Oil dips on rising U.S. fuel stocks, but overall market remains supported- 24 Jan 2018

Commodity Intraday Tips
Gold Prices Gain In Asia On Weaker Dollar, Trump Trade Policies Eyed.  
Gold prices gains in Asia on Wednesday with a weaker dollar aiding buying for the greenback-denominated commodity with a backdrop of rising concerns about growing US protectionism in global trade ahead of a speech at the end of the week by president Trump in Davos. Overnight, gold prices remained higher on Tuesday, as sentiment on the U.S. dollar remained fragile even after the U.S. government shutdown ended. The dollar only mildly recovered after Congress approved a measure on Monday to fund the government for around three weeks and President Donald Trump signed the bill, ending the three-day government shutdown. Gold is sensitive to moves in the dollar. A weaker dollar makes gold less expensive for holders of foreign currency. 

Alumina plants back in action as natural gas supply resumes
Roasting operations have resumed at alumina plants in Henan, Shanxi and Inner Mongolia provinces affected by natural gas shortage last month, SMM learned. A total of 1.86 million mt of annual capacity across seven alumina plants have been affected since December 2017 as Henan and Shanxi were required to use natural gas to supply heating instead of coal gas for the first time this year. The natural gas shortage affected the roasting process, which means the intermediate product aluminium hydroxide was in normal production. Now that the natural gas supply has resumed, these plants would expedite the roasting process and transform aluminium hydroxide into alumina. 

Flash: China Copper Group sees record profits in 2017
China Copper Group has generated 706 million yuan of profits in 2017, setting a new record high since its establishment. Copper prices fell below 440 level to their lowest level in over a month as data showing a surge in Chinese production. 

Oil dips on rising U.S. fuel stocks, but overall market remains supported.  
Oil prices fell on Wednesday, weighed down by data that showed an increase in U.S. crude oil and gasoline inventories.U.S. West Texas Intermediate (WTI) crude futures were at $64.41 a barrel, down 6 cents from their last settlement. Traders said prices had been pressured by U.S. data showing an increase in crude oil and gasoline stocks. The American Petroleum Institute (API) said late on Tuesday that crude inventories rose by 4.8 million barrels in the week to Jan. 19 to 416.2 million after nine weeks of drawdowns.In Asia, oversupply of gasoline has pulled down refinery profits for the product to their lowest level since 2015. Amid these weakening indicators, traders are taking measures to protect themselves from a potential fall in crude prices. Overall, there is now far more demand for options to sell Brent than there is for call options, which are the right to buy Brent at a certain price. 

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