Monday, 16 July 2018

Natural Gas Dropped As The Market Ignored The Storage Deficit

Natural gas trading range for the day is 186.8-194.4.

Natural gas dropped as the market ignored the storage deficit and focused instead on growing, record production.

The Energy Information Administration’s weekly natural gas storage report showing a miss to the low side of most estimates.

According to the EIA, producers injected 51 Bcf into Lower 48 gas stocks for the week-ended July 6, lower than the 59 Bcf injected last year.

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Crude Oil Prices Rose As Strike Actions In Norway And Iraq Hit Supplies

Crude oil trading range for the day is 4734-4982.

Crude oil prices rose as strike actions in Norway and Iraq hit supplies, but prices ended the second straight week of decline after Libyan ports reopened.

Energy minister Alexander Novak said that Russia this month has restored 80 percent of the oil production it cut under a pact with other producers.

OPEC and non-OPEC oil producers will act in the event developments in Venezuela and Libya cause an oil market deficit, Russian Energy Minister told.

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Silver On MCX Settled Down -0.73% At 39046 As The Dollar Rose

Silver on MCX settled down -0.73% at 39046 as the dollar rose to a two-week peak, buoyed by safe-haven purchases made in an ongoing U.S.-China tariff trade war. 

Demand for the precious metals also waned on expectations of higher U.S. interest rates. 

The U.S. dollar was little changed after peaking at a two-week high against a basket of currencies after data showing a record Chinese trade surplus, which may add fuel to U.S.-China trade tensions, spurred more investors to pile into the safety of the greenback.

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Gold On MCX Settled Down -0.14% At 30105 As The Dollar Rose

Gold on MCX settled down -0.14% at 30105 as the dollar rose due to easing trade tensions and weak demand for the precious metal due to expectations of higher interest rates in the United States.

Tensions between the United States and China eased after U.S. Treasury Secretary Steven Mnuchin said on Thursday talks between the world's two largest economies could be reopened if Beijing is willing to make significant changes. 

The Federal Reserve last month raised its benchmark overnight lending rate 25 basis points to 1.75-2.0 percent.

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Wednesday, 11 July 2018

Aluminium Dropped As Pressure Seen After Rise In LME Stocks Despite Amid Expectations

Aluminium trading range for the day is 141-147.4.

Aluminium dropped as pressure seen after rise in LME stocks despite amid expectations for a decline in output

Chinese alumina producer Luoyang Heungkong Wanji Aluminium Co Ltd said it has cut output of alumina by 680,000 tonnes on an annual basis.

United Company Rusal, in May increased aluminium exports to 197,000 tonnes, up almost threefold from April.

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Nickel Gained On Short Covering Bolstered By Upbeat Chinese Economic Data

Nickel trading range for the day is 955.3-984.5.

Nickel gained on short covering bolstered by upbeat Chinese economic data.

The Philippines' nickel ore exports may drop to 30-35 million tonnes this year from 36 million tonnes in 2017 amid weaker prices.

The Philippines is the world's No. 2 nickel ore supplier after Indonesia, shipping the bulk of its output to top buyer China where it is used to make stainless steel.

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Silver On MCX Settled Down -0.23% At 39793 Tracking Weakness

Silver on MCX settled down -0.23% at 39793 tracking weakness in base metals prices weighed down by a stronger dollar. 

Investor appetite for safe heavens such as gold, yen and Treasuries, were scaled back by sentiment for riskier assets, triggering an uptick in U.S. bond yields and forcing gold prices lower. 

The uptick in U.S. Treasury bond yields, which trade inversely to bond prices, were also supported by an increase in supply as a fresh round of the Treasury auctions slated for this week got underway Tuesday. 

The Trump administration raised the stakes in its trade war with China on Tuesday, saying it would slap 10 percent tariffs on an extra $200 billion worth of Chinese imports.

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