India Nickel Scrap prices drop; Nickel Futures gain slightly

Gold gains in Asia as market stays pat ahead of key events.

Gold prices rose on Tuesday with investors holding positions ahead of the UK election on Thursday and testimony to Congress by the fired FBI chief that could hit the Trump administration's plans for economic reforms. Overnight, gold pulled back from six-week highs on Monday, as safe-haven demand eased despite renewed geopolitical tensions and a flurry of risk events later during the week that could spark turmoil in markets. Gold hit a six-week high in earlier trade, on the back of fresh geopolitical tensions in the Middle East, after Saudi Arabia, the United Arab Emirates, Bahrain and Egypt severed ties with Qatar on Monday, accusing it of supporting terrorism. Gold is expected to remain supported during the week, as market participants will contend with a raft of risk events that could rattle markets.

US Copper Imports Slid, Exports Jump in April.

US Commerce Department announced last Friday US copper cathode imports fell in April, and exports jumped, wenhua.com reported.First Quantum Minerals’ copper production is expected to increase 100,000-tpy in 2018 as a result of commissioning of Cobre Panama copper mine, according to the company’s earnings report.

India Nickel Scrap prices drop; Nickel Futures gain slightly.

India's major nickel scrap prices dropped on the Scrap Register Price Index as on Friday, while nickel futures prices at India's Multi Commodity Exchange gained on weak dollar.Base metals demand in China, the top consumer of industrial metals, is expected to taper off in the second half of the year. Both zinc and nickel are used in the steel industry so are sensitive to iron ore and steel prices while oil is a key input in mining.

Oil falls a third day on worries Middle East rift could dent output cuts.

Crude Oil prices fell for a third day on Tuesday, hit by concerns that a political rift between Qatar and several Arab states would undermine an OPEC-led push to tighten the market. Leading Arab powers including Saudi Arabia, Egypt, and the United Arab Emirates cut ties with Qatar on Monday, accusing it of support for Islamist militants and Iran. Persistent gains in U.S. production also dragged on benchmark crude prices, traders said. Although Qatar is a small oil producer, other OPEC states could see such an action as a reason to stop restraining their own output, traders said. Worries over the outlook for OPEC's drive to rein in production come amid bulging supplies from elsewhere, especially the United States.

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