Gold prices gained in Asia on Wednesday with the Fed policy review - 20 Sep 2017

Commodity Intraday Tips
Gold Gains In Asia Ahead Of Fed Policy Views - Gold prices gained in Asia on Wednesday with the Fed policy review expected to follow a well-telegraphed script on interest rates and reducing the balance sheet, though some investors are looking for language that suggests a shift to a more dovish outlook. Overnight, gold prices were flat on Tuesday as President Donald Trump’s threat that America would “totally destroy” North Korea if forced to defend itself or its allies did little to raise safe-haven demand as investors focused on the two-day Federal Open Market Committee which concludes on Wednesday. President Trump’s latest threat to North Korea failed to garner much attention as investor focus remained on the two-day Federal Open Market Committee meeting that will conclude Wednesday with a statement on monetary policy.“The Fed is going to make sure that the process would stay as smooth as possible and this would likely push them to hold their gradual approach in hiking the interest rates,” said Naeem Aslam, chief market analyst with Think Markets. “The odds of a December rate hike are standing at 40%, but a hawkish tone by the Fed could strengthen the dollar index,” he said.

Jinchuan Group Raises Nickel Price by 1,000 yuan - Jinchuan Group lifted nickel ex-works price by 1,000 yuan per tonne on Wednesday. Supply deficit in global nickel market widened in July, according to the International Nickel Study Group (INSG). Higher demand was due mainly to output increases at stainless steel mills in China.

LME Approves Listing of JNMCc Grade A Copper Brand - LME approved the listing of JNMCc Grade A copper brand, produced by Guangxi Jinchuan Non-Ferrous Metals on September 19. Southern Copper is considering bidding for mining rights of Michiquillay copper mine as it sees further rise in copper prices in 2019, said CEO Oscar Gonzalez.

Crude Oil Gains In Asia As API Estimates Support - Crude oil prices gained in Asia on Wednesday after industry estimates painted an upbeat picture on U.S. crude and refined product figures. On Wednesday, official data from the Energy Information Administration (EIA) is due. The API and EIA figures often diverge. Overnight, crude oil prices settled lower on Tuesday as data expected to show U.S. crude stockpiles rose for the third straight week offset earlier optimism which followed comments from Iraqi oil minister Jabar al-Luaibi on a possible extension to the Opec-led agreement to cut oil output. Investor expectations that U.S. crude stockpiles are poised to rise for the third week in a row offset early gains which followed after Iraqi oil minister Jabar al-Luaibi said that Iraq and other OPEC members are considering options to its production-cut agreement, including an extension beyond March and a deeper output cut.

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