Friday, 29 December 2017

Natural Gas Rallied 6.99% On Short Covering And Prices Staged The Biggest Rally

Natural gas trading range for the day is 171.8-197.4.

Natural gas rallied 6.99% on short covering and prices staged the biggest rally in two months as a frigid forecast signaled demand.

The US EIA said in its weekly report that natural gas storage in the US fell by 112bcfin the week ended December 22

A polar blast has heated up natural gas futures, which are up more than 13 percent in the past week on strengthening demand.

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Crude Oil Prices Seen Supported Lifted By Strong Data From Top Importer

Crude oil trading range for the day is 3780-3862.

Crude oil prices seen supported lifted by strong data from top importer China amid thin trading activity ahead of the New Year weekend.

Pipeline outages in Libya and the North Sea have also been supporting oil prices.

Market conditions were relatively tight due to ongoing supply cuts led by the Middle East-dominated OPEC, as well as top producer Russia.

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Silver Prices Rallied Mainly Driven By A Softer Dollar And Political

Silver trading range for the day is 38355-39225.

Silver prices rallied mainly driven by a softer dollar and political uncertainties around the globe.

The dollar retreated, with the index slipping to its lowest since late November on a less certain U.S. economic outlook after the passage of major tax cuts.

US data showed unemployment claims steadied at 245 thousand in the week ending December 23, same as before, and missing expectations of a dip to 240K.

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Gold Extended A Nine-Day Rally And Hit A One-Month High On A Strong Technical

Gold trading range for the day is 28832-29168.

Gold extended a nine-day rally and hit a one-month high on a strong technical outlook and a U.S. dollar at a four-week low.

Many investors predicted the dollar would get a boost from U.S. tax cuts, tighter central bank monetary policy and strong growth rates in 2017.

Gold benefited from a technically-driven momentum after closing above its 100-day moving average on Wednesday for the first time since late November.

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Thursday, 28 December 2017

Aluminium Rose By News That China’s Government Has Criticised Officials

Aluminium trading range for the day is 136.7-147.5.

Aluminium rose by news that China’s government has criticised officials in the industrialised province of Shandong for deceiving authorities to evade capacity cuts.

Local officials in China’s northern Shandong province have used fake data to help aluminium and steel producers avoid mandatory production curbs.

Data from the International Aluminium Institute showed daily average aluminium output in China fell to 78,300 tonnes in November against 82,100 tonnes in October.

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Nickel Prices Gained Boosted By Expectations Of Stronger Demand Despite

Nickel trading range for the day is 749.8-782.4.

Nickel prices gained boosted by expectations of stronger demand despite rising ore exports from Indonesia.

Indonesia ‘s Nickel Ore Exports at 3,077,129 Tonnes as Of Nov 2017

Indonesia earlier this year revised a ban on raw mineral exports to allow shipments of some unprocessed ore.

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Silver Prices Continued To Edge Higher As The Dollar Struggled

Silver trading range for the day is 38070-39040.

Silver prices continued to edge higher as the dollar struggled to pare losses amid consumer sentiment data that missed expectations.

The dollar continued to trend lower after a mixed bag of economic data failed to lift sentiment on the greenback amid light trading volumes.

Pending home sales were mostly unchanged in November, rising by 0.2% month-on-month, according to the National Association of Realtors.

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Gold Rose For An Eighth Straight Session As A Weaker U.S. Dollar

Gold trading range for the day is 28748-29056.

Gold rose for an eighth straight session as a weaker U.S. dollar encouraged investors to buy.

Gold’s bullish start to the week comes as data showed traders increased their bullish bets on the previous metal last week.

Traders bet more major central banks will begin reducing monetary stimulus in 2018 because of faster global economic growth.

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Wednesday, 27 December 2017

Zinc Dropped Tracking Weakness In Demand Pressured By The Piling Stainless

Zinc trading range for the day is 207.8-210.6.

Zinc dropped tracking weakness in demand pressured by the piling stainless steel inventory.

Japan's core consumer prices rose for the 11th straight month and household spending jumped in November.

U.S. growth prospects dimmed ay as data showed spending outpaced income in November and the Federal Reserve's preferred inflation measure.

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Copper Prices Gained As Smelters In China Cut Production Amid Natural Gas

Copper trading range for the day is 456.2-471.8.

Copper prices gained as smelters in China cut production amid natural gas shortages in some parts of the country.

Due to tight gas supplies in northern China, such as in Hebei and Shandong, some copper processors have been cutting output.

Japan's output of rolled copper products rose to 70,362 tonnes in November on a seasonally adjusted basis, up 5.9 percent from a year earlier.

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Silver Prices Rose As Buyers Returned Amid Continued Dollar Weakness Continued

Silver trading range for the day is 37849-38555.

Silver prices rose as buyers returned amid continued dollar weakness continued.

U.S. growth prospects dimmed ay as data showed spending outpaced income in November and the Federal Reserve's preferred inflation measure.

Hedge funds and money managers increased their bearish position in COMEX silver contracts to a record in the week to Dec. 19.

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Gold Prices Edged Up To A More Than Three-Week High On Support

Gold trading range for the day is 28618-28944.

Gold prices edged up to a more than three-week high on support from a weaker dollar and chart signals.

Tension has been rising over North Korea’s nuclear and missile programs, which it pursues in defiance of years of U.N. Security Council resolutions.

Gold demand across major centres in Asia was subdued last week as a modest rebound in prices weighed on investor appetite.

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Tuesday, 26 December 2017

Natural Gas Rose As Forecasts For Colder Weather Through Early January

Natural gas trading range for the day is 163.7-173.9.

Natural gas rose as forecasts for colder weather through early January were expected to boost heating demand.

Colder weather forecasts over much of the U.S. promises to bring another round of elevated demand for heating and larger storage withdrawals.

U.S. gas consumption will rise to an average of 113.8 billion cubic feet per day (bcfd) next week from 101.7 bcfd this week.

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Crude Oil Traded In Range On Pledges From OPEC Leader Saudi Arabia

Crude oil trading range for the day is 3696-3766.

Crude oil traded in range on pledges from OPEC leader Saudi Arabia and non-OPEC Russia that any exit from crude output cuts would be gradual.

Crude volumes declined rapidly as traders closed positions ahead of the upcoming Christmas and New Year breaks.

The EIA figures showed U.S. oil production at 9.79 million barrels a day, while exports reached 1.86 million barrels a day, near record highs.

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Silver Prices Ended With Gains On Weak U.S. Economic Data

Silver trading range for the day is 37213-38429.

Silver prices ended with gains on weak U.S. economic data.

US President Donald Trump urged the Republican-dominated Congress to pass a short-term spending bill to avoid government shutdown.

New orders for key U.S.-made capital goods fell in November after four straight months of increases.

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Gold Prices Gained Despite A Mild Rebound In The Greenback As Trading Volumes

Gold trading range for the day is 28394-28796.

Gold prices gained despite a mild rebound in the greenback as trading volumes were expected remain subdued ahead of the Christmas holiday.

The House of Representatives gave final approval to the biggest U.S. tax overhaul in 30 years, marking President Donald Trump's first political victory.

Sales of new U.S. single-family homes unexpectedly rose in November, hitting their highest level in more than 10 years.

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Thursday, 21 December 2017

Zinc Prices Gained Tracking Firmness In LME Prices Amid Fears

Zinc trading range for the day is 203.9-208.7.

Zinc prices gained tracking firmness in LME prices amid fears of supply shortages

Zinc premiums remained largely flat in inactive spot markets across the globe as spot demand was weak.

Support for premiums is seen from nearby LME spreads moving to contango from backwardation after Glencore’s mine restart announcement.

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Crude Oil Prices Settled Higher After Data Showed Crude Stockpiles

Crude oil trading range for the day is 3667-3747.

Crude oil prices settled higher after data showed crude stockpiles fell for the fifth straight week.

The ongoing North Sea Forties pipeline outage also continued to support sentiment.

Inventories of U.S. crude fell by roughly 6.5 million barrels for the week ended Dec. 15, beating expectations of a draw of 3.8 million barrels.

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Silver Prices Gained Amid Ongoing Dollar Weakness As House Republicans

Silver trading range for the day is 37266-37930.

Silver prices gained amid ongoing dollar weakness as House Republicans prepared to re-vote on the tax bill following a technical snafu.

House Republicans are expected to vote on the tax bill again after passing it following the Senate’s technical changes to the bill

Recent data supported Goldman’s bearish view on the precious metal as data showed traders slashed their bullish bets on the prices last week.

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Gold Prices Rose As U.S. Data Showing Solid Home Sales But A Fall In Mortgage

Gold trading range for the day is 28399-28571.

Gold prices rose as U.S. data showing solid home sales but a fall in mortgage applications pushed the dollar to a two-week low.

However, gains were limited, however, by a rise in U.S. bond yields to nine-month highs after the Congress passed the country's biggest tax overhaul in decades.

U.S. home sales increased more than expected in November, hitting their highest level in nearly 11 years.

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Wednesday, 20 December 2017

Copper Settled Flat On Profit Booking After Prices Gained Fuelled

Copper trading range for the day is 441.8-452.6.

Copper settled flat on profit booking after prices gained fuelled by a rosier demand outlook after data for last month showed resilience in global manufacturing.

China has imposed tougher restrictions on waste imports, the Ministry of Environmental Protection said in a statement, a move that will curb scrap copper imports

The rule, effective immediately, allows only end users in China to import scrap copper, with traders importing on behalf of others excluded from the business.

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Crude Oil Gained As The Forties Pipeline Outage In The North Sea

Crude oil trading range for the day is 3655-3723.

Crude oil gained as the Forties pipeline outage in the North Sea and voluntary production restraint led by OPEC supported prices.

Some upward pressure was taken off after an oil worker strike was called off in Nigeria.

U.S. shale production alone is expected to rise by 94,000 bpd in January, marking a 13th consecutive month of increases, the U.S. EIA said.

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Silver Prices Edged Lower Weighed By A Rally In Treasuries

Silver trading range for the day is 37132-37754.

Silver prices edged lower weighed by a rally in Treasuries on growing optimism surrounding the outcome of the tax bill vote.

The U.S. Congress is expected to begin voting on a tax bill which proposes the biggest changes to the U.S. tax system in more than three decades.

The Commerce Department said that single-family homebuilding, which accounts for the largest share of the housing market, rose 5.3% to a rate of 930,000 units.

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Gold Dipped As U.S. Treasury Yields Rose On An Uptick In Housing Starts

Gold trading range for the day is 28304-28544.

Gold dipped as U.S. Treasury yields rose on an uptick in housing starts for November and even though the dollar fell.

U.S. single-family homebuilding and permits surged to more than 10-year highs in November.

SPDR gold trust holdings dropped by 0.14% i.e. 1.18 tonnes to 836.02 tonnes from 837.20 tonnes.

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Tuesday, 19 December 2017

Natural Gas Settled Up By 6.49% On Forecasts Of Cooler Than Normal Weather

Natural gas trading range for the day is 164.4-187.2.

Natural gas settled up by 6.49% on forecasts of cooler than normal weather through the rest of December, even as production rose to a new record high.

U.S. gas consumption will rise to an average of 122.2 billion cubic feet day next week from 102.4 bcfd this week.

Combination of oversold technical conditions and periodic cold weather blasts, the market is vulnerable to a few dramatic short-covering rallies.

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Crude Oil Prices Settled Lower As Rising US Output Offset Support

Crude oil trading range for the day is 3614-3750.

Crude oil prices settled lower as rising US output offset support from the Forties pipeline shutdown.

Supply disruptions are expected to be tailwind for oil markets as Nigerian oil exports could come under pressure.

North Sea operator Ineos declared force majeure on all oil and gas shipments through its Forties pipeline system last week after cracks were found.

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Silver Prices Edged Higher As The U.S. Dollar Pulled Back Despite Mounting Hopes

Silver trading range for the day is 37169-37755.

Silver prices edged higher as the U.S. dollar pulled back despite mounting hopes that a major U.S. tax reform can be passed before the end of the year.

Republican lawmakers could vote on tax legislation as soon as Tuesday, boosting the chances of the tax bill passes this week.

Expectations that tax cuts would spur economic growth and prompt faster interest rate rises in the United States have boosted the dollar.

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Gold Edged Higher As Uncertainty Over U.S. Tax Legislation Weighed On The Dollar

Gold trading range for the day is 28218-28616.

Gold edged higher as uncertainty over U.S. tax legislation weighed on the dollar.

Fed’s Kashkari said he voted against the Fed's decision to raise interest rates last week over worries on weak inflation and a flattening of the yield curve.

SPDR Gold Trust said its holdings fell 0.84 percent to 837.20 tonnes on Monday from 844.29 tonnes on Friday.

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Monday, 18 December 2017

Silver Prices Remained Supported Amid Fresh Concerns Over U.S. Tax

Silver trading range for the day is 36743-37599.

Silver prices remained supported amid fresh concerns over U.S. tax reform plans and as markets were still digesting the Federal Reserve's latest policy statement.

U.S. inflation remained weak, which Chicago Fed President Charles Evans said on Friday undermined the case for rate rises.

The greenback came under pressure after two U.S. Republican senators sought changes to the proposed U.S. tax reform bill.

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Gold Prices Remained Under Pressure As Gains Were Capped By A Rise

Gold trading range for the day is 28092-28480.

Gold prices remained under pressure as gains were capped by a rise in the dollar amid growing investor optimism on tax reform.

The Federal Reserve Board voted to raise the discount rate to 2.00 percent supported by 9 regional members.

Gold demand in most Asian centres firmed, spurred on by a dip in prices although buyers in India held off buying in the hope of further falls.

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Friday, 15 December 2017

Copper Prices Gained On Global Growth Hopes After Upbeat Manufacturing Data

Copper trading range for the day is 431-445.2.

Copper prices gained on global growth hopes after upbeat manufacturing data from China

China's central bank nudged up money market rates as authorities sought to defuse financial risks without imperilling the economy.

China's fixed-asset investment growth slowed to 7.2 percent in the January-November period, while industrial output expanded at a faster pace than markets had expected.

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Natural Gas Fell On Forecasts For Less Heating Demand Later In December

Natural gas trading range for the day is 167.5-177.7.

Natural gas fell on forecasts for less heating demand later in December than previously expected and a smaller-than-usual storage draw.

The U.S. Energy Information Administration said U.S. utilities pulled just 69 billion cubic feet of gas from storage during the week.

The decline cut stockpiles to 3.626 trillion cubic feet, just 0.7 percent below the 3.653 tcf five-year average for this time of year.

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Silver Prices Trimmed Gains After The Release Of Upbeat U.S. Data

Silver trading range for the day is 36542-37804.

Silver prices trimmed gains after the release of upbeat U.S. data but prices remained supported as Fed's latest policy statement continued to weigh on dollar.

Fed officials also expressed optimism in the economy, hiking their projection for economic growth in 2017 to 2.5%, while growth in 2018 was expected to rise to 2.5%.

The report raised investor expectations for ongoing bullish economic growth, lifting sentiment on risker assets like equities.

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Gold Prices Eased Off Highs As The Dollar Rebounded Following Strong U.S. Retail

Gold trading range for the day is 28114-28530.

Gold prices eased off highs as the dollar rebounded following strong U.S. retail sales data.

The Federal Reserve approved its third rate hike of 2017, and forecasts further rate hikes despite growing concerns over the slow pace of inflation.

U.S. retail sales increased more than expected in November as the holiday shopping season got off to a brisk start.

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Thursday, 14 December 2017

Aluminium Dropped As Rise In LME Stocks For The Third Consecutive Day

Aluminium trading range for the day is 127.7-130.5.

Aluminium dropped as rise in LME stocks for the third consecutive day continued to weighed on prices.

Aluminium stocks held at three major Japanese ports fell 2 percent to 234,900 tonnes by end-November from the previous month.

Japanese machinery orders rose more than expected in October, after a big fall in the prior month in a sign capital spending will remain resilient.

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Nickel Prices Dropped As Moves Were Muted Ahead Of An Expected Interest Rate

Nickel trading range for the day is 703.8-727.4.

Nickel prices dropped as moves were muted ahead of an expected interest rate increase from the U.S. Federal Reserve.

Philippines’s expected nickel ore export will reach 1.52 million wet tons in November, dropping dramatically compared with October.

One low-grade NPI plant in Shandong Province suspended its NPI production last weekend and switched to straight carbon steel production.

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Silver Prices Bounced Off Lows As The U.S. Dollar Weakened

Silver trading range for the day is 36577-37215.

Silver prices bounced off lows as the U.S. dollar weakened after tepid U.S. inflation data and ahead of the Federal Reserve's policy decision.

Data showed that U.S. consumer price inflation rose as expected in November, while the core data unexpectedly eased.

Sentiment on the greenback was also vulnerable after a Democrat candidate won a a U.S. Senate seat in Alabama.

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Gold Looks Positive As The Dollar Fell After The U.S. Federal Reserve

Gold trading range for the day is 28032-28336.

Gold looks positive as the dollar fell after the U.S. Federal Reserve raised interest rates as expected but left its outlook unchanged for coming years.

The Federal Reserve raised interest rates by a quarter of a percentage point to a range of 1.25 percent to 1.50 percent.

Policymakers projecting a short-term jump in U.S. economic growth from the Trump administration's proposed tax cuts.

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Wednesday, 13 December 2017

Zinc Prices Rose Amid Growing Concerns About Supplies

Zinc trading range for the day is 197.6-207.6.

Zinc prices rose amid growing concerns about supplies of zinc concentrate.

Huayuan county in Hunan province warned earlier in December it will carry out more environmental inspections of smelters.

As much as 3,000 tonnes-5,000 tonnes of zinc concentrate output could be affected by the checks.

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Copper Prices Remained Supported Amid Signs That Supply Cuts Linked

Copper trading range for the day is 429.3-437.9.

Copper prices remained supported amid signs that supply cuts linked to an environmental crackdown by Beijing will lead to greater import demand.

China issued an "action plan" in 2013 to reduce pollution caused by industrial plants, followed by provincial contracts and further policies.

South Korea is seeking to buy 2,000 tonnes of copper for March arrival, state-run Public Procurement Service.

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Silver Dropped As Dollar Strength Which Followed Upbeat Economic Data Pointing

Silver trading range for the day is 36450-37174.

Silver dropped as dollar strength which followed upbeat economic data pointing to an improving inflationary environment.

Upbeat wholesale inflation data pointing to an improving inflationary environment which could encourage Fed to adopt a tighter rate-hike cycle in 2018

Holdings at ishares silver trust gained by 0.44% i.e.44.02 tonnes to 10161.96 tonnes from 10117.94 tonnes.

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Gold Dropped As Investors Braced For A Widely Expected U.S. Interest Rate Increase

Gold trading range for the day is 27875-28501.

Gold dropped as investors braced for a widely expected U.S. interest rate increase and looked for clues about further hikes from the Federal Reserve.

Strong U.S. wholesale price figures kept the Fed on track for a widely-expected rate rise this week and more in 2018.

U.S. producer prices climbed in November as gasoline prices surged and the cost of other goods increased, leading to the largest annual gain in nearly six years.

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Tuesday, 12 December 2017

Natural Gas Edged Higher To Start The Week But Prices Held Close

Natural gas trading range for the day is 178.8-185.8.

Natural gas edged higher to start the week but prices held close to their lowest level in nine months as market players continued to monitor winter weather forecasts.

Natural gas have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting outlooks on early-winter heating demand.

Meanwhile, market participants looked ahead to this week's storage data due on Thursday, which is expected to show a draw in a range between 57 and 69 bcf.

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Crude Oil Settled Higher Amid Supply Disruptions After A Major North Sea

Crude oil trading range for the day is 3629-3783.

Crude oil settled higher amid supply disruptions after a major North Sea pipeline shut for repairs, while signs of rising US production capped gains.

Booming demand will push China ahead of the United States as the world’s biggest crude importer this year.

U.S. crude output had risen 25,000 bpd to 9.7 mbpd, the highest production since the 1970s and close to the production levels of Russia and Saudi Arabia.

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Silver Traded In Range As Traders Look Ahead To The Federal Open Market

Silver trading range for the day is 36708-37276.

Silver traded in range as traders look ahead to the Federal Open Market Committee meeting later this week.

Stagnant wage growth and inflation have increased concern over rate rises.

Data showed that average hourly earnings were lower than expected, while the U.S. economy added 228,000 jobs in November.

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Gold Prices Remained Under Pressure Underpinned By Expectations Of Higher U.S.

Gold trading range for the day is 28204-28606.

Gold prices remained under pressure underpinned by expectations of higher U.S. interest rates.

U.S. job growth increased at a strong clip in November, painting a portrait of a healthy economy that does not require the kind of fiscal stimulus that President Trump is proposing.

Britain and the European Union struck a divorce deal that paves the way for arduous talks on future trade ties.

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Monday, 11 December 2017

Zinc Prices Remained Supported After Data Showed Zinc’s Production

Zinc trading range for the day is 197.4-201.6.

Zinc prices remained supported after data showed Zinc’s production dropped in November.

China's zinc production fell by 1.1 percent year-on-year in November to 423,000 tonnes.

South Korea is seeking to buy 1,000 tonnes of zinc for March arrival via separate tenders, state-run Public Procurement Service said.

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Copper Gained After News That China’s Tongling Nonferrous Metals Group

Copper trading range for the day is 423-432.2.

Copper gained after news that China’s Tongling Nonferrous Metals Group was idling up to 30 percent its smelting capacity to meet winter output restrictions.

China’s unwrought copper imports rose by more than 40 percent in November from the previous month, in a sign that China needs more overseas metal.

Japanese Industrial Standards certification for copper and copper alloy seamless pipes produced by Kobe Steel Ltd's unit Shinko Metal Products has been suspended.

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Silver Prices Recovered From Lows On Short Covering After Prices Dropped

Silver trading range for the day is 36711-37377.

Silver prices recovered from lows on short covering after prices dropped as risk-on sentiment continued to support dollar strength.

Meanwhile, uncertainty over the progress of Brexit eased, following reports that the UK agreed to pay up €50 billion to settle the so-called Brexit divorce bill.

The Labor Department said, U.S. non-farm payrolls rose by 228,000 jobs in November, as the post-hurricane recovery in the labor market continued.
 
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Gold Prices Dropped As Pressure Continued After Progress On U.S. Tax

Gold trading range for the day is 28372-28730.

Gold prices dropped as pressure continued after progress on U.S. tax reform fueled optimism about the U.S. economy and boosted the dollar.

Stronger-than-expected U.S. employment data also demonstrated healthy economic growth and suggested the Federal Reserve will raise interest rates.

US data showed the unemployment rate steadied at 4.1% as expected in November, and holding at the lowest rate since December 2000.

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