Gold gains in Asia as NKorea tensions spur safe-have demand - Gold prices gained in Asia on Monday after North Korea at the weekend claimed to have tested a hydrogen bomb, raising regional global tension on concerns of a military conflict that could involve Japan, South Korea, the United States and China. Last week, gold prices remained close to nine-and-a-half-month highs on Friday, shrugging off a rebound in the dollar, as a weak nonfarm payrolls report fuelled demand for the precious metal. Gold pared some its gains, following its move to a nine-and-half-month high, as market participants downplayed the impact weak job and wage growth in August could have on the Federal Reserve’s plans to hike rates later this year. “The headline number was weaker than the consensus, but not weak enough to change the Fed’s stance on rates. Gold prices have spiked higher in recent weeks as ongoing geopolitical tensions in the Korean peninsula continued to fuel safe-haven demand.
Aluminum to Remain in Upward Track if China Intensifies Capacity Cuts
and Environmental Crackdowns, SMM Says - Aluminum prices will remain
in upward track if China steps up capacity cuts and environmental crackdowns,
SMM expects. Prebaked Anode Supply to Potentially Face Shortage in Winter
Heating Season, SMM Expects. Growing environmental pressure has forced many
smelters in Henan and Shandong, among other regions, to close.
One China Nickel Ore Trader
Grows Ore Shipments by 13 Per cent in September - One domestic
nickel ore trader increased nickel ore shipments from the Philippines by 13 per
cent at least in September, Shanghai Metals Market learns. China Nickel Ore
Port Inventories Keep Growing, SMM Reports. The ore shipments are expected to
fall in October.
Oil markets volatile in wake of
Hurricane Harvey, North Korea nuclear test - Oil markets were
volatile on Monday, with U.S. crude rising on production shutdowns while
international Brent was pulled down by a flight into gold futures following a
powerful North Korean nuclear test explosion. Meanwhile, U.S. gasoline prices
(RBc1) slumped back from a spike after the release of emergency fuel stocks and
on signs that the damage from Hurricane Harvey to the Gulf coast energy
infrastructure was not as bad as initially feared. Traders said that this price
rise was a result of crude production outages following Hurricane Harvey. At
the same time, refineries that use crude to make fuel were gradually starting
up again, along with the pipelines transporting products. Outside the United
States, markets were nervously eyeing developments in North Korea, where the
military conducted its sixth and most powerful nuclear test over the weekend.
Pyongyang said it had tested an advanced hydrogen bomb for a long-range
missile, prompting the threat of a "massive" military response from
the United States if it or its allies were threatened.
Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.
CapitalStars Investment Adviser: SEBI Registration Number: INA000001647
Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.
CapitalStars Investment Adviser: SEBI Registration Number: INA000001647
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