Oil languishes near multi-month lows on glut fears

Gold gains in Asia on views for 3rd Fed hike this year.

Gold rose in Asia on Wednesday with Fed views on rate hikes for the rest of the year in focus with some expectations that inflation is not strong enough for a third hike this year as forecast. Gold futures continued to trickle lower, as a growing number of market participants expect the Federal Reserve to raise rates by the end of the year in the wake of upbeat comments from Federal Reserve officials. On Tuesday, Boston Fed President Eric Rosengren said low interest rates do pose financial stability concerns that central bankers and the private sector must take seriously. On Monday, Bill Dudley, head of the New York Federal Reserve downplayed the recent slowdown in inflation, adding that halting rate increases at this point would be dangerous.Meanwhile, Chicago Fed President Charles Evans said on Monday it may be worthwhile for the U.S. central bank to wait until year-end to decide whether to raise interest rates again.

Kazakhstan Copper, Zinc and Steel Output Skyrockets in January-May.

Committee of Statistics under Ministry of National Economy of the Republic of Kazakhstan announced Tuesday the country’s copper cathode, zinc and steel output jumped during the first five months of this year, wenhua. com reported. Barclays: Copper Price to Fall in Back Half of 2017 on China Reason. Copper cathode, refined zinc and steel output rose 5.0%, 3.4% and 10.0%, respectively, year-on-year.

Negative Factors Simmering behind Aluminum Rally, SMM Warns.

Aluminum prices have made a strong comeback over the past two days, but this is no time to cheer up since negative factors are simmering, SMM warns. Aluminum stocks did not fall sharply during this year’s traditional peak-demand season because of growing supply. China Aluminum International Trading Co. (Chalco Trading) raised aluminum prices it offered in major markets further today.

Oil languishes near multi-month lows on glut fears.

Oil prices dipped on Wednesday, trading around multi-month lows as investors discounted evidence of strong compliance by OPEC and non-OPEC oil producers with a deal to cut global output. "The lack of a positive response in oil prices clearly suggests market participants are not convinced that the OPEC's efforts will help shore up prices in a meaningful way in the short-term as shale supply continues to rise in the U.S.," said Fawad Razaqzada, market analyst at futures brokerage Forex.com. "Unless we see a marked reduction in crude stockpiles, the possibility of further short term falls in the price of oil cannot be ruled out," he added. The American Petroleum Institute said on Tuesday U.S. crude stockpiles had dropped more than forecast. U.S. crude stocks fell last week, while gasoline and distillate inventories rose.

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