Oil prices fall on pipeline restart, uncertainty over OPEC output cuts - 28 Nov 2017

Commodity Intraday Tips
Gold Gains In Asia As Fed Speakers, Treasury Secretary Remarks Awaited. 
Gold gained in Asia on Tuesday with sentiment on the rate outlook awaiting further insights from a slew of Fed speakers as well as the US treasury secretary. Overnight, gold prices rose to a more-than-one month high on Monday buoyed by an uptick in safe-haven demand amid reports suggesting North Korea was preparing to launch a missile as part of its army’s winter training regime. A Japanese diplomat warned on Monday that radio signals detected from the North Korea indicated another North Korean missile test was close, fuelling demand for safe-haven gold. “There is a possibility of missiles launches in the next few days,” a Japanese government official said on Monday, according to Japan's Kyodo news agency. Also supporting the uptick in gold prices was ongoing flattening in the yield curve as the yield spread between long-term and short-term bonds continued to narrow. A flattering yield curve usually indicates uncertainty over long-term economic growth.  

China’s Imported Aluminium Mine Slightly Rises on Monthly Basis, Australia Keeping the Largest Source Country.  
As per data released by the General Administration of Customs last Friday, bauxite imported by China in October increases 4.53% to 4.457 million tons on yearly basis. Thereinto, bauxite imported from Australia drops 9.12% to 1.86 million tons on yearly basis while those from Guinea surges nearly 40% to 1.65 million tons. Goldman estimates aluminum supply will react to China’s reducing output. In future two to three years aluminium will be in surplus supply.  
BHP Billiton to Cut down Cost of Iron Ore, Copper & Coal Business  
Australian mining giant BHP Billiton said on Tuesday, it plans to cut down cost of Australian iron ore, copper and coal business and increase $1.6 billion capacity in future two years. The company keep optimistic about the market, saying iron and raw material price will rebound a lot before February 2018 since buyers need to replenish their stock.  

Oil prices fall on pipeline restart, uncertainty over OPEC output cuts. 
Oil prices slipped in Asian trade on Tuesday amid uncertainty over a possible extension of output cuts by major crude producers and expectations of higher supply as the Keystone pipeline restarts.U.S. crude touched $59.05 a barrel on Friday, the highest level since mid-2015, fueled by the outage of the Keystone pipeline, one of Canada's main crude export routes to the United States. But TransCanada Corp (TO:TRP) this week said it would restart the 590,000 barrel-per-day pipeline at reduced pressure later on Tuesday after getting approval from U.S. regulators. Uncertainty over Russia's determination to join with other major oil producers in extending crude production curbs beyond next March has weighed on oil markets. Members of the Organization of the Petroleum Exporting Countries (OPEC) and other key producers, including Russia, will meet on Nov. 30 to discuss whether to continue with the cuts after they agreed last January to withhold 1.8 million bpd of output.  

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