Gold prices dipped in Asia as markets grow cautious ahead of Wednesday's Fed policy statements - 19 Sep 2017

Commodity Intraday Tips
Gold Dips In Asia As Investors Grow Cautious Ahead Of Fed Views.  
Gold prices dipped in Asia as markets grow cautious ahead of Wednesday's Fed policy statements with the details on the pace of unwinding its balance sheet awaited. Overnight, gold prices fell on Monday as fading tensions on the Korean Peninsula suppressed safe-haven demand while a sharp uptick in the dollar curbed sentiment on the precious metal ahead of the Federal Reserve’s two-day meeting slated for Tuesday. Fresh on the heels of a two-week losing streak, gold prices started the week on the back foot as investors appeared to unwind some of their long positions in the precious metal following strong gains in both the greenback and treasury yields. Treasury yields rose sharply, pushing the dollar higher, amid expectations the Federal Reserve will announce that it will begin unwinding its $4.5tn bond portfolio and reaffirm its outlook that an additional rate hike remains appropriate this year, when it concludes its two-day meeting policy meeting on Wednesday. Meanwhile, geopolitical uncertainty eased, reducing demand for safe-haven gold as investors downplayed U.S-North Korea tensions and piled into riskier assets such as equities.  
  
Teck Resources Ups Zinc Output Target at Red Dog Mine.   
Foreign media reported Teck Resources Ltd. has raised its output target at the Red Dog mine. NBS: China Zinc Output Falls Noticeably in August. Zinc output is expected to be 525,000-550,000 tonnes this year, compared to previous 475,000-500,000 tonnes target.  

Spot Premiums to Narrow in Shanghai Copper Market.  
LME copper stocks returned to declines, easing declines in copper prices. Technically, LME copper has found strong support at USD 6,400-6,500/mt, but meets strong resistance at USD 6,600/mt.In domestic spot market, spot premiums will narrow to RMB 40-80/mt since opening of import window will attract inflows of imported copper.    Crude Drops In Asia As API Estimates Ahead.    Crude oil prices fell in Asia on Tuesday ahead of industry estimates by the American Petroleum Institute (API) of refined product and crude stocks in the U.S.Overnight, oil prices settled higher on Monday as investors shrugged off expectations that U.S. crude stockpiles are set to show a build for the third week in a row, following the aftermath of Hurricanes Harvey and Irma. Despite U.S. refineries reporting a much better recovery from the recent hurricanes, investors braced for an uptick in crude supplies as the U.S. ramps up imports at reopened ports to make up for the shortfall in domestic production following the aftermath of storm Harvey.“It seems that at least part of the recent rally over the last few weeks has been due to stronger demand, all the major agencies revised up their forecasts for demand for this year,” said Tom Pugh, commodities economist at Capital Economics. 

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Gold Falls In Asia As NKorea Risk At Bay, Copper Jumps - 18 Sep 2017

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Gold Falls In Asia As NKorea Risk At Bay, Copper Jumps - Gold prices fell in Asia on Monday as investors moved away from risk trades on North Korea tensions, but copper staged gains as housing data from China showed countinued gains for prices albeit at a slower pace that the previous month. Last week, gold prices fell as investors shrugged off a rise in geopolitical uncertainty that followed after North Korea launched a missile over Japan on Friday while growing expectations that the Federal Reserve will hike rates later this year kept the precious metal on track for a weekly loss. A day after data showing inflation rose to its highest in seven months fuelling expectations of a December rate hike, gold prices remained on track to snap three-week winning streak. Losses, however, were limited by weak U.S. economic data. According to investing.com’s fed rate monitor tool, more than 50% of traders expect the Fed to hike rates in December. Gold is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion.

Strong Power Investment to Boost Copper Demand - Copper demand will benefit from China’s heavy investment in power sector, said Zhou Sheng, International Copper Association (ICA)’s President for China. ICA: China’s Share in Global Copper Demand Keeps Expanding. China’s power grid investment totaled 540 billion yuan in 2016, over 60% of total power investment. China will invest 1.7 trillion yuan in power distribution during 2016-2020, which will further lift copper demand. Besides, copper use in power source side will also grow along with development of new energy vehicle market.

LME Nickel Prices to Look for Support - China’s RMB loans and informal financing in August topped market expectations, with M2 supply hitting record low. Forex receipts fell for 22 months in a row. LME nickel is expected to look for support from the 40-day moving average today.

Oil markets firm on rising refinery demand, falling U.S. rig count - Oil markets were firm on Monday and remained near multi-month highs reached late last week as the number of U.S. rigs drilling for new production fell and refineries continued to start up after getting knocked out by Hurricane Harvey."Demand forecasts from OPEC and IEA... continued to improve sentiment in the market. Refineries are also reporting a much better recovery from the recent hurricanes," ANZ bank said on Monday. Oil refineries across the Gulf of Mexico and the Caribbean were restarting after being shut due to hurricanes Harvey and Irma, which battered the region in the past three weeks.The refinery restarts are occurring "as signs emerge of stalling growth in the U.S. shale industry. The number of rigs drilling for oil in the U.S. fell sharply last week," ANZ said.

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Gold Gains In Asia After NKorea Missile Test Raises Risk - 15 Sep 2017

Commodity Intraday Tips
Funds Need to Buy to Stop the Price Slide (COPPER)- December Comex High Grade Copper futures are trading flat early Friday after another huge break on Thursday. Traders are saying that commodity funds are stepping in to stem the price slide. Earlier in the week, it was commodity fund liquidation driving prices sharply lower. On Thursday, copper fell to a four-week low after some weaker than expected data from China pointed to slowing demand from the metal’s top consumer. Chinese data showed slower than expected growth in investment, factory output and retail sales but a rebound in property sales and construction starts is likely to keep China’s overall growth relatively robust and on target. Hedge and commodity funds had basically saturated the market with long positions and the market ran out of buyers. They had expected the recent momentum to carry the Chinese economy for at least a month longer, given the recent strong PMIs and price action. However, speculator positions grew too large for the market to handle and something had to give.

Gold Gains In Asia After NKorea Missile Test Raises Risk  - Gold markets were choppy over the course of the session on Thursday, as we continue to see resistance just above. I think that the market breaking above the 1003 and $35 level will be very positive, and perhaps trying to send the market to fill the gap above that formed at the beginning of the week. Alternately, the market could go down to the $1300 level, and a move below the $1315 level should send the market looking for that. Ultimately, this is a very choppy market, but it looks like the sellers have taken control. Gold prices gained in Asia on Friday after North Korea fired a missile over the northern Japan island of Hokkaido and into the Pacific Ocean, drawing a new line in the sand for the U.S. and allies to respond. Overnight, gold prices rose for the first time in three days after the dollar came under pressure but gains were capped as data showed the pace of U.S. consumer prices hit a 7-month high in August raising expectations for a Federal Reserve rate hike later this year. Gold prices halted a three-day losing streak as the dollar eased despite inflation and jobs data topping expectations pointing to an improving U.S. economy which could influence the Federal Reserve to stick to its plan to hike rates at least once more this year. Some analysts believe, however, the Fed will taper its rate hike outlook as inflation will continue to undershoot the central bank’s expectations, boosting demand for gold. 

China Qualified Secondary Lead Plants to Expand Capacity, SMM Reports - Many large domestic secondary plants that have required licenses plan to expand their capacities, SMM analyst said at the 2017 SMM Secondary Lead-acid Battery Summit. Anhui Huaxin Lead Industry Group, Anhui Huabo Renewable Resources Technology and Taihe Dahua Energy Technology all plan to build second phase projects. LME Lead Canceled Warrants Fall to 8-Month Low. New Chunxing Resource Recycling also has capacity expansion plans in the second half of the year.

TALCO Eyeing Higher Aluminum Production - TALCO plans to expand aluminum production, said Igor Sattarov, spokesperson for the company. The company plans to increase its aluminum output to 300,000 tones by 2020. Possibility is high for the company to achieve the target, due to current positive market environment, positive market outlook and introduction of new aluminum processing technology, Igor Sattarov said.     

Crude Oil Down In Asia On NKorea Missile Test - Crude oil fell in Asia on Friday after North Korea tested an intermediate range ballistic missile over the Japanese island of Hokkaido and into the Pacific Ocean in the latest tit-for-tat with the U.S. and its allies for pushing UN economic sanctions, with investors looking ahead to the latest weekly U.S. rig count data. Overnight, crude oil prices settled at seven-week highs on Thursday buoyed by a pair of reports earlier in the week suggesting that rising global oil demand could stem the glut in crude supplies. The fall in Opec output came as a relief to investors, many of whom had questioned the oil-cartel’s commitment to tackle excess supplies following a drop in the group’s the rate of compliance with the global accord to curb production. "Stronger demand and supply restrictions from OPEC and Russia are the main reasons for the oil price upsurge," said Forex.com analyst Fawad Razaqzada.

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Global Lead Supply Shortages Expand in July - 14 Sep 2017


Commodity Intraday Tips

Gold Drifts Lower In Asia With India Demand Cues Awaited - Gold prices dipped in Asia on Thursday with demand cues sought from the upcoming festival season in India with festivals such as Diwali often seeing a spurt in buying. Overnight, gold prices fell for a third day in a row, pressured by a sharp rise in the dollar as investors continued to flee safe-haven assets amid a decline in geopolitical uncertainty. Gold prices remained on track to suffer their longest losing streak in more than month as appetite for safe-haven investments continued to fade, underpinning a move higher in both the dollar and treasury yields. Dollar-denominated assets such as gold are sensitive to moves in the dollar – A stronger dollar makes gold more expensive for holders of foreign currency and thus, reduces demand. Some analysts, however, viewed gold’s recent slump as transitory and highlighted that lower prices would attract buyers, supporting a recovery in the precious metal. Geopolitical trouble hasn't disappeared and the U.S. political landscape is still fraught with difficulties.

Global Lead Supply Shortages Expand in July - Global lead supply market reported bigger shortages in July, according to International Lead and Zinc Study Group (ILZSG). In July, the shortages expanded to 36,000 tonnes, according to the data, up from 9,400 tonnes in June. The shortages reached 109,000 tonnes from January to July 2017, compared with a glut of 42,000 tonnes seen the same period of last year.

NBS: China August Aluminum Output Hits Lowest since April 2016 - China’s aluminum output fell for two consecutive months to the lowest level since April 2016 in August, according to the National Bureau of Statistics (NBS). The country’s aluminum output was 2.64 million tonnes in August, down 3.7% year-on-year and below July’s 2.69 million tonnes. Aluminum Stocks in China Seven Major Markets Begin to Fall from Peak, SMM Says.

Crude Oil Down In Asia As EIA Data Drags On Sentiment - Crude oil fell in Asia on Thursday as data on U.S. inventories hit sentiment and investors shrugged off mildly positive figures from China on refinery runs. Overnight, oil prices settled higher on Wednesday, as bearish data showing U.S. supplies of crude oil rose more than expected was overshadowed by a report from the International Energy Agency estimating global oil demand this year will climb by the most since 2015. A report from the Energy Information Administration (EIA) showing crude stockpiles rose more than expected last week threatened to derail earlier gains, following a bullish report from the International Energy Agency (IEA) on oil demand growth.The bigger-than-expected draw in gasoline stockpiles comes after heavy flooding due to storm Harvey knocked out nearly quarter of the U.S. refining capacity in August. Crude prices recorded their largest one-day gain of the week, following data from the Opec and IEA on Tuesday and Wednesday, respectively, pointing to an uptick in global oil demand.

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Aluminum Stocks Rise Sharply at Three Major Ports in Japan - 13 Sep 2017

Commodity Intraday Tips
Gold Rebounds Slightly In Asia After Recent Profit-Taking - 
Gold prices rebounded in Asia on Wednesday as investors saw recent declines on a stasis in tensions on the Korean peninsula as a chance to buy and on physical demand as the Indian festival season approaches. Overnight, gold prices fell below break-even on Tuesday as easing U.S.-North Korea tensions fueled demand for riskier assets lifting global stocks to record highs for a second straight day. The relief rally continued for a second straight day, lowering demand for safe-haven gold as investors shrugged off fresh threats from North Korea after the United Nations imposed a fresh round of sanctions, restricting the country’s access to oil imports while limiting textile exports. North Korea's ambassador to the UN, Han Tae Song, told a conference in Geneva: "The forthcoming measures by DPRK [the Democratic Republic of Korea] will make the US suffer the greatest pain it has ever experienced in its history." Also weighing on gold prices was a sharp rise in U.S. treasury yields ahead of inflation data due Wednesday, which could influence the Federal Reserve's interest rate decision slated for September 20. Analysts, however, have been quick to downplay gold’s poor start to the week as data pointing to a surge in buying activity suggests that demand for the yellow metal remains supported.

Aluminum Stocks Rise Sharply at Three Major Ports in Japan - 
Aluminum stocks grew a lot at three major ports in Japan at the end of August, according to Marubeni Corp. on Tuesday. Japan Q4 Aluminum Premiums to Find Support from Higher US    Premiums. Stocks totaled 282,600 tonnes at the three major ports as of the end of August, up over 5% on a monthly basis.

Morgan Stanley: Fundamentals Not Good Enough to Keep Copper Price above $6,600 - 
Morgan Stanley reckons fundamentals are not good enough to leave copper prices above $6,600 per tonne. SMM Releases Copper PMI in August and September Forecast. Foreign trade for copper remains sluggish this year. Despite improvement in economic activities in September, construction and public investment slowed. Goldman Sachs Sees Copper Price Fall in 6-12 Months.
  
Crude Oil Mixed In Asia As Market Digests API Estimates - 
Crude oil prices were mixed in Asia on Wednesday with investors mulling industry estimates on U.S. inventories of crude and refined products as they wait for official figures.It was the second straight build after Hurricane Harvey shut production in some Gulf of Mexico fields and refineries in Texas as some domestic producers also trimmed output to avoid a larger glut at storage. The oil storage hub at Cushing, Oklahoma, saw a build of 1.32 million barrels.Overnight, crude oil prices settled higher on Tuesday after a report showed Opec output fell in August but gains were capped as investors braced for U.S. crude inventory due data expected to show a large build in stockpiles.

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Crude oil flat to weaker in Asia as API estimates ahead - 12 Sep 2017

Commodity Intraday Tips
Gold dips in Asia after latest U.N. sanctions on NKorea.  
Gold prices fell in Asia on Tuesday with tensions on the Korean peninsula eyed after fresh U.N. economic sanctions against Pyongyang that were seen as weaker than expected, or pushed, by the U.S.  "Under the new sanctions resolution passed by the UN Security Council on 11 September, UN members would only need to cap oil exports to North Korea at the average level over the past 12 months, although the new UN resolution also bans exports of natural gas liquids and condensates and caps exports of refined petroleum products to North Korea at 2 million barrels per year for the 2018 calendar year and 500,000 barrels for the last quarter of 2017." Overnight, gold prices remained on the downside on Monday, as concerns over the impact of Hurricane Irma and tensions with North Korea continued to subside. Market participants had been worried about a potential North Korean missile test on Saturday, to mark the anniversary of the founding of the nation.  
  
Zambia Expects Copper Output to Fall in 2017.  
Zambia's copper production is expected to fall slightly in 2017 to 753,992 tonnes, lower than 774,290 tonnes in 2016, Ministry of Mines said on Monday. The decline will be due mainly to output decline at Konkola Copper Mines, whose output is estimated to fall by 40 per cent this year. Chile Copper Export Value Surges 33.7 Per cent YoY in August. The Zambia Chamber of Mines, an industry body, said output would depend on power supply, infrastructure and stability of the fiscal and regulatory regime.  

Xinjiang Joinworld Releases Aluminum and Related Capacity.  
Xinjiang Joinworld has released its current capacity for high-purity aluminum and aluminum foil. At present, Xinjiang Joinworld has an annual capacity of 42,000 tonnes of high-purity aluminum, 35,000 tonnes of electronic aluminum foil, as well as 16 million m2 of electrode foil. The company has no expansion plans for now and needs to source power from market since its captive power could not meet its production needs.      

Crude oil flat to weaker in Asia as API estimates ahead.   Crude oil prices were flat to weaker in Asia on Tuesday with industry estimates of crude and refined product stocks from the American Petroleum Institute in the U.S. ahead. Analysts surveyed Monday by S&P Global Platts expect US crude stocks rose 10.1 million barrels. Overenight, oil prices settled higher on Monday amid an uptick in sentiment after Saudi Arabia said its oil minister held talks with counterparts over the possibility of extending the supply-cut agreement beyond March 2018.The uptick in sentiment on oil prices comes against concerns that falling U.S. oil demand could weigh on crude futures in the wake of Hurricane Irma which made landfall in the U.S. over the weekend. "We believe that Irma will have a negative impact on oil demand but not on oil production or processing," Goldman Sachs (NYSE:GS) analysts said in a note. 

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Gold prices down in Asia as hurricane, NKorea risk concerns ease - 11 Sep 2017

Commodity Intraday Tips
Gold prices down in Asia as hurricane, NKorea risk concerns ease.
Gold prices fell in Asia on Monday with risk assets taking a breather as Hurricane Irma is downgraded in intensity and an possible ICBM test by North Korea at the weekend failed to materialize. Hurricane Irma knocked out power to more than 2.4 million homes and businesses in Florida on Sunday, threatening millions more as it crept up the state's west coast, and full restoration of service will take weeks, local electric utilities said. Last week, gold prices rose to the highest level in a year on Friday as the dollar remained under pressure amid doubts over prospects for a third Federal Reserve rate hike this year. Diminished expectations for a third rate hike this year compounded by heightened tensions with North Korea and worries over the economic impact of hurricanes in the southeastern U.S. pressured the dollar lower. Concerns over political turmoil in Washington have also fed into recent dollar weakness. An agreement to postpone U.S. debt ceiling talks until December, which would coincide with the Fed's policy meeting have diminished chances for a rate hike.

Nanshan Aluminum to Invest 5.7 Billion Yuan to Build Alumina Project in Indonesia
Nanshan Aluminum Co. announced it plans to raise no more than 5 billion yuan to build an alumina project in Indonesia. China to Grant Huge Loans to Guinea to Secure Bauxite. The project, with total investment at 5.69 billion yuan, will have an annual capacity of 1 million tonnes. Breaking News: Henan to Suspend Construction and Expansion of Small Bauxite and Iron Ore Mines.

Hurricane Disrupts Nickel Production in Cuba, and More
Cuba began suspending nickel production due to hurricane Irma.  The powerful earthquake in Mexico will have little impact on copper market. Copper scrap supply grew amid higher copper prices, easing market tightness.  It is rumored that large traders will deliver copper to LME warehouses this week. China Sees Big Rise in Nickel Ore Inventories, SMM Reports. Spot TCs for imported copper concentrate moved higher last week, and this attracted smelters to make purchases. SMM data showed China’s alumina output unexpectedly grew in August.  

Oil edges up as Saudis discuss extending supply cut.  
Oil prices edged up on Monday after the Saudi oil minister discussed possibly extending a pact to cut global oil supplies beyond March 2018 with his Venezuelan and Kazakh counterparts. News of the talks on Sunday helped offset downward pressure on oil prices amid worries that energy demand would be hit hard by Hurricane Irma and its aftermath.Hurricane Harvey - which hit two weeks ago - pushed the U.S. refinery use rate to a seven-year low, but largely spared oil and petrochemical plants along the U.S. Gulf Coast from significant damage. Some units are now restarting after shutdowns ahead of or during the earlier storm. Motiva Enterprises was starting up the large crude unit - a little more than 50 percent of capacity - at its Port Arthur, Texas, refinery on Sunday, according to a source familiar with plant operations.

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