US Scrap Gold, Gold Futures prices decline on strong equities, dollar. - 30 Mar 2017

Commodity Intraday Tips

US Scrap Gold, Gold Futures prices decline on strong equities, dollar.
United States scrap gold prices dropped on Tuesday, while gold futures prices at New York Mercantile Exchange settled slightly lower as upbeat U.S. economic data provided a boost to equities and the dollar—dulling some investment demand for the precious metal. The major gold scrap commodities on the Scrap Register Price Index dropped on Tuesday. The 9ct hallmarked gold scrap prices down by 0.023% to $457.325 an ounce and 14ct hallmarked gold scrap prices dropped to $713.427 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also traded lower at $914.649 ounce and $1117.092 an ounce respectively.The most active April gold contract on the COMEX division of the New York Mercantile Exchange fell 10 cents to end at $1,255.60 an ounce on Tuesday, a day after prices notched a one-month settlement high. In electronic trading late Tuesday afternoon, prices fell below $1,250. Shandong Gold Group found one word-class giant gold deposit in Shandong in early 2017. Sanshandao Mine Field Xiling Gold Mine has been proved 3.83 million tonnes of gold content and will own more than 5.5 million tonnes of gold after completion of exploration, valuing 150 billion yuan.

Jiangxi Copper Registers 21.93% Growth in Net Profits in 2016.
Jiangxi Copper posted a 21.93 percent year-on-year growth of net profits in 2016, up to 841 million yuan, the company said in its 2016 financial report. According to the report, revenues grew 8.91 percent on a yearly basis to 201.73 billion yuan in 2016.  The company produced 1.21 million tonnes of copper cathode in 2016, and 209,900 tonnes of copper concentrate at its own mines, according to the report.

India's major brass and copper scrap prices remained flat on Tuesday, while from copper futures prices at India's Multi Commodity Exchange as hopes that US President Donald Trump would shift focus away from failed healthcare reform to economic stimulus lifted stocks and the dollar.China's central bank said it would provide financial support to help manufacturers upgrade and modernize, including measures to increase the scope for insurance companies to invest in the manufacturing sector. Speculative long positions in copper were 6.6 percent of market open interest on Friday, down from a peak of 38 percent in mid-January.

Oil stable on falling Libyan output, but bloated US market still weighs.
Oil prices were steady on Thursday, supported by falling crude output in Libya and declining gasoline stocks in the United States, although bloated U.S. crude inventories are still weighing on markets. ANZ said on Thursday that prices were supported by Libyan oil output falling to about 500,000 barrels per day (bpd) due to the shutdown of pipelines from its biggest field.And while a rise in U.S. crude inventories weighed on markets, ANZ said that "the market got excited" about a drawdown in gasoline stockpiles. "The big falls in gasoline inventories, coming near the end of the refinery maintenance season, suggest crude oil inventories are on the cusp of declining," it said.Key for the direction of oil prices will be whether an initiative led by the Organization of the Petroleum Exporting Countries (OPEC) to cut oil production during the first half of the year will be extended.

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