Gold prices were mostly steady in early Asia on Wednesday - 28 Sep 2016

PRECIOUS METALS

Gold prices were mostly steady in early Asia on Wednesday as investors navigated a mix of U.S. interest rate and presidential election views, prospects for an OPEC output freeze and an upbeat U.S. survey on consumer confidence.Gold for December delivery on the Comex division of the New York Mercantile Exchange inched up 0.01% to $1,330.55 a troy ounce. Earlier, Federal Reserve Vice Chair Stanley Fischer said Tuesday that the U.S. economy has started to generate better wages, but they need to go higher."Finally incomes of working people began to rise faster than incomes of people higher up" on the income scale, Fischer said while answering questions at Howard University after a speech.

BASE METALS

LME copper will range at USD 4,780-4,815/mt and test support at the 60-day moving average during Asian trading hours. SHFE 1611 copper is predicted to fluctuate between RMB 37,300-37,600/mt today.US August durable goods orders are expected to fall from July. ISM manufacturing PMI in August returned below 50 and fell far short of market expectations, with new order sub-indice falling below 50 for the first time since December 2015. Markit manufacturing PMI in August for the US also fell short of expectations and July’s final figures, with new order slowing further. The number of regions in which new order sub-indice weakened was larger than those in which new order sub-indice improved.

ENERGIES

Crude oil prices swayed in Asia on Wednesday as industry data showed a continued demand trend for crude and refined product stockpiles and an OPEC meeting later in the day looms with chances for a freeze on production seen slim. Crude oil for November delivery on the New York Mercantile Exchange was up 0.04% to $44.69 a barrel. The figures come ahead of more closely-watched data from the U.S. Department of Energy on Wednesday.Oil ministers from both countries said on Tuesday that talks among OPEC and non-OPEC oil producers in Algiers are "consultative," casting doubt on the chances of any policy decision during the meeting.

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