CRUDE OIL : Crude prices rose in Asia on Tuesday as investors saw chances of a market rebalance in reach on a pledge by Saudi Arabia and Russia to extend production cuts through March of next year if other key producers go along and looked ahead to supply and demand figures. Oil prices extended sharp overnight gains in North American trading on Monday, after Saudi Arabia and Russia agreed to extend oil output cuts for a further nine months until March 2018 in a bid to erode a global crude glut.
Saudi Arabia and Russia, the world’s two top oil producers, agreed on Monday to extend oil output cuts for a further nine months until March 2018 in a bid to erode a global crude glut, pushing up prices.
GOLD : Gold gained in Asia on Tuesday, Overnight gold prices traded higher on Monday, as weaker than expected U.S. manufacturing data weighed on the dollar, which underpinned an uptick in commodity prices, while geopolitical concerns over North Korea resurfaced. Rising interest rates are kryptonite to gold,” he said. “Higher interest rates crush the value of gold…The last time the 1-Year US Treasury yield was at 6% (October 2000), gold was trading at $275 per ounce.”Dollar-denominated assets such as gold are sensitive to moves in the dollar – A dip in the dollar makes gold cheaper for holders of foreign currency and thus, increases demand. Gold is finding support after hitting a recent eight-week low, but one analyst is unfazed, noting that he is ‘more bearish than ever’ on the metal and sees prices falling into triple digits.
ALUMINIUM : Aluminum ingot stocks in China’s five major markets – Shanghai, Wuxi, Nanhai, Hangzhou and Gongyi – stopped growing and fell sharply last week.Smelters in northwest China reduced output of aluminum ingot in favor of aluminum liquid, the main reason behind lower inventories in consumption hubs, SMM explained. India major aluminium scrap commodities prices on the Scrap Register Price Index stayed flat on Friday, while aluminium futures prices at Multi Commodity Exchange ended up as support seen after China might cut aluminum production by as much as 1-1.5 million tons during winter heating season.China Aluminum International Trading Co. (Chalco Trading) raised aluminum prices it offered in major markets today for three days in a row.
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