Oil prices slipped further in Asian trading on Tuesday following a recovery in output at Libya’s largest oil field and as doubts about OPEC-led production cuts continue to weigh on the market.
GOLD – Gold prices edged higher in Asia on Tuesday with a weaker dollar bringing on physical buying interest in India and China, the world’s top two importers, ahead of China trade data later in the day. Overnight, gold prices traded slightly above breakeven on Monday, bouncing off session lows after the dollar came under pressure following comments from a top Federal Reserve official. “The current level of the policy rate is likely to remain appropriate over the near term,” Bullard said in slides prepared ahead of a speech to the America’s Cotton Marketing Cooperatives 2017 Conference in Nashville, Tennessee. Gold is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion. Inflation data later in the week, however, are expected to provide the yellow metal with fresh direction, as market participants are keen to establish whether the slowdown in inflation has continued unabated.
COPPER – Chile’s earnings from copper exports totaled $2.45 billion, lower than the $2.69 billion in June, according to Chile government. One China Copper Smelter Adds 150,000-tpy Copper Smelting Capacity, SMM Reports. China’s copper ore and concentrate imports via the Port of Lianyungang dropped in the first seven months of the year on a yearly basis.
ZINC – South Korea’s zinc raw material exports posted sharp declines in the first half of 2017, while imports grew slightly. Zinc Inventories Hold Stable in China Major Markets, SMM Reports. The country’s zinc raw material exports were 274,000 tonnes in H1 2017, down 6.1% on a yearly basis, according to the Korea International Trade Association (KITA). China Imported Zinc Supply to Grow as Import Profit Window Reopens, SMM Says.
CRUDE OIL – Oil prices slipped further in Asian trading on Tuesday following a recovery in output at Libya’s largest oil field and as doubts about OPEC-led production cuts continue to weigh on the market. Libya was exempted from a push to cut global production and bolster oil prices led by the Organization of the Petroleum Exporting Countries (OPEC) and other big producers like Russia. The recovery of the North African country’s output has complicated the OPEC’s efforts to curb supply, fuelling doubts over the effectiveness of the output cuts. Libya produced 1.03 million bpd in July, according to the latest Reuters survey. OPEC output hit a 2017 high in July and its exports hit a record. Officials from a joint OPEC and non-OPEC technical committee are meeting in Abu Dhabi on Monday and Tuesday to discuss ways to boost compliance with the deal to cut 1.8 million barrels per day in production.
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