Crude Oil Rebounds In Asia With API Estimates Ahead

Gold Gains In Asia As North Korea Tensions Heighten Risk.

Gold prices gained in Asia on Tuesday with risk heightened as President Donald Trump declared North Korea a state sponsor of terrorism, using more stick in dealings with Pyongyang even as contacts are said to be underway to lead to talks. Overnight, gold prices fell on Monday as a slump in the euro amid rising political uncertainty in Germany pushed the dollar to a nearly one-week high dampening demand for the precious metal. That sparked concerns over the future leadership position of chancellor Merkel, pressuring the euro to lows, while supporting an uptick in the dollar to trade higher against a basket of global currencies. The U.S. dollar index, which measures the greenback’s strength against Also adding to gold weakness was the prospect of higher interest rates as the Federal Reserve’s December 12-13 meeting draws closer amid strong expectations the central bank will raise rates. According to investing.com’s fed rate monitor tool 100% traders expect the Federal Reserve to raise rates.

Zinc prices dropped amid concerns over a slowdown in China's economy.

Zinc on MCX settled down -0.5% at 207.70 while prices traded in the range with mixed fundamentals support seen in step with a stronger showing in Chinese steel futures, and after the global lead market swung into a deficit in September while the zinc market deficit widened slightly from with the previous month, data from International Lead and Zinc Study Group showed on Monday.

Copper steadied supported after a report showed China's property sector.

Copper on MCX settled up 0.99% at 444.35 after a report showed China's property sector, a major metals consumer, remained resilient in October but a stronger dollar capped gains. China's new home prices rose at a slightly faster pace in October after gains had held steady the previous month, as prices remained resilient in the face of falling sales and a tighter liquidity environment. The three-month copper price was recently up $13.50 per tonne after positive data releases from China and the United States helped ease concerns of weakened demand.

Crude Oil Rebounds In Asia With API Estimates Ahead.

Crude oil prices rebounded in Asia on Tuesday ahead of weekly industry estimates on U.S. supplies.The American Petroleum Institute (API) will release its estimates of crude and refined product stocks in the U.S. last week. Analysts expect crude oil supplies fell by 2.167 million barrels, while distillate stocks are seen down by 1.833 million barrels and gasoline inventories are expected up by 900,000 barrels. The estimates will be followed by official data from the Energy Information Administration (EIA) on Wednesday. Overnight, crude oil prices settled lower on Monday as traders opted for caution ahead of the OPEC meeting in Vienna, where it’s widely expected that OPEC and non-OPEC producers will agree to extend output curbs. Oil futures added to losses sustained last week as traders opted against initiating bullish bets on oil prices ahead of the Organization of the Petroleum Exporting Countries (OPEC) on Nov. 30.

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