Gold Prices Dip In Asia With Saudi Crackdown In Focus.
Gold prices dipped in Asia on Monday despite heightened political risk in the Middle east with a surprise shakeup of Saudi Arabia’s leadership. In weekend news, Saudi Arabia’s King Salman bin AbdelAziz, announced the formation of a ‘supreme committee chaired by Crown Prince (Mohammed bin Salman) and Chairman of the Monitoring and Investigation Commission, Chairman of the National Anti-Corruption Authority, Chief of the General Audit Bureau, Attorney General and Head of State Security’. The move includes the reported detainment Prince Alwaleed bin Talal, whose Kingdom Holdings dropped 10% in trading on the Tadawul stock exchange on Sunday. The White House statement said Sunday that Trump and Salman held a phone call discussing counterterrorism efforts, “the continuing threat of Iranian-backed Houthi militias in Yemen” and Saudi Arabia’s interception of a missile fired from Yemen at its capital, Riyadh but the white house said nothing about whether the arrests were discussed.
Gold prices dipped in Asia on Monday despite heightened political risk in the Middle east with a surprise shakeup of Saudi Arabia’s leadership. In weekend news, Saudi Arabia’s King Salman bin AbdelAziz, announced the formation of a ‘supreme committee chaired by Crown Prince (Mohammed bin Salman) and Chairman of the Monitoring and Investigation Commission, Chairman of the National Anti-Corruption Authority, Chief of the General Audit Bureau, Attorney General and Head of State Security’. The move includes the reported detainment Prince Alwaleed bin Talal, whose Kingdom Holdings dropped 10% in trading on the Tadawul stock exchange on Sunday. The White House statement said Sunday that Trump and Salman held a phone call discussing counterterrorism efforts, “the continuing threat of Iranian-backed Houthi militias in Yemen” and Saudi Arabia’s interception of a missile fired from Yemen at its capital, Riyadh but the white house said nothing about whether the arrests were discussed.
Review of Copper Concentrates market: Spot TC Stabilizes, Market being Calm.
Last week see a stable tendency for imported copper concentrates market. With all parties waiting progress of LME Week, up to last Friday, TC of SMM Spot offers at $85-93 per tonne. Currently TC of copper concentrates has been stabilizing, in contrast to surge of last month. Main offer still keeps above $90 per tonne, with high point at $95 per tonne. It is learned that currently smelting plants have enough inventories and some large-scale traders have ended their goods clearance.
Last week see a stable tendency for imported copper concentrates market. With all parties waiting progress of LME Week, up to last Friday, TC of SMM Spot offers at $85-93 per tonne. Currently TC of copper concentrates has been stabilizing, in contrast to surge of last month. Main offer still keeps above $90 per tonne, with high point at $95 per tonne. It is learned that currently smelting plants have enough inventories and some large-scale traders have ended their goods clearance.
Official of Russia Aluminium: High Cost Lowering Producers’ Profit.
An official of aluminium giant RUSAL said, during recent months raw materials cost have surges, which reduces profits of aluminium producers. He said, LME Aluminium has risen by 25% this year, which boosts benefits of aluminium enterprises. While the benefits have declined due to rising price of raw materials such as alumina, sodium hydroxide and carbon electrode.
An official of aluminium giant RUSAL said, during recent months raw materials cost have surges, which reduces profits of aluminium producers. He said, LME Aluminium has risen by 25% this year, which boosts benefits of aluminium enterprises. While the benefits have declined due to rising price of raw materials such as alumina, sodium hydroxide and carbon electrode.
Oil hits highest levels since 2015 amid tightening markets, Saudi purge.
Oil prices hit their highest levels since July 2015 early on Monday as markets tightened, while Saudi Arabia’s crown prince cemented his power over the weekend through an anticorruption crackdown that included high profile arrests. Crown Prince Mohammed bin Salman, also known as MBS, has tightened his grip on power through an anti-corruption purge by arresting royals, ministers and investors including prominent business billionaire Alwaleed bin Talal and the head of the National Guard, Prince Miteb bin Abdullah. RBC Capital Markets said in a note that although the “purge represents a stunning political development in Saudi Arabia,” it expected “no immediate changes” in the oil policy of Saudi Arabia, which is the world’s biggest exporter of crude oil. “MBS seems strongly committed to anchoring the OPEC agreement deep into 2018 and moving ahead with the Aramco sale,” RBC said.
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Oil prices hit their highest levels since July 2015 early on Monday as markets tightened, while Saudi Arabia’s crown prince cemented his power over the weekend through an anticorruption crackdown that included high profile arrests. Crown Prince Mohammed bin Salman, also known as MBS, has tightened his grip on power through an anti-corruption purge by arresting royals, ministers and investors including prominent business billionaire Alwaleed bin Talal and the head of the National Guard, Prince Miteb bin Abdullah. RBC Capital Markets said in a note that although the “purge represents a stunning political development in Saudi Arabia,” it expected “no immediate changes” in the oil policy of Saudi Arabia, which is the world’s biggest exporter of crude oil. “MBS seems strongly committed to anchoring the OPEC agreement deep into 2018 and moving ahead with the Aramco sale,” RBC said.
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