Gold prices down in Asia as regional data supports growth views - 31 Aug 2017

Commodity Intraday Tips
Gold prices down in Asia as regional data supports growth views.  
Gold prices fell in Asia on Thursday with a slew of regional data aiding sentiment and a focus turning to the expected battle to get a tax cut passed in the U.S. that would likely have a knock-on affect on fed policy if successful. Overnight, gold prices eased from an eleventh-month high on Wednesday, following a rebound in the dollar, after a duo of better-than-expected reports on private job creation and economic growth raised expectations of a rate hike later this year. Gold snapped a two-day winning streak as safe-haven demand fell in the wake of Donald’s Trump somewhat measured response to North Korea’s missile launch over Japan on Monday while upbeat US economic data fuelled expectations of monetary policy tightening. The stronger-than-expected private payrolls report, which often serves as a precursor to monthly nonfarm payrolls data slated for Friday, pointed to continued strength in the U.S. labor market, easing expectations the Federal Reserve may abandon its plan to hike rates later this year.  

SMM Nickel Monthly Average Price Grows Sharply in August.   
The SMM nickel monthly average price grew 9,208.28 yuan per tonne in August on a monthly basis, according to SMM data. In August, the SMM nickel monthly average price was 87,463.05 yuan per tonne. Jinchuan Group reduced nickel ex-works price by 400 yuan per tonne on Thursday.  

SMM Aluminum Monthly Average Price Soars in August.  
SMM aluminum monthly average price rose sharply in August. Aluminum Price Rise Cycle Just Begins Macquarie raised its forecasts for iron ore and aluminum prices next year, citing demand from China. Yunnan Aluminum Co. will expand its aluminum capacity via acquisition.  
Crude narrowly mixed in Asia as China manufacturing PMI offers support. 
Crude oil prices were narrowly mixed in Asia on Thursday as sentiment was underpinned regionally by China's official manufacturing PMI, though the market is now largely driven by the stoppages and damaged caused by Hurricane Harvey along the U.S. Gulf Coast. Overnight, crude futures settled lower on Wednesday, as flooding from Tropical Storm Harvey continued to batter US refinery capacity, offsetting data showing U.S. supplies of crude oil fell for a ninth-straight week. Refinery shutdowns across Texas due to flooding from Strom Harvey, triggered fears of an uptick crude inventories, following a fall in demand for crude oil, as refining capacity continued to come under pressure. A report from the Energy Information Administration (EIA) showing crude stockpiles fell more than expected last week lifted sentiment but gains were short lived as investor focus returned to the storm’s impact on demand for crude as refineries are not expected to restart for a week or more. 

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