Gold Prices Shake off Dollar Rebound to Trade Near $1,300 - 13 Oct 2017

Commodity Intraday Tips
Gold Prices Shake off Dollar Rebound to Trade Near $1,300.  
Gold prices remained close to session highs shrugging off a rise in the dollar on signs of an improving U.S. economy. Gold prices stopped just shy of hitting $1,300 after the dollar found support on the back of a pair of reports pointing to underlying strength in the U.S. economy.. Gold prices look set to snap a four-day losing streak as the Federal Reserve minutes released Wednesday from its September meeting showed Fed members were divided over the path of inflation. The minutes showed that some Fed members had urged the central bank to delay hiking interest rates until the trend of slowing inflation subsided. “The divide of the opinion among the Fed tells us that the path of the rate hike for 2018 will not be the same as this year,” said Naeem Aslam, chief market analyst at ThinkMarkets. In Europe, meanwhile, political uncertainty supported demand for safe-haven gold after Spanish Prime Minister Mariano Rajoy gave the Catalan government eight days to abandon its independence bid.  
  
China Imported Non-forging Rolling Copper Reaches 430 Thousand Tonnes, Rising 26.5%.  
China imported non-forging rolling copper and copper reaches 430 thousand tonnes, setting record-high since March, rising 26.5% compared with last year, rising 10.3% compared with August. The total import from January to September reached 3.44 million tons, dropping 9% compared with last year. SMM thinks, profit opportunities of imported spot copper in September has been opened due to great devaluation of RMB,  which is the main reason of  rise of imported non-forging rolling copper in September.   

Zhongjin Lingnan: Net Profit Expected to Increase 4 Times, with Lead and Zinc price Rising.   
Shenzhen Zhongjin Lingnan Nonfemet Company released performance projection on Oct.12th  night, saying its estimated net profit during first three quarters of the year will reach 800-900 million yuan, rising 388%-449% compared with same period of last year. During report period, the company strictly control production cost, with price rise of main products lead and zinc compared with last year.  
   
Oil rises on tighter U.S. market, strong China imports .    
Oil prices rose on Friday as both U.S. crude production and inventories declined, pointing towards a tightening market. Strong Chinese oil import data also supported crude prices, traders said. With the Organization of the Petroleum Exporting Countries (OPEC) leading a production cut, analysts said that global oil markets were now broadly balanced after years of oversupply.Strong Chinese oil imports, which averaged 8.5 million bpd between January and September, also supported prices, traders said. September's imports were slightly over 9 million bpd, solidifying China as the world's biggest importer. "The rebalancing of the oil market has made significant progress over this time, although there is still some way to go to get back to the five-year average," said William O'Loughlin, investment analyst at Australia's Rivkin Securities.

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