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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