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THE ASIA DAYBOOK: METALS DAYBOOK ASIA: Gold Knocked by Fed; Junior Miner’s Surge

(Bloomberg) — Gold demand appears to be fizzling on the Federal Reserve, with open interest dropping to the lowest in more than five weeks. A little-known Canadian miner surged almost 1,000 percent after it said it sold a magnesium deposit to a U.S. buyer for $750 million. PRICES

  • PRECIOUS: Gold falls 4th time in 5 days
    • Dec. gold futures -0.3% to 1,273.20/oz; Silver +0.1%
  • BASE METALS: Copper Jumps as Stop- Loss Orders Are Triggered
    • LME copper +2.7% to $6,700/ton; nickel -0.7%
    • Copper tom/next spread at widest discount since 2011
  • BULKS:
    • WTI crude +1.6%; USD +0.6%; mining index +0.4%

DRIVERS

  • Nickel ore supply seen surging as mines ramp up in Indonesia
  • China pollution steel curbs risk spurring too bullish outlook
  • A commodity superpower asks what if India turns out like China?
  • Rebounding copper speeds up mining growth in top producer

COMPANIES

  • Midwest won’t forget if Trump reneges on steel imports: Cliffs
  • Teck opens door to buy back shares after commodity prices climb
  • Chile fishermen file legal complaint over Antofagasta acid spill

DATA/EVENTS (All times Singapore. Ests. are medians in Bloomberg surveys.)

  • 2pm German factory orders Aug.; est. 0.7% (pr. -0.7%)
  • 8:30pm: Canada unemployment rate Sept.; est. 6.2% (pr. 6.2%)
  • 8:30pm: Canada employment change Sept.; est. 12k (pr. 22.2k)
  • 8:30pm: U.S. unemployment rate Sept.; est. 4.4% (pr. 4.4%)
  • 8:30pm U.S. payrolls change Sept.; est. 80k (pr. 156k)
  • 10pm: U.S. wholesale inventories m/m Aug.; est. 1% (pr. 1%)

ANALYST VIEWS/COLUMNS

  • UBS increasingly selective on miners after strong performance

OTHER MARKETS

  • U.S. stocks extended records with an eighth straight gain, the dollar rose to a two-month high and Treasuries dipped as a batch of U.S. data and hawkish Fed speakers strengthened the case for higher rates.

To contact the reporter on this story: Laura Millan Lombrana in Santiago at lmillanlombr@bloomberg.net To contact the editors responsible for this story: James Attwood at jattwood3@bloomberg.net Joe Richter

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Makkaba Co., Ltd.

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