Crude drops in Asia as investors turn cautious on UK election turmoil

Gold gains in Asia as turmoil from UK election threatens Brexit talks.

Gold rose in Asia on Friday as markets stood on edge for a hung parliament after the U.K. election, plunging efforts to hold talks later this month on an exit from the European Union into potential chaos. Meanwhile in Europe, the European Central Bank (ECB) lowered Eurozone inflation expectations for the next two years, and said policymakers had not discussed tapering its massive bond buying program. At a press conference after the ECB issued its decision to keep interest unchanged, ECB President Mario Draghi said interest rates were likely to remain at current levels for “an extended period of time.Gold prices fell on Thursday, as testimony from former FBI Director James Comey to the Senate Committee was less controversial than many had feared, easing investor concerns about a sharp rise in U.S. political turmoil which dampened demand for safe havens.

SMM Analysis: Is SHFE Zinc Facing Rising Short Squeeze Risk before Delivery?

SHFE June zinc led gains of nonferrous metals prices on June 9. The following reasons are attributable to higher SHFE front-month zinc and expanding price spread between SHFE front-month and SHFE August zinc, SMM said. Domestic refined zinc supplies are tight now. Meanwhile, downstream consumption is steady, with inventories falling. Die-cast zinc alloy and zinc oxide industries reported sluggish orders in May, and operating rates fell slightly. But orders at galvanizers were steady.

Chalco Continues Raising Aluminum Prices in Major Markets on June 9.

China Aluminum International Trading Co. (Chalco Trading) further hiked aluminum prices it offered in major markets today, it said on its WeChat. Alumina prices fell below costs. This, combined with environmental issue in Shanxi and Guizhou, prompted many alumina producers to cut output or entered maintenance. Shanxi Xiaoyi Taixing Aluminum Magnesium shifted to production of aluminum hydroxide.

Crude drops in Asia as investors turn cautious on UK election turmoil.

Crude fell in Asia on Friday as the U.K. election appeared headed to a hung parliament, crushing Prime Minister Theresa May's plans to secure a solid majority to head into complex talks to exit the European Union. Overnight, crude futures settled lower on Thursday, briefly dipping to a one-month low on the back of concerns of rising global output, following the return of Nigerian crude to the market and an unexpected surge in US crude stockpiles. Oil prices continued to slide on Friday, adding to sharp declines from earlier this week as evidence mounted that a fuel supply overhang continued despite an ongoing effort led by OPEC to tighten the market by holding back production.

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