Crude Oil Gains Solidly In Asia On UK Pipeline Outage, API Estimates Awaited

Gold Prices Slip Slightly In Asia With focus On Fed Language.

Gold prices dipped slightly in Asia on Tuesday with language from the Fed after its rate announcement on Wednesday seen as key for direction. Overnight, gold prices remained under pressure on Monday despite weakness in the dollar as data showed money managers slashed their bullish bets on the precious metal to a 17-week low ahead of a widely expected Federal Reserve interest rate hike. Fresh from a threeweek losing streak, gold prices struggled to pare recent losses as investors awaited the final Federal Reserve meeting of the year which is slated to get underway on Tuesday, with a policy decision due Wednesday. As well as the policy decision on interest rates, investors are expected to parse the Federal Reserve’s update to the summary of economic projections for clues on future monetary policy. According to investing.com’s fed rate monitor tool, 100% of traders expect the Federal Reserve to hike interest rates on Wednesday. In anticipation of further monetary policy tightening, traders have slashed their bullish bets on gold to a 17-week low.

Shandong Nanshan Aluminium to raise 5 billion yuan for Indonesian alumina project.

Shareholders of Shandong Nanshan Aluminium have approved the company’s plan to raise 5 billion yuan to invest in the 1-million-mt alumina project in Bintan Nanshan Industrial Park in Indonesia. The company believes that this project would bring additional raw material security to China’s aluminium industry.

Copper prices edged higher following robust trade data from China.

Copper on MCX settled up 0.91% at 431.7 following robust trade data from China. China’s bank lending in the first 11 months of 2017 topped last year’s record due to a stronger-than-expected jump in November credit. Household loans, mostly mortgages, also rose and accounted for 55 percent of total new loans. The benchmark copper price on the London Metal Exchange rose 1.5 percent, its highest intraday jump in nearly two months, to close at $6,670 a tonne. The price has dipped by about 8 percent since hitting a three-year high in October.

Crude Oil Gains Solidly In Asia On UK Pipeline Outage, API Estimates Awaited.

Crude oil prices gained in Asia on Tuesday led by Brent crossing $65 a barrel for the first time since 2015 as a shutdown of a key pipeline led to a spike in the global benchmark and investors looked ahead to US industry inventory estimates on crude and refined products.The American Petroleum Institute reports its estimates of US crude and refined product stocks last week with a 3.780 million barrels draw in crude and a build of 416,000 barrels in distillates and a 2.184 million barrels gain in gasoline supplies expected. The estimates will be followed on Wednesday by official data from the Energy Information Administration. Overnight, Brent oil prices settled sharply higher on Monday amid supply disruptions after a major North Sea pipeline shut for repairs, while signs of rising US production capped gains in crude oil prices.

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