Oil rises on IMF economic growth outlook, OPEC-Russian supply curbs- 23 Jan 2018

Gold Futures Gain in Asia As Trump Signs Bill To Fund Government For 3 Weeks.  

Gold futures gained in Asia on Tuesday with a government shutdown in the US ended for at least three weeks after President Donald Trump signed a continuing funding resolution passed by Congress on Monday. Overnight, gold prices eased from highs as safe-haven demand fell following news that Senators may be near an agreement to end the government shutdown. Also weighing on gold prices was a continued rise in Treasury yields as the United States 10-Year rose to a nearly three-and-half-year high amid growing investor optimism on the outlook of inflation and economic growth. Gold is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion. Sentiment for gold remains bullish, however, as data showed traders continued to increase their bullish bets on gold for the fifth week in a row.  

SHFE nickel outperforms on lower inventory. 

The SHFE 1805 nickel contract led the performance of nonferrous metals as of Monday January 22 with a 1.8% gain as inventories fell for the first time in three weeks. Higher nickel prices were driven by tight supply in the short term including the maintenance work at Jiangsu Delong and the fire accident at Jinchuan Group, according to Jinrui Futures analyst Hu Xiaoyu. Demand, on the other hand, has improved from the battery sector. 

Zinc prices gained as optimism over the outlook for global growth and supply concerns supported prices. 

Zinc on MCX settled up 0.41% at 219.90 on fresh buying as support seen from LME zinc which is holding well above $3400 mark a tonne after prices peaked to the 10-year high of $3444 seen on Friday as optimism over the outlook for global growth and supply concerns. On-warrant stocks available to the market slipped to their lowest in six months. Falling stockpiles and pollution alerts in top metals producer China fuelled supply concerns and helped to drive zinc and lead prices to multi-year highs. Demand for metals looked strong after data showed economic growth in China, the world's biggest consumer, accelerated for the first time in seven years. A weak dollar makes metals cheaper for holders of other currencies and supports prices.  

Oil rises on IMF economic growth outlook, OPEC-Russian supply curbs.  

Oil prices rose on Tuesday, lifted by healthy economic growth as well as the ongoing supply restraint by a group of exporters around OPEC and Russia.Traders said oil markets were generally well supported by healthy economic growth.The "economic outlook and seasonally colder weather has led to firmer oil demand growth, facilitating the continuation of a fall in oil inventories toward OPEC's recent five-year average target," BNP Paribas (PA:BNPP) said in a note. This growth, which is also translating into more oil consumption, comes at a time of supply curbs by the Organization of the Petroleum Exporting Countries (OPEC) and Russia, which began in January last year and are set to hold throughout 2018. 

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