Gold Prices Gain Slightly In Asia After NKorea Missile Test

Gold Prices Gain Slightly In Asia After NKorea Missile Test.

Gold prices failed to get a significant boost in Asia on Wednesday after the latest ballistic missile test by North Korea. Overnight, gold prices pared gains on Tuesday as reports suggesting that North Korea fired a ballistic missile failed to raise safe haven demand. North Korea fired a ballistic missile from an area near Pyongyang early on Wednesday, South Korea’s military said, while the Japanese government said it landed in the country’s exclusive economic zone. The Pentagon says initial the assessment of of the North Korea launch was an ICBM and Japan PM Shinzo Abe ordered an emergency meeting of cabinet ministers over the missile launch. Also supporting gold prices were comments from Federal Reserve chair designate Jerome Powell, who testified before Congress on Tuesday. Powell’s comments did little to change the widely held view that the incoming Fed chair will adopt a similar stance to outgoing Fed Chair Janet Yellen on monetary policy. Gold is sensitive to moves in U.S. rates, which lift the

opportunity cost of holding non-yielding assets such as bullion.

Macquarie: Copper to Face Potential Rising Inventory in Short Term.

Lynn Zhao, Macquarie analyst says, the main risk in the upcoming three months is that China’s refined copper supply is increasing but demand is slowing down, leading of refined copper inventory rising, China’s GDP growth in 2018 will slow down. Real estate industry is the biggest risk to China’s entire bulk stock demand. Ivan Arriagada, CEO of copper miner Antofagasta says, global copper market is in overall balance or slight shortage in these two years. He says global refined copper supply this year is estimated to rise 4%.

US Launches Dual Trade Investigation against China’s Aluminium Alloy Sheet.

US Department of Commerce announced on Tuesday, it will launch anti-dumping and anti-subsidy investigation against China’s aluminium ally sheet. For $603.6 million products imported in 2016, the dumping margin is estimated to be 56.54%-59.72%.

Crude Oil Down In Asia On API Estimates, All Eyes On OPEC.

Crude oil eased in Asia on Wednesday as disappointing US industry inventory estimates dampened sentiment and as attention turns to an OPEC meeting in Vienna on output curb extensions.Overnight, crude oil prices settled lower on Tuesday amid ongoing investor uncertainty concerning the outcome of the OPEC meeting this week amid reports suggesting Russia is reluctant to join in extending output curbs beyond March. Crude oil added to losses from Monday, as investors continued to fret over outcome of the OPEC meeting slated for Thursday at which the oil-cartel is expected to extend the production-cut agreement beyond March. Market talk is that an OPEC and non-OPEC technical committee is fine with an initial six-month extension beyond March 2018 of oil output curbs with an option to go another three months depending on market conditions - but are concerned about the market reaction.

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