Gold slightly weaker in Asia as investors await Jackson Hole

Gold slightly weaker in Asia as investors await Jackson Hole.
Gold prices dipped in Asia on Wednesday as investors turned cautious ahead of a meeting of central bankers this week in Jackson Hole, Wyoming, that may provide fresh cues on interest rates and unwinding stimulus efforts. Overnight, gold prices fell on Tuesday, following a rebound in the dollar, as traders remained wary of initiating large positions in the yellow metal ahead of a two-day central banking symposium later this week. Gold’s attempt to breach $1,300 failed on Tuesday, as the precious metal fell close to one-week lows, after a dip in U.S-North Korea tensions eased safe-haven demand while traders shifted attention to an upcoming symposium of central bankers slated for Thursday which could provide clues on monetary policy changes.

Jinjiang Group Subsidiary Begins Cutting Aluminum Capacity, SMM Survey.

Inner Mongolia Jinlian Aluminum Co., Jinjiang Group’s subsidiary, has begun cutting aluminum capacity. On August 22, Suntown Technology Group Co. signed a deal with Saudi Arabia’s Enmaar, marking that Chinese aluminum formwork will enter the Middle East market for the first time. Huaxing Aluminum Co. has passed acceptance check in terms of environmental protection for completed phase two alumina construction project. Barclays Expects Copper Prices to Severely Soften in Late 2017.

Copper prices have overreacted to short-term factors and neglected several warning signals, Barclays said. Citi and Societe Generale Express Divergent Views over Base Metals Price Outlook. Investors should be alert that copper prices might severely soften at the end of 2017 since demand may slow down, Barclays added. Industry Insiders Bullish over Base Metals in H2 2017. Rise in copper prices usually means economic recovery, but we did not see such strong economic recovery, Royal Bank of Canada said.

Oil prices fall on concerns of oversupply as Libyan output recovers.

Oil prices fell on Wednesday, weighed down by concerns of oversupply as Libyan output improves and as U.S. gasoline inventories rose despite the peak summer driving season. Jeffrey Halley, senior market analyst at futures brokerage OANDA said that the rising U.S. gasoline inventories were "not a good sign during the U.S. summer driving season" during which fuel demand tends to be high. Official inventory data by the U.S. Energy Information Administration is due to be released late on Wednesday. Meanwhile, Bernstein Research warned that low prices and ample supplies were resulting in low oil industry investment levels. Crude oil halted its slippery start to the week, as traders piled into oil futures on the back of expectations that weekly inventory data will show U.S. crude supplies continue to fall, easing the glut of excess supplies which have pressured prices for more than three years.

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