Friday, 22 June 2018

Zinc Prices Dropped As Intensified Environmental Probes Depressed Consumption

Zinc trading range for the day is 196.1-210.1.

Zinc prices dropped as intensified environmental probes depressed consumption in the low season.

Adequate supplies in Shanghai weighed on spot zinc premiums, and downstream consumers purchased as needed.

China is likely to implement a three-year initiative to “make skies blue again”, Zhao Yingmin, vice-minister of the Ministry of Ecology and Environment said.

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Copper Prices Ended With Losses Amid Fears Escalating U.S. China Tensions

Copper trading range for the day is 448.3-461.7.

Copper prices ended with losses amid fears escalating U.S.-China tensions could pressure copper demand from China.

China said it was eyeing cuts in banks' reserve requirement ratios and other measures to spur economic growth.

The global world refined copper market showed a 55,000 tonnes surplus in March, compared with a 87,000 tonnes surplus in February, the INCG said.

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Silver Prices Eased From Fresh Lows For The Year As The Dollar Turned Negative

Silver prices eased from fresh lows for the year as the dollar turned negative on weaker U.S. economic data. The US dollar index slipped and closed at 94.85 overnight with weaker-thanexpected US economic indicators. 

US treasury yields also fell. US initial claims for state unemployment benefits decreased 3,000 to a seasonally adjusted 218,000 for the week ended June 16, compared with the expected 220,000. 

Claims have now declined for four weeks in a row, pointing to a further tightening of the labour market. The four-week moving average of initial claims, a better measure of the labour market trends as it irons out week-to-week volatility, dropped 4,000 to 221,000 last week.

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Gold On MCX Settled Down -0.54% At 30616 As Investors Sold Holdings

Gold on MCX settled down -0.54% at 30616 as investors sold holdings in the physical market and the dollar climbed due to expectations of higher interest rates in the United States. 

The Philadelphia Federal Reserve’s gauge of U.S. Mid-Atlantic business activity fell to a near 1-1/2-year low, spurring profit-taking on the greenback. 

The dollar softened slightly after a report showing that manufacturing activity in the Philadelphia region slowed in June after a spike higher in the previous month.

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Thursday, 21 June 2018

Natural Gas Jumped On Expectations Record Production Will Not Be Enough To Decrease

Natural gas trading range for the day is 197-204.6.

Natural gas jumped on expectations record production will not be enough to decrease a vast storage deficit.

Traders expect power generators to keep burning more gas than usual so long as the weather remains hotter than normal.

Meteorologists forecast temperatures would remain higher than normal through at least the first week of July.

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Crude Oil Settled Higher Buoyed By Data Showing A Massive Draw In U.S. Crude

Crude oil trading range for the day is 4383-4581.

Crude oil settled higher buoyed by data showing a massive draw in U.S. crude supplies for the second-straight week.

Inventories of U.S. crude fell by 5.914 million barrels for the week ended June 15, topping expectations for a draw of 2.100 million barrels.

Iran's Oil Minister says he does not expect an agreement at this week's OPEC meeting. Says group is not taking instructions from US President calling for output increase.

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Silver On MCX Settled Down -0.16% At 39626 Amid Fears Of A Full Blown Trade

Silver on MCX settled down -0.16% at 39626 amid fears of a full-blown trade war between the U.S-China, sending U.S. bond yields higher, hurting demand for safe-haven. 

US treasury yields also rose slightly after Federal Reserve Board chairman Jerome Powell said that there was a "strong" case to continue raising interest rates. 

The U.S. jobs market does not appear overly tight and the Federal Reserve should continue with a gradual pace of interest rate rises amid a strong economy to balance its employment and inflation goals, Federal Reserve chairman Jerome Powell said.

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