Tuesday, 28 February 2017

Copper Gained As Support After Dispute Affecting Production

Copper trading range for the day is 388.6-399.2. Copper gained as support after dispute affecting production at the world's second-biggest copper mine worsened. 

Prices were supported by simmering concerns over supply amid production stoppages at the world's two biggest copper mines.

BHP Billiton has decided to give up its legal right to replace striking workers at the Escondida copper mine in Chile.

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Natural Gas Dropped As Forecasts Called For Mostly Warmer Than Normal Weather

Natural gas trading range for the day is 175.8-184.4. Natural gas dropped as forecasts called for mostly warmer-than-normal weather in key regions across the US.

Prices of the heating fuel dropped 7% last week, taking its losses for the year to a whopping 30% amid forecasts for warm winter weather. 

As per NOAA this year’s extremely warm winter has pushed heating demand for natural gas to nearly 20% below average. 

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Crude Prices Settled Higher As Investors Continued To Weigh Rising U.S.

Crude oil trading range for the day is 3600-3664. Crude prices settled higher as investors continued to weigh rising U.S. crude production against OPEC’s production cut.

Crude oil ended with gains on increasing confidence that OPEC’s supply curbs will outweigh a gain in U.S. stockpiles.

OPEC is pushing for broader implementation of a supply cut deal agreed by the cartel and several large external producers, notably including Russia.

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Silver Trading Range By Dollar Advisory & Financial Services

Silver trading range for the day is 43144-43714. Silver remained in range as market players looked ahead to U.S. President Trump's address to Congress on Tuesday for further details on his promises of tax reform. 

Investors also looked ahead to a speech by Federal Reserve Chair Janet Yellen on Friday for further hints on the timing of the next U.S. rate hike. 

In addition, market players will keep an eye out on a revised reading of fourth-quarter U.S. growth data on Tuesday to gauge the strength of the economy.

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Gold Settled With Gain's But Confined To Relatively Narrow Ranges

Gold trading range for the day is 29435-29923. Gold settled with gain's but confined to relatively narrow ranges, underlying caution ahead of key economic and political events. 

Investors are looking towards Trump's policy speech where he is expected to provide clues on his plans to cut taxes.

The latest COT data recorded an increase in non-commercial, long gold positions to 123,763 in the latest week.

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Monday, 27 February 2017

Zinc Gained Tracking LME Zinc Closing Up By 1.4 Percent Higher

Zinc trading range for the day is 184.7-191.3. Zinc gained tracking LME zinc closing up by 1.4 percent higher due to deficits arising from mine closures and shutdowns including at Glencore.
Glencore has said it would only restart capacity when the time was right.

Japan’s Ministry of Finance reported the country’s zinc exports were 4,918,551 kg in January, an increase of 4.5% year-on-year. 

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Copper Prices Ended With Gains As Supply Disruptions In Chile

Copper trading range for the day is 386.6-399.4. Copper prices ended with gains as supply disruptions in Chile and Indonesia lent support. 

Copper prices posted a second straight weekly drop as concerns over the demand outlook weighed. 

China's refined copper imports fell 14 percent last month, Chinese customs data showed.

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Natural Gas Prices Remained Supported After Thursday’s Data Showed

Natural gas trading range for the day is 180.5-189.5. Natural gas prices remained supported after Thursday’s data showed that natural gas supplies in storage in the U.S. fell more than expected last week. 

The EIA reported that natural gas in underground storage fell by 89 billion cubic feet in the week ending February 17th. 

Total natural gas in storage currently stands at 2.356 trillion cubic feet, according to EIA, 2.5% lower than levels at this time a year ago.

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Crude Oil Prices Dropped Amid A New Weekly Rise In U.S. Stockpiles

Crude oil trading range for the day is 3575-3647. Crude oil prices dropped amid a new weekly rise in U.S. stockpiles, albeit less significant than expected, dampened investors’ optimism. 

Pressure also seen after the latest Baker Hughes U.S. oil rig count rose by 5, topping 600 for the first time since October 2015. 

The Energy Information Administration said that U.S. crude inventories rose by 564,000 barrels in the week to February 17.

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Silver Gained As The Dollar Softened And Uncertainties Surrounding U.S.

Silver trading range for the day is 42949-43627. Silver gained as the dollar softened and uncertainties surrounding U.S. President Donald Trump's policies and elections in Europe fuelled safe-haven demand. 

The rally in prices comes as Fed minutes highlighted a reluctance among some Fed members’ to support a raise in interest rates. 

The Commerce Department said new home sales rose 3.7 percent to a seasonally-adjusted 555,000 units but missed estimates of a 6.3% rise in January.

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Gold Prices Gained As The Dollar Fell To A One Week Low

Gold trading range for the day is 29456-29732. Gold prices gained as the dollar fell to a one week low after the new U.S. Treasury chief poured cold water on the "Trumpflation trade" 

Treasury Secretary Steven Mnuchin said that any steps U.S. President Donald Trump's administration takes on policy would probably have only limited impact this year.

Gold demand in Asia remained sluggish this week as a price rally on political concerns and dollar weakness kept buyers on the sidelines. 

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Thursday, 23 February 2017

Aluminum Daily Stocks At Shanghai Exchange Came Up By 401 Tonnes

Aluminium trading range for the day is 123.9-127.3. Aluminium gained as prices recovered on short covering despite of concerns that Chinese supply is rising.

China's home price growth slowed for the fourth straight month as demand cooled further in the biggest cities, official data showed. 

Aluminum daily stocks at Shanghai exchange came up by 401 tonnes.

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Zinc Trading Range Of 23 February 2017


Zinc trading range for the day is 187.7-195.3. Zinc dropped as funds cut bets on higher prices ahead of minutes from the Federal Reserve's last meeting and a stronger dollar. 

Europe’s largest zinc producer Nyrstar is considering restarting its idled and for sale Myra Falls zinc-copper mine in light of improved market conditions.

Zinc daily stocks at Shanghai exchange came down by 2961 tonnes. 

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Natural Gas Recovered On Short Covering As Traders Betting A Steep Fall


Natural gas trading range for the day is 165.7-181.5. Natural gas recovered on short-covering as traders betting a steep fall may be petering out. 

NOAA said this year’s extremely warm winter has pushed heating demand for natural gas to nearly 20% below average. 

Market looked ahead to weekly storage data due on Thursday, which is expected to show a draw of 86bcf.

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Crude Oil Prices Fell Sharply As Investors Looked Ahead To Weekly Data

Crude oil trading range for the day is 3542-3692. Crude oil prices fell sharply as investors looked ahead to weekly data from the U.S. on stockpiles of crude and refined products. 

Crude inventories fell by 884,000 barrels in the week to Feb. 17 to 512.7 million, compared with expectations for an increase of 3.5 million barrels, data from API showed. 

Crude stocks at the Cushing, Oklahoma, delivery hub were down by 1.7 million barrels and U.S. crude imports fell last week by 1.5 mbpd to 7.398 mbpd, according to the API. 

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Silver Dropped As Traders Anticipated New Clues On The Likelihood Of A March U.S.

Silver trading range for the day is 42462-42990. Silver dropped as traders anticipated new clues on the likelihood of a March U.S. interest rate hike with the minutes from FOMC in focus. 

Many Fed policymakers said it may be appropriate to raise interest rates again "fairly soon" should jobs and inflation data come in line with expectations. 

The minutes showed the depth of uncertainty at the Fed over the lack of clarity on the new Trump administration's economic programme.

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Gold Slipped As The Dollar Firmed, With Investors Looking To Minutes From The U.S.

Gold trading range for the day is 29071-29413. Gold slipped as the dollar firmed, with investors looking to minutes from the U.S. Fed’s latest meeting for clues on the timing of interest rate hikes. 

Minutes from the last U.S. Federal Reserve meeting showed uncertainty among policymakers about the new Trump administration's economic program. 

Fed Harker suggested he would support an interest rate increase at the U.S. central bank's mid-March policy meeting as long as inflation.

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Wednesday, 22 February 2017

Nickel Prices Tank Down By -3% On Profit Booking Despite Global Nickel Market

Nickel trading range for the day is 705.8-750.2. Nickel prices tank down by -3% on profit booking despite Global nickel market ended in deficit of 51,500 tonnes during 2016. 

World Nickel mine production was 1,852.7 kt in Jan-Dec 2016, lower by 271.0 kt when compared with the corresponding period in 2015. 

Philippine government officials fail to back down over threatened closures to over half of the nation’s nickel mines on environmental grounds. 

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Zinc Prices Ended With Losses Due To A Rise In The Dollar

Zinc trading range for the day is 189.7-195.3. Zinc prices ended with losses due to a rise in the dollar and as investors locked in gains after a recent rally. 

Global refined zinc production witnessed decline of 2.2% during 2016. 

As per WBMS data, the global zinc market recorded deficit of 177 kt during the full twelve-month period of 2016 from January to November.

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Copper Prices Recovered From Lows Amid Ongoing Supply Concerns

Copper trading range for the day is 401.6-408.6. Copper prices recovered from lows amid ongoing supply concerns from industrial action in Chile and an Indonesian export permit dispute underpinned prices.

A government-mediated meeting between BHP Billiton and striking workers at its Escondida copper mine in Chile has failed. 

China's central bank said it would extend a preferential scheme for some banks that would free up additional funds for lending.

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Natural Gas Trading Range For The Day Is 162-191.8

Natural gas trading range for the day is 162-191.8. Natural gas dropped as forecasts continued to call for mostly warmer-than-normal weather in key regions across the U.S. for the rest of the winter. 

Prices of the heating fuel are down a whopping 29% so far this year as forecasts for warm winter weather weighed on heating demand expectations. 

Total natural gas in storage currently stands at 2.445 trillion cubic feet, according to the U.S. EIA, 12.4% lower than levels at this time a year ago.

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Crude Oil Trading Range Of 22 February 2017

Crude oil trading range for the day is 3595-3731. Crude oil gained after OPEC said it was sticking to its agreement to cut production and hoped compliance with the deal would be even higher. 

The oil market will have to wait until Thursday, a day later than normal, for the release of this week's official data, due to the holiday on Monday. 

U.S. crude oil and gasoline inventories soared to record highs last week as refineries cut output and gasoline demand softened, the EIA.

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Silver Dropped Amid A Rise In The Dollar As Market Players

Silver trading range for the day is 42213-43241. Silver dropped amid a rise in the dollar as market players awaited further hints on the timing of the next U.S. rate hike.

Data showed the U.S. Purchasing Managers Index was at 53.9 in February, down from 55.6 in January and expectations for 55.8. 

Holdings at shares silver trust gained by 0.17% i.e. 17.68 tonnes to 10428.42 tonnes from 10410.74 tonnes.

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Gold Edged Lower As Renewed Expectations Of An Increase In U.S.

Gold trading range for the day is 28980-29490. Gold edged lower as renewed expectations of an increase in U.S. interest rates next month pushed the dollar higher.

Fed’s Williams warned that the global drop in interest rates since the financial crisis is likely to persist and will make it harder for central banks to keep world economies healthy.

Investor demand for gold can be seen in SPDR Gold Trust, holdings of which have risen by more than 5 percent to 27.044 million ounces since Jan. 31.

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Tuesday, 21 February 2017

Nickel Gained As The Market Tracked The Latest Plans By The Philippines

Nickel trading range for the day is 732.8-750.8. Nickel gained as the market tracked the latest plans by the Philippines to close mines on environmental grounds.

The Philippines' environment minister said that she stands by her decision to shut more than half the country's operating mines.

Philippine President Rodrigo Duterte said he would review a minister's order to close more than half the country's mines for environmental violations.

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Zinc Prices Ended With Gains Boosted By A Drop In Inventories

Zinc trading range for the day is 183.8-198. Zinc prices ended with gains boosted by a drop in inventories. 

Korea Zinc saying it will cut refined zinc production by 7.7 percent, or around 50,000 tonnes, to 600,000 tonnes this year. 

Outside of China mine supply of zinc fell by 10 percent last year, according to the International Lead and Zinc Study Group.

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Natural Gas Dropped By More Than 3% Hitting The Lowest Level

Natural gas trading range for the day is 180.7-192.3. Natural gas dropped by more than 3% hitting the lowest level since November as forecasts continued for mostly warmer-than-normal weather. 

Trading activity was light as markets in the U.S. remain closed for President’s Day on Monday. 

Prices of the heating fuel sank more than 7% last week, as forecasts for warm winter weather weighed on heating demand expectations.

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Crude Oil Gained As Prices Remained Supported Amid Efforts

Crude oil trading range for the day is 3594-3656. Crude oil gained as prices remained supported amid efforts by producers to cut output and bring the market into balance.
U.S. energy companies added oil rigs for a fifth consecutive week, Baker Hughes said, extending a nine-month recovery.

Overall, 2017 U.S. production will rise by an average 130,000 bpd from a year ago, the note said.

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Silver Traded In Range After A Further Signal That A Rate Hike In March

Silver trading range for the day is 42496-43140. Silver traded in range after a further signal that a rate hike in March is a solid possibility in otherwise light trade with U.S. markets shut for a holiday.

Market activity is likely to be largely subdued until guidance on the pace of interest rate hikes from a raft of Federal Reserve speakers.

At least five Fed officials are due to speak this week, while Fed Board Governor Jerome Powell appears on Wednesday. 

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Gold Prices Held Steady With Investors Looking Ahead To A Clutch Of Speeches

Gold trading range for the day is 29144-29404. Gold prices held steady with investors looking ahead to a clutch of speeches from Fed officials in the week for clues on the timing of possible interest rate hikes.

Cleveland Fed chief Loretta Mester said she would be comfortable raising interest rates at this point if the economy kept performing the way it did.

Net long gold positions on COMEX fell 9% to 63,625 contracts in the week to February 14, CFTC data showed Monday.
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Monday, 20 February 2017

Copper Dropped As Prices Pulled Back Below 6000 Level On LME

Copper trading range for the day is 393.5-405.9. Copper dropped as prices pulled back below 6000 level on LME as talks renewed between striking workers and management at Chile's Escondida copper mine.

Indonesia's ministry said it has issued a recommendation that is expected to allow the local unit of Freeport McMoRan Inc to resume copper concentrate exports.

The announcement comes after a more than one-month stoppage which push global copper prices to 21-month highs this week.

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Natural Gas Prices Fell For The Third Straight Week

Natural gas trading range for the day is 188.1-196.3. Natural gas prices fell for the third straight week, setting a three-month low as a historically mild winter continues to drag on the market.

The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. declined by 114 billion cubic feet.

That compared with a withdrawal of 152 billion cubic feet in the preceding week, 163 billion a year earlier.

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Crude Oil Dropped As Prices Remained Under Pressure From A Stronger Dollar

Crude oil trading range for the day is 3566-3644. Crude oil dropped as prices remained under pressure from a stronger dollar and rising U.S. shale oil output.

Rising U.S. output has helped boost domestic crude and fuel inventories to record highs.

US crude oil exports rose to a record 1.03m barrels last week but the remarkable thing is the on-week gain was ~81%, largest since June 2014.


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Silver Prices Ended With A Loss But Tallied A Third Consecutive Weekly

Silver trading range for the day is 42689-43123. Silver prices ended with a loss but tallied a third consecutive weekly gain as political uncertainty continued to boost investment demand for the metal. 

Meanwhile, a trio of mostly solid economic reports covering jobs, housing and regional manufacturing did little to change the interest-rate outlook.

Fed’s Yellen said that the Fed has penciled in three interest-rate hikes this year and on Wednesday she defended the central bank’s monetary.

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Gold Prices Eased But Notched A Weekly Gain As Investors Opted

Gold trading range for the day is 29223-29517. Gold prices eased but notched a weekly gain as investors opted for the safe-haven qualities of bullion due to uncertainty about U.S. and European politics. 

Fed Chair Janet Yellen said U.S. interest rates may need to be raised in March.

Holdings of SPDR Gold, have risen 5.6 percent so far this month, the most since June 2016. 

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Friday, 17 February 2017

Zinc Recovered From Day's Low On Fresh Buying As Fundamental Outlook

Zinc trading range for the day is 187.4-196.6. Zinc recovered from day's low on fresh buying as fundamental outlook remains bright despite the recent run of stock increases.

Two of the largest zinc mines in the world have closed in the last few years due to ore depletion, removing ~4 % of world supply.

Zinc demand has steadily increased throughout the last several years and and is expected to increase by 2.1% to 13.85 million tonnes in 2017. 

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Natural Gas Fell To New Lows After Storage Levels Failed

Natural gas trading range for the day is 187.6-200.4. Natural gas fell to new lows after storage levels failed to shrink as quickly as expected.

Natural gas inventory showed a draw of 114Bcf against the expectation of 130Bcf, according to the latest report from EIA.

Mild weather across the US has also been a weight on natural gas prices in recent weeks.

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Crude Oil Rose After OPEC Sources Said The Group Could Extend

Crude Oil trading range for the day is 3509-3635. Crude oil rose after OPEC sources said the group could extend its oil supply-reduction pact with non-members and might even apply deeper cuts. 

OPEC and other exporters including Russia agreed last year to cut output by 1.8 million barrels per day to reduce a price-sapping glut. 

Global inventories are bloated and supplies high, especially in the United States.

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Silver Rose As The Dollar Weakened And Investors Took The Opportunity To Buy

Silver trading range for the day is 42456-43408. Silver rose as the dollar weakened and investors took the opportunity to buy as a hedge against political uncertainty in US and Europe.

Jitters ahead of an upcoming G20 foreign ministers’ meeting – the first to be attended by members of the Trump administration – may have encouraged a cautious disposition.

The number of people who filed for unemployment assistance in the U.S. last week rose by a less-than-expected 5,000 to 239,000 last week. 

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Gold Prices Rose To A One Week High As The U.S. Dollar Pulled

Gold trading range for the day is 29058-29664. Gold prices rose to a one-week high as the U.S. dollar pulled back from its strongest level in more than a month, supporting demand for the yellow metal.

Concern over U.S. President Donald Trump's policies and elections in the Netherlands, France and Germany this year have fuelled gold’s rise.

Upbeat U.S. inflation and retail sales data on Wednesday reinforced expectations of a near-term rate hike by the Federal Reserve. 

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Thursday, 16 February 2017

Nickel Ended The Day With Gains Buoyed By Supply Disruptions

Nickel trading range for the day is 708.3-739.1. Nickel ended the day with gains buoyed by supply disruptions in the Philippines, the world's top nickel exporter.

Philippine President Rodrigo Duterte supported his environment minister's decision to cancel nearly a third of contracts for undeveloped mines.

China's nickel inventories are near the lowest since May, while port ore stocks are 1.07 million tonnes, the least since 2011.

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Natural Gas Rose On Short Covering As Traders Looked Ahead To Weekly Storage

Natural gas trading range for the day is 192.4-202.8.Natural gas rose on short-covering as traders looked ahead to weekly storage data to gauge supply and demand levels.

The natural-gas market is on the defensive in recent days after forecasting models showed cold air exiting the Northeast.

The weekly storage data due on Thursday, which is expected to show a draw of 130 billion cubic feet in the week ended February 10. 

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Crude Oil Prices Fell As Surge In Inventories Seen While Market Continues

Crude oil trading range for the day is 3504-3604.Crude oil prices fell as surge in inventories seen while market continues to welcome an effort to trim global supplies.

US crude oil inventories jumped 9.5mbls last week taking the total to a record 518mbls, the EIA said Wednesday.

OPEC said output in January fell 890,000bpd from December to 32.14mbpd, putting the supply and demand balance globally. 

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Silver Gained Benefited From A Retreat In The Dollar

Silver trading range for the day is 42139-42945. Silver gained benefited from a retreat in the dollar, despite strong U.S. economic data which confirmed that the growth story in the U.S. economy remains on track.

U.S. retail sales rose more than expected in January and consumer prices recorded their biggest gain in nearly four years.

U.S. Federal Reserve Chair Janet Yellen said that delaying increases could leave the Fed's policymaking committee behind the curve.

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Gold Gained Shrugging Off Earlier Pressure From Stronger Than Forecast U.S.

Gold trading range for the day is 28764-29360. Gold gained shrugging off earlier pressure from stronger-than-forecast U.S. inflation and retail sales that added to expectations for near-term U.S. interest rate rises.

Fed’s Harker said his view that the economy is ready for three rate hikes this year does not depend on any fiscal policy changes under Trump. 

Holdings in SPDR Gold Trust rose 0.32 percent to 843.54 tonnes on Wednesday. 

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Wednesday, 15 February 2017

Aluminium Prices Gained On Renewed Concerns About Potential Closures Of Chinese


Aluminium trading range for the day is 124.5-127.9. Aluminium prices gained on renewed concerns about potential closures of Chinese smelters to cut pollution. 

In a sign of growing public anger about pollution, hundreds of residents in a northeastern Chinese city protested against the building of an aluminium processing plant. 

If the proposed measures are applied this should impact a significant proportion of current China steel and aluminium output.

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Copper Trading Range Provided By Dollar Advisory

Copper trading range for the day is 392.7-420.5. Copper prices dropped on hopes strike talks would restart at the world's biggest copper mine in Chile.

Striking workers at Chile's massive Escondida copper mine have accepted a government invitation to try to resume dialogue with mine operator BHP Billiton

The news hit a market worried that funds who have taken bullish positions might be ready to sell on any signal that the strike may be concluded. 

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Natural Gas On MCX Continuous To Trade With Weakness Amid Forecasts

Natural gas trading range for the day is 191.8-199.4. Natural gas on MCX continuous to trade with weakness amid forecasts for warmer weather in key regions across the U.S. during the next few weeks.

Outlook remain weak of Natural Gas prices as prices closed at 194.60 that is below 200-day moving average which can attract fresh selling.

Forecasting models showed cold air exiting the Northeast, with the updated 6-10 day forecast looking warmer than a day ago. 

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Crude Oil Gained On Short Covering With The Market Sentiment Changed As OPEC

Crude Oil trading range for the day is 3516-3614. Crude oil gained on short covering with the market sentiment changed as OPEC is indeed trimming the oil supply. 

Concerns also seen about rising supply from U.S. shale output overshadowed an OPEC-led effort to cut global output.


The dollar strengthened after Janet Yellen said she expects central bankers to raise interest rates at an upcoming meeting.

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Silver Trading Range Of 15 February 2017

Silver trading range for the day is 41864-43196. Silver settled flat after Fed’s Yellen told Congress that waiting too long to raise interest rates would be "unwise" as economic growth continues and inflation rises. 

The Federal Reserve will likely need to raise interest rates at an upcoming meeting, Yellen said. 

Dallas Fed President Robert Kaplan said the U.S. central bank should act soon to raise rates, or risk having to abandon its plan to do so slowly.

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