Gold prices rose a tad in Asia on Friday - 30 Sep 2016

Commodity Intraday Tips

PRECIOUS METALS



Gold prices rose a tad in Asia on Friday after a key manufacturing survey from China came in as expected and investors looked ahead to more remarks from Fed policymakers.The Caixin manufacturing PMI for September came in at 50.1 as expected with holidays in China next week in focus going forward."The readings for the manufacturing PMI over the past three months seem to indicate that the economy has begun to stabilize," 

BASE METALS



LME copper will range between USD 4,820-4,860/mt on Friday and SHFE 1611 copper is predicted to move at RMB 37,500-37,800/mt.Caixin’s manufacturing PMI for China in September and inflation data from the US and Europe will be announced today. The night session on the SHFE will be suspended today due to China’s National Day holiday. China’s major economic indicators in August improved across the board. Caixin’s manufacturing PMI in August was around 50, and the figure in September should significantly affect base metals in Shanghai today.

ENERGIES


Crude prices showed a mild fall in Asia on Friday after a manufacturing survey from China with details of an OPEC curb on output yet to filter fully through and investors in the near term awaiting rig count data in the U.S.Crude oil for November delivery on the New York Mercantile Exchange fell 0.31% to $47.68 a barrel.  Oilfield services provider Baker Hughes said last week that the number of rigs drilling for oil in the U.S. last week rose by 2 to 418, marking the 12th increase in 13 weeks.In Asia, the Caixin manufacturing PMI for September came in at 50.1 as expected with holidays in China next week in focus going forward.


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China Aluminum International Trading Co. (Chalco Trading) hiked aluminum prices

Commodity Intraday Tips

ALUMINIUM:
China Aluminum International Trading Co. (Chalco Trading) hiked aluminum prices it offered in major markets today after cut in previous day, it said on its WeChat.

ZINC:
South Korean PPS said on its website it had bought 1,000 tonnes of zinc for November delivery via bid solicitation.

CRUDE OIL:
Now, news is surfacing that there is more disappointment coming out of Algiers as Iran is refusing to freeze output. Saudi Arabia is not interesting in freezing production without Iran complying.Reuters is saying that OPEC agreed to limit its production to a range of 32.5 – 33.0 million barrels per day bpd in informal talks at an energy conference in Algeria.The agreement essentially exists only on paper at this time. What still has to be decided is how much each country will produce. This part of the deal is likely to take place at the next formal OPEC meeting in November, when an invitation to join cuts could be extended to non-OPEC countries such as Russia.

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Gold prices were mostly steady in early Asia on Wednesday - 28 Sep 2016

Commodity Trading Tips

PRECIOUS METALS

Gold prices were mostly steady in early Asia on Wednesday as investors navigated a mix of U.S. interest rate and presidential election views, prospects for an OPEC output freeze and an upbeat U.S. survey on consumer confidence.Gold for December delivery on the Comex division of the New York Mercantile Exchange inched up 0.01% to $1,330.55 a troy ounce. Earlier, Federal Reserve Vice Chair Stanley Fischer said Tuesday that the U.S. economy has started to generate better wages, but they need to go higher."Finally incomes of working people began to rise faster than incomes of people higher up" on the income scale, Fischer said while answering questions at Howard University after a speech.

BASE METALS

LME copper will range at USD 4,780-4,815/mt and test support at the 60-day moving average during Asian trading hours. SHFE 1611 copper is predicted to fluctuate between RMB 37,300-37,600/mt today.US August durable goods orders are expected to fall from July. ISM manufacturing PMI in August returned below 50 and fell far short of market expectations, with new order sub-indice falling below 50 for the first time since December 2015. Markit manufacturing PMI in August for the US also fell short of expectations and July’s final figures, with new order slowing further. The number of regions in which new order sub-indice weakened was larger than those in which new order sub-indice improved.

ENERGIES

Crude oil prices swayed in Asia on Wednesday as industry data showed a continued demand trend for crude and refined product stockpiles and an OPEC meeting later in the day looms with chances for a freeze on production seen slim. Crude oil for November delivery on the New York Mercantile Exchange was up 0.04% to $44.69 a barrel. The figures come ahead of more closely-watched data from the U.S. Department of Energy on Wednesday.Oil ministers from both countries said on Tuesday that talks among OPEC and non-OPEC oil producers in Algiers are "consultative," casting doubt on the chances of any policy decision during the meeting.

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Gold drifted weaker in Asia on Tuesday as minutes from the Bank of Japan's July meeting - 27 Sep 2016

Commodity Intraday Tips

PRECIOUS METALS

Gold drifted weaker in Asia on Tuesday as minutes from the Bank of Japan's July meeting showed an easing push and investors awaited the outcome of a debate between the two main candidates for president in the U.S. Gold for December delivery on the Comex division of the New York Mercantile Exchange fell 0.21% to $1,341.25 a troy ounce.Overnight, gold prices swung between small gains and losses during North America's session on Monday, remaining near a two-week high as investors' attention turned from central banks to American politics ahead of the first U.S. presidential debate.

BASE METALS

LME copper will range at USD 4,820-4,865/mt on Tuesday and SHFE 1611 copper should fluctuate at RMB 37,650-37,900/mt.A series of major economic indicators are due for release today from China and the US. The US dollar index weakened overnight, while crude oil rose. Base metals fell at first and then climbed, mostly closing with gains. Base metals are expected to report big volatility today.Value-added at China’s large industrials accelerated on a year-on-year basis. And prices of some energy and raw material climbed, boding well for profit at China’s large industrials in August. Stabilizing fixed asset investment and improving property market in August will also lend a boost.

ENERGIES

Crude futures slipped in Asian trade on Tuesday as investors took profits after prices climbed more than 3 percent in the previous session.The dollar was also weighing on oil prices after rising against a basket of currencies, suggesting markets were judging Democrat Hillary Clinton as the winner in the first U.S. presidential debate with Republican candidate Donald Trump.A stronger greenback makes commodities like crude that trade on a dollar basis more expensive for consumers that pay in other currencies.Expectations of a build in U.S. crude stockpiles last week, according to a Reuter’s poll, also pressured prices amid concerns of a global oversupply.

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