Gold Prices Little Changed Ahead of U.S. Tax Vote - 16 Nov 2017

Gold Prices Little Changed Ahead of U.S. Tax Vote - Gold prices were little changed in early deals on Thursday, as investors kept an eye on U.S. tax reform developments ahead of a vote in Congress later in the day. House Republicans are set to pass a sweeping rewrite of the tax code when they vote this morning, bringing President Donald Trump and the Republican party closer to their first major legislative win. The final passage vote is expected soon after Trump speaks with a full conference of House Republicans at an 11:30AM ET (1630GMT) closed-door meeting in Washington. On Wednesday, gold touched a session high of $1,290.00, its best level since Oct. 20, before turning lower to lose about 0.4% as U.S. inflation and retail sales data further firmed up the case for a December rate hike by the Federal Reserve. The Fed is scheduled to hold its final policy meeting of the year on Dec. 12-13, with interest rate futures pricing in a 100% chance of a rate hike at that meeting, according to Investing.com's Fed Rate Monitor Tool. Gold is highly sensitive to rising rates, which lift the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar, in which it is priced.

Oil steady as expected output curbs balance U.S. supply - Oil markets stabilized on Thursday as expectations that OPEC would extend production limits balanced rising U.S. crude production and inventories. Global oil markets are looking ahead to a meeting of the Organization of the Petroleum Exporting Countries in Vienna on Nov. 30 which is expected to decide to extend limits on crude production to help tighten supply. OPEC and other big producers including Russia agreed a year ago to cut crude output by 1.8 million barrels per day (bpd) to try to bolster prices. That deal is due to expire at the end of March 2018 but ministers have signaled that they are likely to extend the agreement, possibly until the end of next year. "OPEC, led by Saudi ... will look to support the market," said Shane Chanel, equities and derivatives adviser at ASR Wealth Advisers. Oil prices have risen steadily over the last few months as the impact of supply cuts has drained inventories. Both crude benchmarks hit two-year highs last week. Prices have slipped back in recent days, partly due to evidence that supply from the United States is rising fast, hampering OPEC's efforts to tighten the market.

SMM: Fundamentals & Macro Hard to Support Copper Price in November - Recently China’s economic data is lower than anticipation, which causes concern. Copper price slumps under pressure. Copper output is in upward channel both home and abroad. In the beginning of the year global copper output was reduced due to strikes and suspension but from April copper output in Chile has been in an obvious upward channel. Domestically, China’s refined copper output was 722,500 tonnes in October 2017, up 5.55% MoM and 9.14% YoY, according to SMM data. Output in the first ten months of the year totaled 6.5465 million tonnes, up 1.84% YoY. SMM predicts China’s refined copper output in November will keep as high as 723,000 tonnes, rising 8.4% YoY. Output in the first eleven months of the year is estimated to reach 7.2695 million tonnes, up 2.46% YoY, which shows sustainable rise of domestic refined copper supply.

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