Gold dips in Asia as focus swings back to Trump policies - 2 Aug 2017

Commodity Intraday Tips
Gold dips in Asia as focus swings back to Trump policies.
Gold prices dipped in Asia on Wednesday with the near-term focus on the dollar as the Trump administration's struggles to find its economic and foreign policy footings. According to investing.com's Fed rate monitor tool, just 30% of traders expect the Federal Reserve to hike rates in December. Gold futures have made a positive start to the week, adding to its three-week winning streak amid a slump in the dollar and continued political uncertainty in Washington. U.S. political uncertainty remained front and center, after President Donald Trump ousted recently hired White House communications chief Anthony Scaramucci on Monday. Overnight, gold prices bounced off lows on Tuesday, shrugging off an uptick in the greenback after a raft of economic data pointed to moderate economic growth and inflation.
 
Chinese apparent copper demand declines as domestic production rises.
Global apparent refined copper usage is estimated to have declined by around 3% in the first four months of this year, according to the latest figures release by the International Copper Study Group (ICSG). Chinese apparent copper demand declined by 7% during January to April this year because although refined copper production increased by 6.5%, net imports of refined copper declined by 36%. Among other major copper using countries, usage increased in India, Japan and Taiwan but declined in the United States
and Germany.

Henan Wanji Seeking Buyer for Aluminum Capacity Swap Quota.  
Henan Wanji Aluminum Co. is putting aluminum capacity quota on sale nationwide after having eliminated outdated aluminum capacity, according to Henan Industry & Information Commission. China Aluminum Stocks Hit Record High, SMM Reports. The company has closed 60,000 tonnes of outdated aluminum capacity, allowing it to sell 60,000 tonnes of quota to those who plan to build new aluminum project.
 
Oil down 1 percent on surprise rise in U.S. inventories, high OPEC output.
Oil prices fell 1 percent on Wednesday, with rising U.S. fuel inventories pulling U.S. crude back below $50 per barrel, while ongoing high supplies from producer club OPEC weighed on international prices. “The coup de grace came from the American Petroleum Institute's (API) Crude Inventory release late in the New York session bringing an end to the last few weeks trend of falling supplies in storage," said Jeffrey Halley, senior market analyst at futures brokerage OANDA in Singapore. "Traders stampeded for the door to lock in profits from the last eight days' bull-run," he added. "Oversupply will actually return in 2018. This is due to the start-up of fields sanctioned prior to the downturn," said Steve Robertson, head of research for the firm's Global Oilfield Services.

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