Gold prices gain in Asia as China Caixin PMI jumps - 1 Sep 2017

Commodity Intraday Tips
Gold prices gain in Asia as China Caixin PMI jumps.  
Gold prices gained in Asia on Friday as an upbeat reading on manufacturing in China aided sentiment regionally that world's second largest economy remained on track. Overnight, gold prices edged higher on Thursday, as the dollar weakened, after subdued inflation data curbed investor expectations of a rate hike later this year while renewed geopolitical tensions lifted sentiment on the precious metal. Gold resumed its climb higher, following a two-day consolidation, as data showed consumer spending fell short of expectations while inflation increased at its slowest pace in nearly two years, curbing investor expectation that the Federal will hike its benchmark rate later this year. Meanwhile, geopolitical tensions resurfaced, lifting demand for safe haven gold, following North Korea’s missile launch over Japan earlier this week, as South Korea's air force conducted an exercise with two U.S. nuclear-capable bombers above the Korean peninsula on Thursday.  

SMM Nickel PMI Stays in Expansion Territory in August.  SMM survey finds that nickel purchase managers’ index (PMI) was 59.64 per cent in August. According to SMM survey, demand in stainless steel sector kept growing, but that from electroplating, battery, alloy and others stayed below 50 in August. SMM Nickel Monthly Average Price Grows Sharply in August. SMM expects the preliminary data for September to keep expanding in September.  

Copper Market to Face Shortage? WBMS Has Different Story to Tell.  
Market has been worried since the beginning of this year that copper ore output will fall sharply this year due to strike and output cuts or halts, hence potentially leading to copper supply shortfall. LME Copper Stocks Record Biggest Fall in Over Decade. However, data from World Bureau of Metal Statistics (WBMS) showed a different picture. Growing Copper Supply in Guangdong Reverse Premiums into Discounts, SMM Reports.  
Crude falls as flooding from Harvey roils U.S. oil industry U.S. crude futures fell in Asian trading on Friday, partly reversing sharp gains from the previous session, amid ongoing turmoil in the oil industry with nearly a quarter of U.S. refining capacity offline. "It looks like everyone thinks that the hurricane will affect refining more than production," said Tony Nunan, oil risk manager at Mitsubishi Corp. "Production will come back faster than refining so it is just going to exacerbate the situation where there's too much oil." Hurricane Harvey has killed more than 40 people and brought record flooding to the U.S. oil heartland of Texas, paralyzing at least 4.4 million barrels per day (bpd) of refining capacity, according to company reports and Reuters estimates. The U.S. Department of the Interior's Bureau of Safety and Environmental Enforcement said that roughly 13.5 percent of oil production in the Gulf of Mexico was also shut in on Thursday.The U.S. government tapped its strategic oil reserves for the first time in five years on Thursday, releasing 1 million barrels of crude to a working refinery in Louisiana.  

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