Gold prices held weaker to steady in Asia on Tuesday with the focus on the timing of a widely expected Federal Reserve rate hike this year still in some doubt. On the Comex division of the New York Mercantile Exchange, gold for December delivery eased 0.05% in early Asia at $1,103.60 a troy oune. Overnight, gold surged on Monday experiencing its strongest one-day moves in nearly two months, amid dovish comments from a prominent Federal Reserve official on the timing of the U.S. Central Bank's first interest rate hike in nearly a decade and continuing concerns surrounding the economy in China.


There is huge market potential to replace copper with aluminum in China’s cable industry, reported. LME copper once broke above USD 5,300/mt on Monday and closed at USD 5,298/mt, up USD 142/mt, due mainly to report on copper production cuts and a fallback in the US dollar index. Copper for September delivery rose 0.20% to 2.394 a pound. China's Producer Price Index also plunged 5.4% for the month, extending its longstanding streak of monthly declines to 40. Analysts expected the index to decrease by approximately 5% in July.

Crude oil prices fell in early Asia on Tuesday with the focus on weekly data points ahead in the U.S. on supply. On Tuesday industry group the American Petroleum Institute will release its estimates of crude and refined product stockpiles last week. On Wednesday, the U.S. Department of Energy will release its own more closely watched figures on the same stockpiles. Crude oil for delivery in September on the New York Mercantile Exchange fell 0.34% to $44.81 a barrel. A reduction in refinery activity should logically decrease the demand for crude, all things being equal, said David Thompson, executive vice-president at Powerhouse, an energy-specialized commodities broker in Washington. 


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