MCX COMMODITY MORNING MARKET NEWS & UPDATES - 28 NOV 2017

Gold Gains In Asia As Fed Speakers, Treasury Secretary Remarks Awaited - Gold gained in Asia on Tuesday with sentiment on the rate outlook awaiting further insights from a slew of Fed speakers as well as the US treasury secretary. Overnight, gold prices rose to a more-than-one month high on Monday buoyed by an uptick in safe-haven demand amid reports suggesting North Korea was preparing to launch a missile as part of its army’s winter training regime. A Japanese diplomat warned on Monday that radio signals detected from the North Korea indicated another North Korean missile test was close, fuelling demand for safe-haven gold. “There is a possibility of missiles launches in the next few days,” a Japanese government official said on Monday, according to Japan's Kyodo news agency. Also supporting the uptick in gold prices was ongoing flattening in the yield curve as the yield spread between long-term and short-term bonds continued to narrow. A flattering yield curve usually indicates uncertainty over long-term economic growth.

Copper prices dropped pressuring by rising Chinese borrowing costs and Beijing’s regulatory crackdown on risky financing - Copper on MCX settled down -1.38% at 445.85 while prices opened with positive sentiments amid signs of resilience in China's industrial sector that suggested a cooling, but still healthy, appetite for metals. Support seen after workers at the BHP-controlled Escondida copper mine in Chile went on strike for 24 hours on Friday over lay-offs and what the main union Sindicato No 1 described as "various breaches and infringements" by operator Minera Escondida. In a translated statement, the union said company executives had not committed to resolve the issues and the strike action would be reiterated in this week's relay shifts. The operation was hampered earlier this year by a 44-day strike that resulted in a 23% drop in copper output from the world's largest copper mine. Meanwhile, workers for the two largest unions at Southern Copper (US:SCCO) in Peru went on an indefinite strike last week demanding a fair share of mining profits but the company said operations were not affected, Reuters reported. It is the third strike this year at Southern Copper's Peru operations over failed profit sharing negotiations. In the week ahead, the changing of the guard at the Federal Reserve will be a big focus for investors, with investors awaiting comments from a number of Fed speakers, including both the current chair and next head of the U.S. central bank. While US data on personal income and spending, which includes the personal consumption expenditures inflation data, the Fed's preferred metric for inflation, will also be closely watched.

Oil prices fall on pipeline restart, uncertainty over OPEC output cuts -  Oil prices slipped in Asian trade on Tuesday amid uncertainty over a possible extension of output cuts by major crude producers and expectations of higher supply as the Keystone pipeline restarts.U.S. crude touched $59.05 a barrel on Friday, the highest level since mid-2015, fueled by the outage of the Keystone pipeline, one of Canada's main crude export routes to the United States. But TransCanada Corp (TO:TRP) this week said it would restart the 590,000 barrel-per-day pipeline at reduced pressure later on Tuesday after getting approval from U.S. regulators. Uncertainty over Russia's determination to join with other major oil producers in extending crude production curbs beyond next March has weighed on oil markets. Members of the Organization of the Petroleum Exporting Countries (OPEC) and other key producers, including Russia, will meet on Nov. 30 to discuss whether to continue with the cuts after they agreed last January to withhold 1.8 million bpd of output.

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