Oil sits near half-year lows as global supply overhang weighs.- 16 Jun 2017

Gold gains slightly in Asia with focus on dollar prospects.

Gold rose slightly in Asia on Friday with sentiment subdued following the Fed rate hike and wavering fortunes for the dollar with investors focused on whether the Trump Administration can get back on track with its tax cut and stimulus policies in the face of a tense political debate over Russian interference in the 2016 election. Overnight, gold prices tumbled to three week lows on Thursday, pressured by a firmer dollar as risk-on sentiment resumed amid upbeat U.S. economic data and expectations of an additional rate hike later this year.A raft of better than expected economic reports tapered fears the US economy was set for a slowdown in the second quarter, stoking expectations of an additional rate hike, after the Federal Reserve maintained its outlook of three total rate hikes on Wednesday.

Gold gains slightly in Asia with focus on dollar prospects.

Gold rose slightly in Asia on Friday with sentiment subdued following the Fed rate hike and wavering fortunes for the dollar with investors focused on whether the Trump Administration can get back on track with its tax cut and stimulus policies in the face of a tense political debate over Russian interference in the 2016 election. Overnight, gold prices tumbled to three week lows on Thursday, pressured by a firmer dollar as risk-on sentiment resumed amid upbeat U.S. economic data and expectations of an additional rate hike later this year.A raft of better than expected economic reports tapered fears the US economy was set for a slowdown in the second quarter, stoking expectations of an additional rate hike, after the Federal Reserve maintained its outlook of three total rate hikes on Wednesday.

Chalco Hikes Aluminum Prices across Major Markets.

China Aluminum International Trading Co. (Chalco Trading) raised aluminum prices it offered in major markets across the board today. SHFE 1708 aluminum will move at lows of RMB 13,450-13,650/mt today, due to growing stocks, weakening consumption and tightening cash around mid-year.

 

Oil sits near half-year lows as global supply overhang weighs.

Oil prices dipped early on Friday and were not far off six-months lows as an ongoing supply overhang weighed on markets despite an OPEC-led effort to cut production and prop up prices.Prices for both benchmarks are down by more than 13 percent since late May, when producers led by the Organization of the Petroleum Exporting Countries (OPEC) extended a pledge to cut production by 1.8 million barrels per day (bpd) by an extra nine months until the end of the first quarter of 2018. The price falls are due to ongoing high supplies despite the pledge to cut from within OPEC, and also because of rising output from the United States.In the United States, which is not participating in any deal to hold back production, oil output has risen over 10 percent over the past year to 9.3 million bpd, and the Energy Information Administration (EIA) expects that figure to rise above 10 million bpd in 2018. In a sign of the ongoing supply overhang, traders are increasingly hiring tankers again to store unsold crude, waiting to sell later at a higher price.

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