Oil prices fall for second day on oversupply concerns - 3 Oct 2017

Commodity Intraday Tips
Gold Prices Dip In Asia On Stronger Dollar And Weak China Demand.  
Gold prices dipped in Asia as overnight dollar gains extended into the region, making the greenback-denominated commodity more expensive and with demand weak as China markets are shut for a week-long holiday. Overnight, gold prices fell to seven week lows amid a dip in safe-haven demand after manufacturing data topped expectations pushing yields and the dollar to session highs. Gold futures made a weak start to the month added to losses from the previous week as investors continued unwind their bullish bets on gold after upbeat manufacturing data pointed to underlying strength in the U.S. economy. The drop in gold prices comes against the backdrop of a dip in bullish bets on the yellow metal as investors ditch the safe-haven trade amid renewed tax reform hopes and a year-end rate hike despite an uptick in Eurozone geopolitical uncertainty. “ investors are continuing to ignore geopolitical risks, as their insatiable appetite for risk continues,” said Fawad Razaqzada, technical analyst at Forex.com. “Dollar-denominated and safe haven gold has consequently fallen out of favor.”  
Zhejiang’s Zhoushan Imports Zinc Ore for the First Time.   
Zhejiang’s Zhoushan imported its first shipload of zinc ore recently. These goods weigh 15,000 tonnes, and are worth $3.20 million. Zinc Inventory in China Three Major Markets to Grow after China National Day Holiday, SMM Says.  

Huangdao Port Sends back Imported Scrap Copper, for Radioactivity Exceeding 26.4 Times.  
News from Huangdao Inspection and Quarantine Bureau, a batch of scrap copper from Columbia was detected as exceeding 26.4 times for radioactivity, which was tuned over to customs for return. It is reported that the weight of the cargo is 24,880 kilos, which values $118,766.87. This is another case of radioactivity excess of scrap copper at Huangdao port since last batch of goods from UAE.  
Oil prices fall for second day on oversupply concerns.    
Oil prices fell on Tuesday, declining for a second day and sapping more strength from a third-quarter rally, amid signs that a global glut in crude may not be clearing as quickly as some had hoped."The fourth quarter is not too kind to the price of oil, as we switch from summer demand to expectations of winter demand," said Jonathan Barratt, chief investment officer at Ayers Alliance in Sydney. "A lot of (refinery) maintenance occurs at this time so feeder demand is not there." Iraq said on Monday that exports rose slightly in September from its southern oilfields, while an earlier Reuters survey indicated that the Organization of the Petroleum Exporting Countries (OPEC) overall boosted output. Oil prices climbed last week on tension in Iraqi Kurdistan after the region's independence vote, with Turkey threatening to close a pipeline that brings oil from the region in northern Iraq to the Mediterranean. Turkey has not carried out the threat, analysts said.  

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