Oil markets were stable on Monday, largely holding on to Friday’s big gains even though rising U.S. output weighed on hopes the market will tighten after a 13 percent fall in U.S.
Gold prices dip with Jackson Hole central bank views awaited – Gold prices fell slightly in Asia on Monday with the tone from central bank chiefs meeting in Wyoming this week on withdrawing extraordinary monetary stimulus key to the fortunes of the metal. Coming up this week, investors will be looking ahead to speeches by central bankers at the Fed’s annual central bank symposium in Jackson Hole, Wyoming. As well, U.S. data on housing and durable goods to gauge how it will impact on Fed policy, while the euro zone is to release data on private sector activity. Last week, gold prices retreated on Friday after surging to their highest level in nine months earlier on the back of concerns over U.S. political uncertainty and amid safe haven buying in the wake of a terrorist attack in Spain. Ongoing uncertainty over the economic agenda of U.S. President Donald Trump and doubts that the Fed will deliver a third rate hike this year have been factors underpinning gold demand.
Shenhuo Group to Build High-End Aluminum Foil Project in Henan – On August 17, Shenhuo Group signed a deal with Shangqiu Urban-Rural Integration Demonstration Zone Management Commission to build a high-end aluminum foil project in the city. UBS Raises Aluminum Price Forecast on More-than-Expected Closure in China. The project, with total investment at 3.6 billion, has a designed annual capacity of 100,000 tonnes of high-end light gauge aluminum foil. Aluminum Bulls Watch Out: Crazy Speculations Mask Poor Market Fundamentals, SMM Warns. Over 80% of products from the project will be exported to Europe and the US.
Zinc Surpasses Aluminum to be Best Performer among LME Base Metals in 2017 – LME zinc prices surged 2% last Friday, and settled at $3,124 per tonne, with weekly gains up to 7.9%. Zinc Inventories in Three Regions Fall Further, Decline in Tianjin Most Significant, SMM Reports. Zinc has surpassed aluminum to become the best performer on the LME this year. Zinc Deficit Unlikely Ease in Foreseeable Future without Large Zinc Mine Projects
Oil steady as market conditions tighten despite rising U.S. output – Oil markets were stable on Monday, largely holding on to Friday’s big gains even though rising U.S. output weighed on hopes the market will tighten after a 13 percent fall in U.S. crude inventories since March. Traders said the market was somewhat held back by rising U.S. production, which has broken through 9.5 million barrels per day (bpd), its highest since July 2015. But the rise in U.S. output may soon slow, as energy firms cut rigs drilling for new oil for a second week in three, the Baker Hughes energy services firm reported on Friday. Drillers cut five oil rigs in the week to Aug. 18, bringing the total count down to 763, Baker Hughes said. Analysts said that falling crude inventories, despite rising output, indicate the market is already tightening.
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