Aluminum and Nickel Exports from Russia Fall, and Copper Exports Grow in Jan.-May

Gold prices give up Monday gains in Asia, Tokyo stands out.
Gold prices generally lost ground in Asia on Tuesday, giving up some gains from Monday, with Tokyo gold standing out as the sole gainer. In the week ahead, investors will focus on Fed Chair Janet Yellen's testimony on monetary policy as well as U.S. data on inflation and retail sales, due out on Friday, and trade data from China on Thursday. A hawkish outlook from the Fed could send gold further down to test multi-month lows. Last week, gold prices dropped to almost four-month lows on Friday after a stronger-than-forecast U.S. jobs report boosted the dollar against a basket of the other major currencies.. The rapid pace of jobs growth reassured investors that the economy is on a strong enough footing to justify the Federal Reserve's plans to raise interest rates once more this year. The Fed hiked rates at its June meeting and stuck to its forecast for one more rate hike this year, but the subdued inflation outlook has raised doubts over whether officials will be able to stick to their planned tightening path.

Zaldivar Copper Mine Workers in Chile Approve Strike.

Workers at Zaldivar copper mine in Chile has been approved to launch a strike on July 10 after negotiation breakdown with employers, one foregin media reported. The mine is owned by Barrick Gold and Antofagasta. But, the workers will not walk off immediately, since Chilean law calls for a government mediation period that will last at least five days before workers are legally permitted to strike.

Aluminum and Nickel Exports from Russia Fall, and Copper Exports Grow in Jan.-May.

Outbound shipments of aluminum and nickel from Russia to non-CIS countries fell during the first five months of 2017, according to Federal Customs Service, but exports of copper grew to those countries. The Turnbull government has secured an important exemption for Australian steel and aluminium exports to the United States, as US president Donald Trump considers tough sanctions on foreign steel companies.

Oil rises on firm short-term demand outlook; overall market still weak.

Oil prices edged up on Tuesday, lifted in part by a strong demand outlook for the coming weeks, but overall market conditions remain weak on the back of ample supplies and a more subdued outlook for long-term demand. Traders said the uptick in prices was in part due to healthy demand expected in the coming weeks. Weekly U.S. gasoline demand data "compares favorably to the five-year average and miles driven also continue to grow year-on-year," said Bank of America Merrill Lynch (NYSE:BAC). Crude prices are about 17 percent below their 2017 opening levels despite a deal led by the Organization of the Petroleum Exporting Countries (OPEC) to cut production from January.

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