Gold Prices Slips Amid Rising U.S. Treasury Yields, Stronger Dollar -   

Gold prices slipped on Friday in Asia amid rising U.S. treasury yields and a stronger dollar. Meanwhile, the dollar hovered near five-month highs well above the 93 level, after climbing to this year’s fresh high at 93.46 overnight. The US Dollar Index that tracks the greenback against a basket of six major currencies last stood at 93.38. The rising United States 10-Year Treasury yield  was cited as tailwind for the dollar. The yield further rose to 3.122%, up 0.43% on Friday morning - the highest level since 2011. Higher yields triggered a spike in demand for the greenback. Dollar-denominated assets such as gold are sensitive to moves in the dollar. 

Ten companies approved for copper scrap imports in 12th batch of approvals - 

Total approved copper scrap imports for this year rose to 482,400 mt, after the 12th batch of approvals for restricted solid scrap material imports was released on Tuesday May 15, SMM learned. Ten companies that imported scrap metals, waste plastics, and waste paper received approval. Approvals were granted by the solid waste management centre of China's Ministry of Ecology and Environment. SMM surveyed that supply pressures have not built up from the decline in the approved copper scrap imports, due to sluggish downstream demand. Orders dipped from the start of May across copper rod producers that used copper scrap as raw materials. Profits were lower for products produced from scrap while profits from copper rods produced from copper cathode grew.

Fair weather drives operating rates across zinc galvanisers in Apr -

Operating rates across China's zinc galvanising plants in April gained 19.29 percentage points on the month and stood at 86.1%, SMM surveyed. This is up 19.16 percentage points on the year.  Most galvanising plants in north China cut production for environmental inspections in April 2017, and this accounted for the significant year on year increase in operating rates. During this closure, the plants undertook technological overhaul in acid polluting and wastewater treatment. They resumed regular operations in May 2017.

Oil Prices Firm As Brent Edges Close to $80 Per Barrel - Oil prices firmed on Friday morning in Asia, with Brent crude creeping ever closer to $80 per barrel, a level it has not seen since November 2014, as supplies tighten while demand remains strong.Geopolitical risks continue to prop up prices, and an unexpected fall in U.S. inventories pushed them up further. U.S. crude inventories fell by 1.4 million barrels in the week to May 11, and gasoline stocks fell by 3.79 million barrels. Meanwhile, looming U.S. sanctions against Iran, which currently produces 4% of global oil supplies, raised fears that oil markets will face shortages later this year when trade restrictions take effect. In Venezuela, production also plunged to 1.5 million barrels last month, its lowest level in decades due to its ongoing economic crisis. On the other hand, U.S. crude is increasingly appearing on global markets as a result of its surging production.

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