MTECHTIPS-Gold slides as traders look ahead to Jackson Hole speeches


MTECHTIPS-Gold slides as traders look ahead to Jackson Hole speeches

MTECHTIPS- Gold prices edged lower on Tuesday, as market players looked ahead to the annual meeting of top central bankers and economists in Jackson Hole, Wyoming later this week. Comex gold futures shed $7.50, or around 0.6%, to $1,289.15 a troy ounce by 3:05 AM ET (0705 GMT). The yellow metal logged its highest finish in nearly 11 weeks on Monday as tensions between the U.S. and North Korea came back in focus. An annual meeting of top central bankers and economists hosted by the Federal Reserve Bank of Kansas City in Jackson Hole, Wyoming, is set to take place from Thursday to Saturday, with keynote speeches from Janet Yellen and Mario Draghi in the spotlight. Their comments will be closely watched for fresh policy signals from the world’s two most powerful central banks. Fed chair Yellen will speak on the topic of financial stability at 10:00 AM ET (1400 GMT) Friday. With minutes from the Federal Open Market Committee’s latest deliberations showing concern about soft inflation, she is not likely to give new guidance on policy. Markets remain skeptical the Fed will raise rates a third time this year due to worries over the subdued inflation outlook, but it is widely expected to start the process of reducing its balance sheet by September.

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MTECHTIPS-Gold slides as traders look ahead to Jackson Hole speeches


MTECHTIPS-Gold slides as traders look ahead to Jackson Hole speeches

MTECHTIPS- Gold prices edged lower on Tuesday, as market players looked ahead to the annual meeting of top central bankers and economists in Jackson Hole, Wyoming later this week. Comex gold futures shed $7.50, or around 0.6%, to $1,289.15 a troy ounce by 3:05 AM ET (0705 GMT). The yellow metal logged its highest finish in nearly 11 weeks on Monday as tensions between the U.S. and North Korea came back in focus. An annual meeting of top central bankers and economists hosted by the Federal Reserve Bank of Kansas City in Jackson Hole, Wyoming, is set to take place from Thursday to Saturday, with keynote speeches from Janet Yellen and Mario Draghi in the spotlight. Their comments will be closely watched for fresh policy signals from the world’s two most powerful central banks. Fed chair Yellen will speak on the topic of financial stability at 10:00 AM ET (1400 GMT) Friday. With minutes from the Federal Open Market Committee’s latest deliberations showing concern about soft inflation, she is not likely to give new guidance on policy. Markets remain skeptical the Fed will raise rates a third time this year due to worries over the subdued inflation outlook, but it is widely expected to start the process of reducing its balance sheet by September.

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MTECHTIPS-Crude oil settles lower as Opec compliance meeting gets underway


MTECHTIPS-Crude oil settles lower as Opec compliance meeting gets underway

MTECHTIPS- Crude futures settled lower on Monday, as investors continue to lose faith in Opec’s ability to stem the glut supply amid a producers meeting to discuss waning compliance with the deal curb production. On the New York Mercantile Exchange crude futures for October delivery fell $1.14 to settle at $47.37 a barrel, while on London’s Intercontinental Exchange, Brent lost $1.08 to trade at $51.62 a barrel. Crude futures started the week on the back foot, despite an Opec meeting on Monday to discuss possible measures to tackle the fall in compliance with the global pact to cut output, following data in July showing Opec compliance slipped to its lowest this year. “Given rising OPEC production over recent months, there will be some concerns by member countries over slipping compliance,” analysts at ING Bank wrote in a note Monday morning. In May, Opec and non-Opec members agreed to extend production cuts for a period of nine months until March, but stuck to production cuts of 1.8 million bpd agreed in November last year. Also weighing on oil prices were fears of falling demand for crude as the U.S. ‘summer driving season’ nears an end while the number of U.S. rigs drilling for oil continued to fall suggesting that drillers are scaling back operations in the wake of lower oil prices.

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MTECHTIPS-Crude oil settles lower as Opec compliance meeting gets underway


MTECHTIPS-Crude oil settles lower as Opec compliance meeting gets underway

MTECHTIPS- Crude futures settled lower on Monday, as investors continue to lose faith in Opec’s ability to stem the glut supply amid a producers meeting to discuss waning compliance with the deal curb production. On the New York Mercantile Exchange crude futures for October delivery fell $1.14 to settle at $47.37 a barrel, while on London’s Intercontinental Exchange, Brent lost $1.08 to trade at $51.62 a barrel. Crude futures started the week on the back foot, despite an Opec meeting on Monday to discuss possible measures to tackle the fall in compliance with the global pact to cut output, following data in July showing Opec compliance slipped to its lowest this year. “Given rising OPEC production over recent months, there will be some concerns by member countries over slipping compliance,” analysts at ING Bank wrote in a note Monday morning. In May, Opec and non-Opec members agreed to extend production cuts for a period of nine months until March, but stuck to production cuts of 1.8 million bpd agreed in November last year. Also weighing on oil prices were fears of falling demand for crude as the U.S. ‘summer driving season’ nears an end while the number of U.S. rigs drilling for oil continued to fall suggesting that drillers are scaling back operations in the wake of lower oil prices.

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MTECHTIPS-Copper Long Positions At Six Month High Says CFTC


MTECHTIPS-Copper Long Positions At Six Month High Says CFTC


MTECHTIPS- copper futures markets this week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday. The non-commercial futures contracts of copper futures, traded by large speculators and hedge funds, totaled a net position of 36,829 contracts in the data reported through Tuesday August 15th. This was a weekly rise of 3,693 contracts from the previous week which had a total of 33,136 net contracts. This week’s increase marked a fifth straight week of net bullish gains and put the current level of bullish net positions at the highest level since February 28th. The commercial traders position, categorized by the CFTC as hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -37,145 contracts on the week. This was a weekly drop of -3,218 contracts

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MTECHTIPS-Copper Long Positions At Six Month High Says CFTC


MTECHTIPS-Copper Long Positions At Six Month High Says CFTC


MTECHTIPS- copper futures markets this week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday. The non-commercial futures contracts of copper futures, traded by large speculators and hedge funds, totaled a net position of 36,829 contracts in the data reported through Tuesday August 15th. This was a weekly rise of 3,693 contracts from the previous week which had a total of 33,136 net contracts. This week’s increase marked a fifth straight week of net bullish gains and put the current level of bullish net positions at the highest level since February 28th. The commercial traders position, categorized by the CFTC as hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -37,145 contracts on the week. This was a weekly drop of -3,218 contracts

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MTECHTIPS- Gold eyes $1,300 as North Korea tensions rise


MTECHTIPS- Gold eyes $1,300 as North Korea tensions rise

MTECHTIPS- Gold prices traded near session highs on Monday, in the wake of continued dollar weakness, following growing fears over geopolitical tensions in North Korea, after the U.S. and South Korea began military drills. Gold futures for December delivery on the Comex division of the New York Mercantile Exchange rose $5.58, or 0.59%, to $1,297.21 a troy ounce. Safe haven demand rose, supporting a move higher in gold prices, after the U.S. and South Korea began computer-simulated military exercises on Monday, risking a reaction from North Korean leader Kim Jong un, who may view such exercises as preparation for an invasion of the isolated nation. Pyongyang warned on Sunday that the annual U.S.-South Korea military exercises are “reckless behavior driving the situation into the uncontrollable phase of a nuclear war.” The rise in geopolitical tensions in the Korean Peninsula comes amid turmoil in Washington, as investors continued to doubt whether the recent political controversies engulfing President Donald Trump will delay the introduction of his pro-growth economic agenda. Gold’s move higher, however, could come under pressure later this week should speeches by central bankers Janet Yellen or Mario Draghi include hawkish undertones.