Gold dips in Asia as Trump's Afghanistan plan keeps troops in place

Gold dips in Asia as Trump's Afghanistan plan keeps troops in place.

Gold dipped in Asia on Tuesday after President Donald Trump laid out a strategy for keeping troops in Afghanistan after 16 years, though promising a tougher and more pragmatic approach to supporting the government in Kabul and working with partners such as Pakistan. Gold prices traded near session highs on Monday, in the wake of continued dollar weakness, following growing fears over geopolitical tensions in North Korea, after the U.S. and South Korea began military drills. Pyongyang warned on Sunday that the annual U.S.-South Korea military exercises are “reckless behavior driving the situation into the uncontrollable phase of a nuclear war.” The rise in geopolitical tensions in the Korean Peninsula comes amid turmoil in Washington, as investors continued to doubt whether the recent political controversies engulfing President Donald Trump will delay the introduction of his pro-growth economic agenda.

SHFE Releases Restrictions on Zinc Contract Transaction.

The Shanghai Futures Exchange (SHFE) released restrictions on zinc contracts transactions. Shandong Zinc Oxide Plants Shut down for Environmental Protection, SMM Reports. The ceiling limit of day positions opened by accounts belonging to one customer should be the same with that for one customer. Hedging operation is not subject to the constraints. Transaction fees for closing positions which are opened on the same day are adjusted to 15 yuan.

Mengtai Group to Put Online New Aluminum Project in November 2017.

Inner Mongolia Mengtai Coal Power Group will put the first phase of its new aluminum project into operation in November this year. IAI: Primary Aluminum Daily Output outside China Unchanged in July, But Falls in China. The first phase has an annual capacity of 100,000 tonnes, and the rest 400,000 tonnes will be commissioned later. Aluminum Stocks Continue Growing in China Seven Major Markets, SMM Says.

Oil prices edge up on signs of gradually tightening market.

Oil prices rose on Tuesday, lifted by indications that supply is gradually tightening, especially in the United States."U.S. crude oil stocks have been falling consistently in recent weeks. If the downtrend in oil inventories is maintained, then a bullish case can be made for oil, especially given the ongoing supply restrictions from OPEC and Russia," said Fawad Razaqzada, market analyst at futures brokerage Forex.com. "Attention now turns to this week's crude inventory figures tonight and tomorrow," said Jeffrey Halley, senior market analyst at OANDA in Singapore. "The street will be looking for a continuation of the drawdown patterns seen of recent times to bring fresh buyers to the market. Disappointment could once again see oil bulls' hearts broken."

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