Oil prices hold steady for third day; eyes on economic data.- 7 Mar 2017

Commodity Intraday Tips
Gold gains slightly in Asia with U.S. jobs data eyed on Fed views.
Gold prices edged higher in Asia on Tuesday with jobs data at the end of the week the lodestar for a widely expected Fed rate hike this month that will set the tone for the precious metal. Comex gold futures rose 0.09% to $1,226.55 a troy ounce, while silver futures for May delivery dipped 0.05% to $17.803 a troy ounce. Overnight, gold prices were higher during North American morning hours on Monday, kicking the week off with gains as a missile launch by North Korea was the latest event to add to concerns about rising geopolitical tensions.Geopolitical tensions were in focus after North Korea fired four ballistic missiles early on Monday, three of which landed in Japan's exclusive economic zone, an area extending about 230 miles out to sea from its coastline. U.S. political developments also remained in focus after President Donald Trump on Saturday accused his predecessor Barack Obama of wiretapping him during the 2016 election campaign, an accusation rejected by Obama and a top former intelligence official, even as the White House urged Congress to investigate the allegation. Gains were limited on increasing signs given by Federal Reserve officials that the U.S. central bank is seriously considering raising interest rates this month.

Chinese copper scrap prices declined sharply on Index 3rd March, 2017.
The Chinese copper scrap prices witnessed sharp downfall on Scrap Monster Price Index as on Friday, March 3rd. Copper Transformer scrap prices dropped by CNY 100 per MT over the previous day. The price of Cu Yokes too has declined by CNY100 per MT.India Nickel Scrap prices drop; Nickel Futures up 1.84 percent, India's major nickel scrap prices dropped on the Scrap Register Price Index as on Friday, while nickel futures prices at India's Multi Commodity Exchange gained on the potential for supply disruption from Philippines, the world’s top nickel ore exporter.The Philippines could consider banning exports of unprocessed minerals such as nickel in an effort to promote value addition in the mining sector, a senior environment official said. “It is one of the options that has to be considered not only by the DENR (Department of Environment and Natural Resources) but by the entire government," DENR Undersecretary Maria Paz Luna told reporters.

Oil prices hold steady for third day; eyes on economic data.
Oil prices were little changed for a third session on Tuesday, with investors searching for direction as concern over rising U.S. shale output offsets production cuts by OPEC and non-OPEC members. One could say that with oil holding up when other industrial commodities, equities and gold are weaker is quite a good performance. Everything else has caught the downdraft but oil is holding up," he said.Investors are waiting on economic data later in the week, including import and export data from China on Wednesday, for trading cues, McCarthy added. Concerns over rising U.S. shale oil output have been offsetting the impact of production cuts agreed by the Organization of the Petroleum Exporting Countries (OPEC) and some nonOPEC members to curb a global crude oversupply.
Russia and Iraq said on Monday it was too early to discuss if the pact by OPEC and non-OPEC members should be extended beyond May. 

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