Gold rose in Asia on Tuesday after sharp calls from the U.S. for the United Nations to impose even tougher sanctions on North Korea
Gold gains in Asia as North Korea eyed for fresh weapons tests – Gold rose in Asia on Tuesday after sharp calls from the U.S. for the United Nations to impose even tougher sanctions on North Korea for its weekend test of what it claimed was a hydrogen bomb. Overnight, gold prices hovered at one-year highs on Monday, as fresh threats by North Korea sparked concerns over a potential conflict in the region and boosted demand for safer assets. Demand for the safe-haven metal was boosted after North Korea said on Sunday that it had conducted a test of a hydrogen bomb intended to be mounted on an intercontinental ballistic missile. Pyongyang called the test a complete success, with a greater yield than previous tests and no adverse impact on the environment. The news prompted U.S. to warn of a “massive” military response if it or its allies were threatened. U.S. President Donald Trump also threatened to cut off trade with any country doing business with North Korea. The report indicated that the Fed may be more reluctant to raise interest rates again before the end of the year.
Environmental Crackdowns Hit Copper Rod Makers in Zhejiang, SMM Survey – Small and medium copper rod producers in Zhejiang were forced to control production for the environmental checks, which began on August 11, SMM learned. Copper Market to Face Shortage? WBMS Has Different Story to Tell. The negative impact will last for some time. Commerzbank Sees Growing Possibility of Corrections in Base Metals. Large producers, by contrast, were unaffected.
Trades Flock to Spot Aluminum Market on Bullishness, SMM Reports – In east China spot aluminum market, traders bought actively out of bullishness, while downstream producers sourced only as needed as environmental issue hurt production. Aluminum Premiums to Japanese Buyers Tumble in Q4 on Ample Supply in Asia. Commerzbank Sees Growing Possibility of Corrections in Base Metals.
Crude oil mixed in Asia in light trade with U.S. refineries recovering – Crude oil prices were narrowly mixed on Tuesday in light trade following a U.S. holiday overnight with signs that U.S. Gulf Coast refineries were coming back online a slight pickup for crude. Overnight, U.S. oil futures moved higher on Monday, as refinery activity slowly resumed on the Gulf Coast, although investors were still trying to assess the long term damage of Hurricane Harvey on the U.S. petroleum industry. Two key fuel pipelines were set to start up on Monday after certain segments in Texas were shut because of storm system Harvey, helping alleviate concerns about rising retail prices and the domestic distribution of gasoline and distillates. Affected oil output is down significantly from the peak of around 25%, or 428,568 bpd, on August 26 as evacuated workers returned and activity resumed. Still, many analysts say it could take months before the U.S. petroleum industry fully recovers from Harvey.
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