Gold prices drifted higher on Monday, as investors looked ahead to a busy week of Federal Reserve speakers for fresh clues
Oil Prices Start the Week on The Backfoot As OPEC Meeting Looms – Crude prices were a bit lower on Monday, as energy markets looked ahead to this week’s Organization of Petroleum Exporting Countries’ (OPEC) highly-anticipated meeting to see whether major producers plan to extend their current production-cut agreement. It rose to $59.05 on Friday, its best level since July 2015, partly driven higher by the closure of the 590,000 barrel-per-day Keystone pipeline connecting Canada’s oil sand fields with the United States following a spill, driving down inventories at the storage hub of Cushing, Oklahoma. Oil ministers from the Organization of Petroleum Exporting Countries and other major producing countries will meet in Vienna on Thursday to decide whether to extend their current production agreement beyond a March 2018 deadline. Russia said on Friday it is ready to support extending the deal, but made no mention of how long it should last beyond its March expiry. Under the original terms of the deal, OPEC and 11 other non-OPEC producers, led by Russia, agreed to cut output by about 1.8 million barrels per day for the first six months of 2017. The agreement was extended in May of this year for a period of nine months until March 2018 in a bid to reduce global oil inventories and support oil prices. The OPEC-led production cuts have been one of the key catalyst supporting the recent rally in oil prices amid expectations that rebalancing in crude markets are well underway.
Gold Prices Drift Higher at Start of Busy Week of Fed Speakers – Gold prices drifted higher on Monday, as investors looked ahead to a busy week of Federal Reserve speakers for fresh clues on the likely trajectory of monetary policy. Gold futures finished modestly lower in an abbreviated session on Friday to notch a roughly 0.7% weekly decline, its first weekly fall of the past three. The changing of the guard at the Federal Reserve will be a big focus for investors this week, as both the current chair and next head of the U.S. central bank are scheduled to speak. Fed governor Jerome Powell, selected by President Donald Trump as the next Fed chair, appears before the Senate Banking Committee at 9:45AM ET (1445GMT) Tuesday for his confirmation hearing. The following day, Fed Chair Janet Yellen testifies on the economy at 10AM ET (1500GMT) on Capitol Hill, before the Joint Economic Committee. Powell is widely expected to sound close to Yellen on monetary policy, but perhaps looser when it comes to banking regulation. Besides Powell and Yellen, there are a number of other Fed speakers this week, including New York Fed President William Dudley, who also is expected to exit his role next year. The U.S. central bank is scheduled to hold its final policy meeting of the year on Dec. 12-13, with interest rate futures pricing in a 100% chance of a rate hike at that meeting, according to Investing.com’s Fed Rate Monitor Tool.
SHFE Base Metals Mostly Drop, with SHFE Zinc Leading Loss with over 2% Drop – Today see universal drop of all nonferrous metals in the afternoon except SHFE Tin. SHFE Zinc leading loss with over 2% drop. SHFE Nickel drops 1.52%. SHFE Lead drops 0.71%. SHFE Copper drops 0.7%. Ferrous metals get less rise amount. RB steel rises nearly 1%. Hot-rolled coil rises over 0.5%. Coke rises 0.5%. Iron ore drops nearly 0.6%. Coking coal slightly drops.
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