Oil prices fell on Tuesday as the prospect of further rises in U.S. output undermined ongoing OPEC-led production cuts aimed at tightening the market.
Gold Dips In Asia As China Retail, Industrial Data Weaker Than Seen – Gold edged weaker in Asia on Tuesday with sentiment mixed after weaker that expected retail sales and industrial output in China. Overnight, gold prices rose on Monday amid an uptick in safe-haven demand as investor uncertainty over the outcome of tax reform continued while a slump in sterling boosted the dollar which capped gains in the precious metal. The House of Representatives is expected to vote this week on a major tax reform bill amid uncertainty over the outcome of the bill after the head of the House of Represents’ tax-writing committee said on Sunday he would not accept elimination of a federal deduction for state and local taxes. With a 52-seat Senate majority, Republicans can only afford to lose two GOP senators – as Democrats are widely expected to vote no – , but Vice President Pence would have to break a tie. Uncertainty over the progress of the Republican tax plan has weighed on the dollar, helping gold prices snap its three-week losing streak on Friday but traders expect the precious metal to make its next significant move higher or lower when the Fed members meet in December.
Cathode Copper of 100,000 Tonnes Capacity Launches in Jiangxi – Recently, a cathode copper project of 100,000 tonnes annual capacity build by Jiangxi Feinan Environmental Technology Co, Ltd. was completed and went into operation. The total investment of this project reaches 1 billion yuan, which is located in Jiangxi. The project can realize 300,000 tonnes annual capacity of handling scrap metals and 100,000 tonnes annual capacity of cathode copper products.
Statistical Bureau: China’s Primary Aluminium Output Drops 7.5% in October – As per latest data released by State Statistics Bureau, in October China’s primary aluminium output drops 7.5% to 2.55 million tonnes on yearly basis. The figure from January to October is 27.23 million tonnes, up 3.7% on yearly basis.
Oil markets cautious as rising U.S. output undermines OPEC supply cuts By Reuters – Oil prices fell on Tuesday as the prospect of further rises in U.S. output undermined ongoing OPEC-led production cuts aimed at tightening the market.The falls came after both crude benchmarks early last week hit highs last seen in 2015, but traders said the market had lost some momentum since then. Traders said they were cautious on betting on further price rises. “Prices…are starting to look like a pause or pullback is needed,” said Greg McKenna, chief market strategist at futures brokerage AxiTrader. This sentiment comes in part on the back of rising U.S. oil output , which has grown by more than 14 percent since mid-2016 to a record 9.62 million barrels per day (bpd).Fitch Ratings said in its 2018 oil outlook that it assumed 2018 “average oil prices will be broadly unchanged year-on-year and that the recent price recovery with Brent exceeding $60 per barrel may not be sustained”. OPEC is due to meet on Nov. 30 to discuss further output policy. The group is expected to agree an extension of the cuts beyond their current expiry date in March 2018.
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