Gold dips in Asia as investors note UN Security Council rap of NKorea - Gold dipped slightly in Asia on Wednesday a day after it spiked on a North Korean missile test over Japan with investors poised to react anew to fresh provocations after the United Nations Security Council condemned Pyongyang again for ramping up its weapons programs. Overnight, gold prices remained supported despite easing from nearly 11-month highs on Tuesday, as the dollar pared some of its losses but geopolitical uncertainty limited downside momentum. The rally, however, was short lived as traders appeared to take profit on the precious metal’s spike to multi-month highs, following a rebound in the dollar amid better-than-expected consumer confidence data.
Codelco Sees Copper Roll Back Gains in Near Term, but Bullish in
Medium-to-Long Term - Codelco President Oscar Landerretche said on
Tuesday copper prices may fall from 3-year high in the coming few months. Rio
Tinto Copper Ore Output Declines in Q2 2017. Nevertheless, he is cautious
toward recent gains in copper prices. Nevertheless, he is optimistic toward
copper prices in the medium-to-long term. Barclays: Bull Run for Much
Inflated Copper May End Soon, Copper Price to Slide in 2018.
South Korea Aluminum Foil Sales
Grow in H1 2017 - Sales by aluminum foil producers in South Korea rose
on a yearly basis in H1 2017, according to Korea Nonferrous Metal Association
(KONMA). Aluminum Price Rise Cycle Just Begins. Sales totaled 48,500 tonnes in
H1 2017, up 4.7% year-on-year. Of them, domestic sales rose 6.3% year-on-year
to 28,800 tonnes, while exports rose 2.6% year-on-year to 19,600 tonnes.
Environmental Crackdowns Hurt Aluminum Consumption, SMM Survey.
Crude oil prices dip in Asia
despite API draw, EIA awaited - Crude
oil prices dipped in Asia on Wednesday despite a massive draw in U.S. stocks
reported by an industry body as inevstors looked ahead to the impact of
Hurricane Harvey on supply and demand in the coming months. Investors will now
look ahead to official data from the Energy Information Administration on
Wednesday. Overnight, crude futures settled lower for the second day in a row,
as investor concerns grew over a fall in demand for U.S. oil, after Hurricane
Harvey tore through Texas, shutting down more than 16% of overall U.S.
capacity. Crude oil’s poor start to the week continued, as Hurricane Harvey
wreaked havoc in Texas, ripping through the heart of the U.S. oil industry,
knocking out several refiners in the region, weighing on refining capacity.
About 3 million bpd of U.S. refining capacity had already been shut, with more
shutdowns expected, sparking concerns over an excess in crude oil supplies, the
primary input at refiners. U.S. crude production also came under pressure due
to Harvey, however, analysts believe the impact of lower crude demand at
refineries would outweigh the dip in crude oil production.
Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.
CapitalStars Investment Adviser: SEBI Registration Number: INA000001647
Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.
CapitalStars Investment Adviser: SEBI Registration Number: INA000001647
Click here for comments 1 comments:
The forex market is driven by Interest rates made by any of the eight global central banks. Interest rates are important to traders as the higher the rate, the more interest earned on currency invested and the bigger the profit.