The market may have also been pressured by a slight rise in Treasury yields. On Tuesday, the Treasury Department auctioned $34 billion in five-year notes at a high yield of 1.76 percent.Traders should expect much of the same sideways-to-lower trading on Wednesday in the gold market as long as the U.S. stock market remains strong.Other factors that could influence the direction of prices are the U.S. Durable Goods report and Weekly Unemployment Claims.Minor reports include the Home Price Index, Flash Manufacturing PMI, New Home Sales and Revised University of Michigan Consumer Sentiment.Based on the price action earlier this week, the direction of the gold market today should be largely determined by the direction of U.S. stocks. If profit-takers hit stocks then gold may be underpinned. If stocks continue to rally then gold is likely to remain under pressure.Volume is expected to be below average because of Thursday’s U.S. holiday.
The recent rally was fueled by speculation that OPEC would successfully implement a planned production cut at its official meeting in Vienna on November 30. However, the optimism hit a snag after reports said Iran and Iraq haven’t agreed to go along with the plan.
NYMEX natural gas prices closed at their highest levels since November 10 on Tuesday, as forecasts for more seasonal temperatures in the coming weeks boosted the outlook for demand.The chart pattern indicates the market is transitioning into the winter season, as cold weather is expected to lead to withdrawals from record high storage levels.On the upside, resistance levels include $3.088, $3.199 and $3.311. On the downside, the key support is $2.949, followed by $2.844.
SUPPLY: The global lead market has recorded a deficit of 15,000 tons during January to September this year. It must be noted that the worldwide lead market had reported a deficit of 14 kt for the entire year 2015, according to World Bureau of Metal Statistics.The global refined lead output during Jan-Sep ’16 increased by 5.2% over the previous year to 8,034.2 kt. This is inclusive of production from primary and secondary sources.
DEMAND: The global lead demand during Jan-Sep ‘16 has surged higher by 387 kt. The Chinese apparent consumption in January to September 2016 totaled 3,181.2 kt, which is higher by 312.0 kt when matched with the corresponding nine-month period in 2015.
SUPPLY: Global Nickel market reported a deficit of 76,400 tons during January to September this year with apparent demand exceeding production. The calculated full year surplus had stood at 75.0 kt during the whole year 2015, according to World Bureau of Metal Statistics.Global Nickel mine production was 1,504.1 kt in January-September 2016, lower by 107.9 kt when compared with the corresponding period during previous year. The ban on exports by Indonesian administration has led to reduced mine output from the country. In addition, the local mine production from the country has continued to remain extremely weak ever since the beginning of 2014.Refined Nickel production in Jan-September ’16 was 1,348 kt. The Chinese smelter/refinery production during the initial nine-month period of the year witnessed decline of 31.9 kt compared to 2015. The total smelter/refinery production of Nickel was 160.3 kt in September 2016.
DEMAND: Refined Nickel consumption during Jan-September ’16 surged higher by 72.2 kt when matched with the previous year. Nickel smelter consumption was 161.8 kt in September this year.The refined Nickel demand in Jan-August ’16 totaled 1,424 kt.Indonesian AMNT Approved for Copper, Gold Exports from Jan. 2017
An official from Indonesia’s Ministry of Trade said Tuesday that PT Amman Mineral Nusa Tenggara (PTAMNT) has gained export license from the Ministry of Mines & Energy which allowed it to begin exporting copper and gold concentrate from January 2017, wenhua.com reported.Its Batu Hijau mine will export 149,000 tonnes of copper concentrate after receiving approval, said Bambang Gatot, Director of the company’s coal & mining department.
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