Freeport-McMoRan Copper & Gold Inc. lowered its forecast for gold sales in 2016 to 1.26 million ounce, 1.70 million ounce expected previously, according to wenhua.com.
Gold has been consolidating recently with a bias to the upside, but the absence of a catalyst to drive it out of the range, limited its upside ability. On Tuesday, demand from India helped protect the downside as investors bought cash market gold in preparation for upcoming festivals including Dhanteras and Diwali.
The market started to pick up strength throughout the session after the release of a weaker-than-expected Conference Board Consumer Sentiment report. It showed that consumer felt the economy will continue to expand but at a moderate pace.A combination of technical and fundamental factors have put gold in a positon to break out to the upside over last week’s top at $1275.90. The technical picture is clear, however, given the downtrend, gold is going to need a catalyst to drive it through the recent top with conviction.
If gold gets support from a weaker dollar, falling Treasury yields and another sell-off in the equity markets, we could see prices surge through $1275.90. The chart pattern suggests that the best upside target is $1295.70.
World Bank Expects Zinc to Top Gains in 2017, World Bank raised its 2017 price outlook for metals and oil in its latest Commodity Markets Outlook.“In 2017, metals prices are expected to advance by 4%, and zinc will be the top performer, with gain projected to be more than 20% due to tightening supply from mine closures,” the bank said.
Freeport-McMoRan Copper & Gold Inc. lowered its forecast for copper sales in 2016 to 4.8 billion pound from 56 billion pound expected previously, according to wenhua.com.
Is Nickel Setting Up For a New Rally? Most base metals fell this month, pressured by a rising US dollar. Meanwhile, Nickel prices traded almost flat. Why does this matter? This means that despite downward pressure in the metal complex this month, investors are not giving much ground on nickel.This price action seems very constructive and chances are that nickel is setting up for a new rally after this consolidation. On top of that, nickel’s fundamentals also favor a move higher:
First, Indonesia recently announced that the country will “almost definitely” keep in place a ban on nickel ore and bauxite exports. Just a few days ago, nickel investors were concerned that Indonesia was considering lifting the ban. Now that those fears have waned, investors might be more inclined to chase prices higher.
Second, The Philippines announced that it will prolong the ban on new mines, reviewing all environmental permits previously granted to nickel producers. The announcement dashes industry hopes that some restrictions may be lifted following the audit that finished in August. The news come after a quarter of the country’s miners have been closed with another 20 of them under the risk of suspension.
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