With U.S. Rig Count Figures Ahead.
Crude oil prices extended an overnight rally into Asia on Friday with U.S. rig count figures later in the day to set the tone.Crude oil prices settled higher on Thursday as ongoing Opec and non-Opec output cuts, fuelled expectations that global oil market rebalancing was underway. Saudi Arabia continued to cut oil output as inventories declined significantly in October, Saudi Energy Minister Khalid Al-Falih said Thursday while compliance with the Opec-led accord to curb output had been "excellent." Falih also expressed a desire to continue with output curbs, saying that Opec should work to ensure stockpiles continue to fall beyond March. Opec is slated to next meet at its headquarters in Vienna on Nov. 30. In May, Opec producers agreed to extend production cuts for a period of nine months until March, but stuck to production cuts of 1.2 million bpd agreed in November last year. 

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