Zinc Inventories Fall in China Major Markets -24 Apr 2017 ~ commodity expert

Gold climbs quietly as investors wary ahead of French vote.

Gold prices rose slightly on Friday as investors awaited the first-round of voting in the presidential French election at the weekend and possible announcements about tax changes in the United States. "The big news over the weekend will be the French election and the market will be to an extent on hold ahead of that," said Mitsubishi commodities analyst Jonathan Butler. There was potential for safe-haven buying of gold after France said security forces were fully mobilized for the weekend vote after an Islamist militant killed a policeman Thursday night. The near term, if the geopolitical tensions intensify, there is a chance that gold prices will reach $1,300 or more," OCBC analyst Barnabas Gan said. A move in gold above $1,290/91 would be significant as it would break above a downtrend that has been in place since gold touched an all-time high of $1,920.30 in 2011, Butler said.

Zinc Inventories Fall in China Major Markets, SMM Reports.

Combined zinc inventories in Shanghai, Tianjin and Guangdong decreased 29,100 to 200,200 tonnes last week, SMM data show. Fewer arriving shipments combined with steady downstream demand caused inventories to fall further, SMM said. Total inventories in the three regions are expected to continue falling this week now that smelters have yet to restart from maintenance. Zinc prices are expected to stay range-bound this week, SMM foresees. LME zinc may consolidate in the range of $2,520-2,650 per tonne this week, SMM predicts. SHFE May zinc will move between 21,000-22,300 yuan per tonne. Spot trading inventories fell to a low recently. However,fundamentals, in a long-term point of view, will weaken, SMM said. In this scenario, zinc price will resist both increases and declines.

Oil recovers some lost ground, but market under pressure.

Oil prices recovered some ground on Monday following last week's big losses, driven by expectations that OPEC will extend a pledge to cut output to cover all of 2017, although a relentless rise in U.S. drilling capped gains. Oil prices fell steeply last week on the back of stubbornly high crude supplies, despite a pledge by the Organization of the Petroleum Exporting Countries (OPEC) and some other producers to cut production by almost 1.8 million barrels per day (bpd) for six months from Jan. 1 to support the market. drillers added oil rigs for a 14th week in a row, to 688 rigs, extending an 11-month recovery that is expected to boost U.S. shale production in May by the biggest monthly increase in more than two years. Iran's crude oil exports are set to hit a 14-month low in May, suggesting the country is struggling to raise exports after clearing out stocks stored on tankers.

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