Oil gains ahead of producer meeting; Nigeria, Libya output in focus

Gold dips in Asia with focus on Fed later this week.

Gold ticked slightly lower in Asia on Monday with the latest views from the Fed expected to set the tone later this week. On Wednesday, the Fed will give its latest views on rates ahead of the first look at U.S. second quarter growth on Friday. The Fed is expected to hold steady. Last week, gold prices rose for a sixth straight session on Friday, to notch up the largest weekly gain in two months as the U.S. dollar slid to its lowest level in more than a year. The greenback was pressured lower by the stronger euro, which was boosted by expectations that the European Central Bank is moving closer to tapering its bond-buying program and fresh political turmoil in Washington. On Thursday, Bloomberg reported that the investigation into alleged links between President Donald Trump’s campaign and Russia in last year’s election is extending into his business. The Fed is to hold its next meeting on Wednesday and is widely expected to hold policy steady.

Operating Rate at China Copper Plate/Sheet, Strip and Foil Plants to Fall in July, SMM Survey.

The average operating rate at domestic copper plate/sheet, strip and foil plants is expected to fall slightly to 70.01% in July, SMM predicts based on a survey. Spot Copper Concentrate TCs Stabilize as Smelters Hold Sufficient Raw Materials, SMM Reports. About 71% of them see orders hold flat at June’s in July. Some reported steady orders, and said they will maintain production at current level until the latter half of the year.

How Will Aluminum Prices Perform This Week? SMM Reports.

Without fresh output cut news, aluminum prices will continue hovering at highs this week. In domestic spot market, growing stocks will leave suppliers more eager to sell, while traders and downstream producers will be cautious about buying. Spot discounts will remain high at 140-160 yuan/tonne.

Oil gains ahead of producer meeting; Nigeria, Libya output in focus.

Oil prices gained on Monday after a steep fall the session before, buoyed by expectations that a joint OPEC and non-OPEC meeting later in the day may address rising output in Nigeria and Libya, two OPEC members so far exempt from a push to cut production. The committee may recommend a conditional cap on Nigerian and Libyan oil production, sources familiar with the talks said, although some analysts were deeply skeptical the group would make such a move. "The committee may issue a statement on cooperation in production cuts, but output cuts by Libya and Nigeria would be next to impossible considering Libya was just re-emerging from the civil war, for example," said Kaname Gokon, strategist for commodities brokerage Okato Shoji in Japan. Russian Energy Minister Alexander Novak said Libya and Nigeria should cap output when their output stabilizes, the Financial Times reported.

Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.

CapitalStars Investment Adviser: SEBI Registration Number: INA000001647

Visit Here- http://www.capitalstars.com/