MCX COMMODITY MORNING MARKET NEWS & UPDATES - 23 NOV 2017

Gold Dips In Asia As Fed Views Point To Steady Path On Rates In 2018 - Gold dipped in Asia on Thursday with the latest minutes weighing as they expressed optimism about the economy and concern about financial markets, hinting at a steady rate hike view for 2018. Federal Reserve officials expressed largely optimistic views of economic growth at their most recent meeting but also started to worry that market prices are getting out of hand and posing a danger to the economy. Minutes from the November Federal Open Market Committee meeting indicated solid views on growth – the labor market, consumer spending and manufacturing all were showing solid gains. While there were disagreements on the pace of inflation, sentiment otherwise was largely positive. “In their discussion of the economic situation and the outlook, meeting participants agreed that information received since the FOMC met in September indicated that the labor market had continued to strengthen and that economic activity had been rising at a solid rate despite hurricane-related disruptions,” the minutes stated. However, when it came to evaluating market conditions, the talk took a more cautious tone. “In light of elevated asset valuations and low financial market volatility, several participants expressed concerns about a potential buildup of financial imbalances,” the minutes stated. “They worried that a sharp reversal in asset prices could have damaging effects on the economy.”

SMM Analysis: LME Copper Inventory Slumping by Transfer, Weak Demand Encumbers Copper Price - LME Inventory continued to drop over 7,000 tonnes last night. LME Copper rebounded under this influence. SHFE Copper followed with LME with less strength. LME Copper has broken top of downward channel since mid-October but SHFE Copper finished at top of the channel today. With regard to total number of global three dominant inventory, the inventory is still in rise. SMM learned that the drop in inventory of LME Copper is not driven by better global demand but inventory’s transfer to China. 

Crude Oil Dips In Asia As US Heads For Holiday, All Eyes On OPEC Next Week - Crude oil dipped in Asia on Thursday as the US heads to a long weekend and traders await word from OPEC on a widely expected extension of crude oil output curbs.Overnight, crude oil prices settled higher on Wednesday after data showed crude stockpiles fell for the first time in three weeks, while a disruption to a major pipeline in Canada lifted sentiment. Crude oil prices settled at two-and-a-half year highs as investors cheered a report showing crude supplies fell more-than-estimated, while gasoline stockpiles rose marginally last week, easing recent concerns that a ramp-up in US production would add to the glut in supplies. Inventories of U.S. crude fell by roughly 1.9 million barrels for the week ended Nov. 18, beating expectations of a draw of 1.6 million barrels. Crude oil stockpiles fell for the first time in three weeks.The rally in oil prices comes as the Opec meeting slated for Nov. 30 draws closer amid expectations that Opec will agree to extend its production cuts beyond March, when the current phase of output curbs is set to expire. Also adding to positive sentiment on oil prices was an announcement by TransCanada revealing that it would slash oil deliveries to the United States by 85% or more on its keystone crude pipeline.

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