Chile Copper Output Slides in First Quarter on Strike - 15 May 2017
Gold gains in Asia on geopolitics,
Gold gained in Asia on Monday as North Korea rattled markets with a statement its latest missile test at the weekend was capable of carrying a large nuclear warhead and investors also fretted over the potential spread of cyber attacks that have already hit 200,000 victims in at least 150 countries. Last week, gold prices were higher on Friday to end the week little changed as the weaker dollar boosted demand for the precious metal. The dollar weakened after data on Friday showed that U.S. retail sales grew less than expected last month, and core inflation dipped, raising doubts over whether the Federal Reserve can hike rates two more times this year.
Chile Copper Output Slides in First Quarter on Strike.
Cochilco data showed Chile’s copper production slid 14.6%% in the first quarter of 2017 due mainly to the strike at the world’s largest copper mine, wenhua.com reported. Chile produced 1.19 million tonnes of copper, compared to 1.39 million tonnes in the same period of last year. The strike which lasted for over one month at BHP Billiton’s Escondida copper mine hurt the country’s copper output. Chile is the world's largest copper producer. LME Lead to Meet Downward Pressure. LME lead will meet downward pressure on Monday and will trade at USD 2,100-2,160/mt for the near term. SHFE 1706 lead will keep falling in a short term and will move between RMB 15,800-16,050/mt on Monday. In China’s domestic market, spot lead should drop RMB 50/mt and trade at RMB 15,900-16,050/mt on Monday.
Crude drifts higher in Asia ahead of U.S. rig count figures.
Crude drifted slightly higher in Asia on Friday with U.S. rig count data ahead and the market in something of a holding pattern ahead of a May 25 meeting of OPEC and nonOPEC nations in Vienna widely expected to extend a pact to curb oil output. Overnight, crude futures settled higher on Thursday, as investor sentiment remained positive amid a large drawdown in U.S. crude stockpiles while hopes for an extension of the OPECled deal received a boost. Crude prices have rallied more than 4% over the past two-sessions, however, overall sentiment remains bearish as the EIA raised its U.S. oil production forecast and lowered projection for average oil prices in 2017. Saudi Arabia and Russia have agreed that oil output cuts need to be extended until March 2018, Saudi energy minister Khalid Falih and Russian oil minister Alexander Novak said on Monday.
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