Friday, 31 March 2017

Nickel Settled Unchanged After Prices Earlier Gained

Nickel trading range for the day is 635.5-658.1. Nickel settled unchanged after prices earlier gained tracking LME prices with lower prices sparking some consumer buying.

Indonesia's state-owned miner Aneka Tambang has been granted an initial approval to export up to 2.7 million tonnes of nickel ore over the next 12 months. 

Nickel daily stocks at Shanghai exchange came down by 927 tonnes.

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Natural Gas Dropped After Data Showed, Natural Gas Supplies

Natural gas trading range for the day is 201.7-212.9. Natural gas dropped after data showed that natural gas supplies in storage in the US fell broadly in line of expectations.

EIA said in its weekly report that natural gas storage in the U.S. declined by 43bcf in the week ended March 24. 

Weather systems will track across the country the next several days with rain, snow, and thunderstorms, but with limited cold air.

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Crude Oil Prices Gained After Kuwait Gave Its Backing For An Extension

Crude oil trading range for the day is 3189-3315. Crude oil prices gained after Kuwait gave its backing for an extension of OPEC production cuts in an attempt to reduce global oversupply. 

Prices also gained supported by disruptions in Libyan supplies and amid speculation that OPEC will extend its production-cut deal beyond June.

OPEC, along with other producers including Russia, aims to cut output by almost 1.8 million bpd during the first half of the year.

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Silver Prices Dropped As The Dollar Strengthened Amid Expectations

Silver trading range for the day is 41729-42609.
Silver prices dropped as the dollar strengthened amid expectations for more U.S. interest rate hikes this year. 


The Fed raised interest rates earlier this month and stuck to its outlook for two more hikes this year.

Prospects for the U.S. economy have brightened now that fiscal stimulus from Washington appears more likely, so the Fed will need to keep raising rates.

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Gold Dropped After Data Showed That The U.S. Economy

Gold trading range for the day is 28369-28807. Gold dropped after data showed that the U.S. economy grew faster than expected, reinforcing expectations for more U.S. interest rate hikes this year. 

Chicago Fed President Charles Evans, said he was in line with most of his colleagues in supporting further rate hikes this year.

Gross domestic product increased at a 2.1% annualized rate instead of the previously reported 1.9% pace, in its third GDP estimate for the period. 


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Thursday, 30 March 2017

Natural Gas Gained To Settled Above 210 Level

Natural gas trading range for the day is 203-215.2. Natural Gas gained to settled above 210 level as investors bet that amount of gas in storage may fall short of summer demand. 

Weather systems will track across the country the next several days with rain, snow, and thunderstorms, but with limited cold air.

Total natural gas in storage currently stands at 2.092tcf, according to the US EIA.

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Crude Oil Prices Rose As U.S. Crude Inventories Grew Less

Crude oil trading range for the day is 3124-3264. Crude oil prices rose as U.S. crude inventories grew less than expected and supply disruptions continued in Libya.

U.S. crude futures surged to nearly a two-week high after EIA reported that crude inventories rose 867,000 barrels last week, nearly half the build expected.

Oil production from the western Libyan fields of Sharara and Wafa has been blocked by armed protesters, reducing output by 252,000 barrels per day.

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Silver Prices Dropped As Pressure Seen As Stronger

Silver trading range for the day is 41902-42488.
Silver prices dropped as pressure seen as stronger than expected U.S. home sales data supported the narrative of a stronger U.S. economy.


Prime Minister Theresa May filed formal Brexit divorce papers, triggering years of negotiations that will test the cohesion of the European Union.

Fed’s Eric took a somewhat bullish outlook on possible rate hikes, after he said the U.S. central bank should be prepared to raise interest rates a total of four times in 2017.

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Gold Prices Dropped Weighed By A Rise In The Dollar

Gold trading range for the day is 28568-28818. Gold prices dropped weighed by a rise in the dollar, which continued to recover from multi-month lows, after the release of upbeat economic data. 

Prime Minister Theresa May formally began Brexit - Britain's divorce from the European Union, declaring there was no turning back.

Fed will raise interest rates at least twice this year, and possibly up to four times although that would require an improvement in fundamentals, Fed’s Evans said. 

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Wednesday, 29 March 2017

Zinc Prices Regains To End With Gains As Some Investors Refocused

Zinc trading range for the day is 176.6-186.2. Zinc prices regains to end with gains as some investors refocused on Trump's promised tax reforms and strong economic data. 

China's central bank said it would provide financial support to help manufacturers upgrade and modernize.

Zinc daily stocks at Shanghai exchange came up by 327 tonnes. 

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Copper Prices Gained On U.S. Led Buying After Data Showed

Copper trading range for the day is 374.4-391. Copper prices gained on U.S.-led buying after data showed a surge in U.S. consumer confidence to a 16-year high.

China's central bank said it would provide financial support to help manufacturers upgrade and modernize. 

Workers are returning to work this week at Escondida in Chile, the world's biggest copper mine, after a strike that began on Feb. 9.

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Natural Gas Edged Higher Regaining Strength As Traders Monitored

Natural gas trading range for the day is 199.3-211.5. Natural gas edged higher regaining strength as traders monitored shifting weather forecasts to assess the outlook for early-spring demand and supply levels. 

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

Market participants looked ahead to weekly storage data due on Thursday, which is expected to show a draw in a range between 43 and 54 bcf.

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Crude Oil Rallied Amid Word That Libya Has Halted

Crude oil trading range for the day is 3102-3212. Crude oil rallied amid word that Libya has halted the pipeline from its biggest field. 

The OPEC member will see output down 252,000 bpd due to armed protests.

OPEC is expected to extend its supply quota plan with Russia through 2017 in hopes of ending the global supply glut. 

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Silver Remained Supported As Investors Looked To See

Silver trading range for the day is 41825-42721. Silver remained supported as investors looked to see if U.S. President Donald Trump would be able to enact promised tax cuts and infrastructure spending. 

U.S. President Trump's failure to push through a healthcare reform bill prompted investors to question the extent to which he can deliver on pro-growth policies.

The Fed raised interest rates earlier this month, but stuck to its outlook for two more hikes this year, instead of three expected by the market.

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Gold Settled Flat As Prices Pulled Back From Its Highs As The Dollar

Gold trading range for the day is 28701-28965.

Gold settled flat as prices pulled back from its highs as the dollar and global equities recovered from recent losses.

Kansas City Federal Reserve President Esther George said she needs more details on the Trump administration's fiscal proposals.

SPDR gold trust holdings dropped by 0.21% i.e. 1.77 tonnes to 833.51 tonnes from 835.28 tonnes.

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Tuesday, 28 March 2017

Aluminium Prices Dropped Tracking Weakness In LME Prices

Aluminium trading range for the day is 123.2-126.8. Aluminium prices dropped tracking weakness in LME prices following curbs on financing in China’s housing sector. 

Some Japanese aluminium buyers have agreed to pay producers a premium of $128 per tonne for shipments in the April-June quarter.

Aluminum daily stocks at Shanghai exchange came up by 2210 tonnes.


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Natural Gas Prices Traded In Range As Forecasts Showing

Natural gas trading range for the day is 196.4-205.6. Natural gas prices traded in range as forecasts showing cooler weather on the way boosted the heating fuel.

A colder weather system will arrive over the Northeast later this week, according to forecasters at NatGasWeather.com. 

Market participants looked ahead to weekly storage data due on Thursday, which is expected to show a draw in a range between 43 and 54 bcf.

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Crude Oil Prices Fell As Rising U.S. Drilling Activity

Crude oil trading range for the day is 3032-3200. Crude oil prices fell as rising U.S. drilling activity outweighed talks that an OPEC-led production cut initially due to end in mid-2017 may be extended. 

Since mid-2016, U.S. oil production has risen by 700,000 bpd, or 8.3 percent, to 9.13 million bpd, government data shows.

The U.S. bank said that should the rig count stay at current levels and the impact of previously closed rigs returning to production was considered.

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Silver Prices Gained As Growing Doubts

Silver trading range for the day is 41472-42478.

Silver prices gained as growing doubts about U.S. President Donald Trump's pro-growth economic agenda prompted investors rush to safe havens.

Fed's Evans said he saw three rate hikes in 2017 as "plausible", but added that two or four increases were also a possibility.
Fed’s Kaplan said that he will support further interest rate hikes if the U.S. economy continues to make progress towards its goals of full employment and 2-percent inflation.


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Gold Settled Flat Paring Its Gains Seen Earlier As The Dollar Slid

Gold trading range for the day is 28660-29012.

Gold settled flat paring its gains seen earlier as the dollar slid after President Donald Trump's failure to pass healthcare reform.

Delicate interest-rate hikes are necessary given the United States may be on the cusp of a jump in inflation, William Dudley said.

SPDR gold trust holdings gained by 0.32% i.e. 2.66 tonnes to 835.28 tonnes from 832.62 tonnes.


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Monday, 27 March 2017

Zinc Gained As Broader Investor Sentiment Revived

Zinc trading range for the day is 181.2-186.6. Zinc gained as broader investor sentiment revived as disruptions piled up in the zinc market.

Commodity markets have soared since November on expectations Trump will increase spending on infrastructure. 

Noranda Income Fund said zinc output at its Quebec plant, was at 50-60 percent of normal operating levels as a five-and-a-half week long strike dragged on.


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Copper Dropped With Striking Union Members Agreeing

Copper trading range for the day is 376.7-385.5. Copper dropped with striking union members agreeing to return to work at the world's top copper mine, in Chile. 

The strike at Chile's Escondida, is ending after workers decided to invoke a rarely used legal provision that allows them to extend their old contract.

Copper stocks in LME approved warehouses have shot up 63 percent since March 2 to 312,525 tonnes while on warrant inventories have doubled.


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Natural Gas Prices Gained With Traders Betting

Natural gas trading range for the day is 195.4-203.8. Natural gas prices gained with traders betting that low production and rising demand for exports mean supplies are tightening despite waning cold weather.

Meanwhile, updated weather forecasting models showed that warm to mild conditions will dominate most of the U.S. 

The U.S. EIA said in its weekly report that natural gas storage in the U.S. declined by 150 billion cubic feet in the week ended March 17.


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Crude Oil Prices Recovered From Lows Supported

Crude oil trading range for the day is 3106-3176. Crude oil prices recovered from lows supported by a fall in Saudi exports to the United States. 

Saudi Arabia said its crude exports to the United States would fall by around 300,000 barrels per day between February and March.

In US, overseas oil suppliers like Saudi Arabia have to compete against rising shale drilling, which has pushed up U.S. oil production. 


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Silver Gained Buoyed By A Dip In The Dollar

Silver trading range for the day is 41045-41861. Silver gained buoyed by a dip in the dollar, as weaker than expected economic data weighed on the greenback.

Fed’s delicate interest-rate hikes are necessary given the economy is stable and any further fall in unemployment could lead to an inflation run-up. 

The Commerce Department said, orders for core durable goods, a category that excludes aircraft and military goods rose 0.4% in February.

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Gold Prices Slipped Lower As The U.S. Dollar Regained

Gold trading range for the day is 28650-28900. Gold prices slipped lower as the U.S. dollar regained some strength ahead of a highly-anticipated vote on U.S. President Donald Trump’s healthcare bill.

Gold prices have been supported by expectations that the Fed will raise interest rates more slowly than some had feared.

Bullard said that just one more rate hike this year would be appropriate following a rise earlier this month.

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Friday, 24 March 2017

Zinc On MCX Settled Down Despite A Spate Of Mine Disruptions

Zinc trading range for the day is 179.6-188.8.

Zinc on MCX settled down despite a spate of mine disruptions.
China’s Zinc premiums fell $10 to $105-$115, the lowest since August 2015.

China imports of zinc ore and concentrates fell 10% year-on-year to 181,800 tonnes last month.

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Copper Gained As Supply Concerns That Have Underpinned

Copper trading range for the day is 377.6-387.6. Copper gained as supply concerns that have underpinned copper have been exacerbated by floods in Peru, just ahead of the start of the second quarter. 

Shanghai bonded copper stocks are about 620,000 tonnes, according to CRU, up from around 550,000 tonnes a month ago.

Refined copper imports to China fell 29% year-on-year to 233,800 tonnes in February.


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Natural Gas Prices Dropped After Data Showed

Natural gas trading range for the day is 193.5-201.7. Natural gas prices dropped after data showed that natural gas supplies in storage in the U.S. fell broadly in line with market expectations.

The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. declined by 150 billion cubic feet. 

Total natural gas in storage currently stands at 2.092 trillion cubic feet, according to the U.S. EIA, 16% lower than levels at this time a year ago.


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Crude Dropped Because Of Investor Concerns That OPEC Led Supply

Crude oil trading range for the day is 3096-3210.
Crude dropped because of investor concerns that OPEC-led supply cuts were not yet reducing record U.S. crude inventories. 


The U.S. EIA said in its weekly report that crude oil inventories rose by 5.0 million barrels last week to an all-time high of 533.1 million.

OPEC agreed in November last year to curb its output by about 1.2 million barrels per day between January and June.


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Silver Settled Flat As Dollar Steadied

Silver trading range for the day is 40989-41653.

Silver settled flat as dollar steadied, amid a mixed batch of U.S. economic data, ahead of a key House vote on a healthcare bill to repeal and replace Obamacare.

Fed’s Kaplan reiterated his economic forecast for above 2 percent growth for this year, and said the U.S. labor market is relatively tight.

Economic recovery in the euro zone is gaining ground and some data points to robust momentum in the first quarter despite uncertainty over Brexit.


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Gold Dropped Amid A Firmer Dollar As Markets Waited

Gold trading range for the day is 28635-29031. Gold dropped amid a firmer dollar as markets waited to see if U.S. President Donald Trump will face hurdles on his economic agenda. 

Fed’s Kaplan said that the U.S. central bank should be moving "deliberately but patiently" to remove monetary policy accommodation.

U.S. home resales fell more than expected in February amid a persistent shortage of houses on the market that is pushing up prices and sidelining prospec.


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Thursday, 23 March 2017

Copper Edged Higher Reversing Losses That Led Prices To Trade

Copper trading range for the day is 373.7-387.1. Copper edged higher reversing losses that led prices to trade at a one-week low, as stocks recovered slightly and investors closed out short positions. 

Prices earlier in the day dropped on concerns that U.S. President Trump had yet to implement mooted tax cuts and infrastructure spending.

Copper stocks in China's Shenzhen are seen as ample, while China smelters are still not rushing to buy spot copper concentrate shipments.

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Natural Gas Dropped Below 200 Level Pulling Back

Natural gas trading range for the day is 195.1-203.5. Natural Gas dropped below 200 level pulling back on profit booking as traders continued to monitor shift in weather forecasts.

Warm to mild conditions will dominate most of the U.S. this weekend, even as a spring-like weather system with heavy showers. 

Trader looked ahead to weekly storage data which is expected to show a draw of 147bcf in the week ended March 17.

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Crude Oil Dropped After Data Showed That U.S. Crude Supplies

Crude oil trading range for the day is 3077-3217. Crude oil dropped after data showed that U.S. crude supplies rose more than expected last week, underlining concerns over a global glut.
 
EIA said US inventories climbed almost 5mbls to 533.1 million last week, far outpacing forecasts of a 2.8mbl build.

US shale oil producers have been adding rigs, boosting production to about 9.1mbpd for the week ended March 10. 

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Silver Trading Range For Today

Silver trading range for the day is 40930-41500. Silver pared gains to settle flat amid doubts over President Trump's economic policies while weaker than expected economic data supported upside momentum. 

The National Association of Realtors said existing home sales declined 3.7% to a seasonally adjusted annual rate of 5.48 million units last month.

A lack of concrete policy from the Trump administration is increasing bullion’s attraction as a safe-haven investment.

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Gold Gained As The Dollar Fell To Near Six Week Lows

Gold trading range for the day is 28746-28998. Gold gained as the dollar fell to near six-week lows and bond yields sank on uncertainty over the economic policies of U.S. President Donald Trump. 

The lack of a concrete policy from the Trump administration is worrying investors and more people will opt for gold as a safe-haven investment.

Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.5 percent to 834.40 tonnes after three sessions of outflows. 

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Gold trading range for the day is 28746-28998. *Gold gained as the dollar fell to near six-week lows and bond yields sank on uncertainty over the economic policies of U.S. President Donald Trump. *The lack of a concrete policy from the Trump administration is worrying investors and more people will opt for gold as a safe-haven investment. *Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.5 percent to 834.40 tonnes after three sessions of outflows. - See more at: http://investmentguruindia.com/CommoditiesReports/Crudeoil-trading-range-for-the-day-is-3077-3217---Kedia-Commodity#sthash.zAiQXobJ.dpuf

Wednesday, 22 March 2017

Aluminium Gains Tracking Rise LME Aluminium Prices

Aluminium trading range for the day is 123.6-126.8. Aluminium gains tracking rise LME aluminium prices by climbed 0.3 percent as support seen after drop in LME stocks. 

Daily average primary aluminium output in China fell to 90,500 tonnes in February from 95,200 tonnes the month earlier, IAI data showed.

Aluminum daily stocks at Shanghai exchange came up by 1931 tonnes. 

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Naturalgas Gained And Continuous To Hold 200 Level Mark

Natural gas trading range for the day is 195.7-205.3. Natural gas gained and continuous to hold 200 level mark as traders anticipating a bullish update on U.S. stockpiles coming later this week.

Support seen as cool temperatures will sweep across eastern US toward the middle of the week.

Trader looked ahead to weekly storage data which is expected to show a draw in a range between 150 and 160bcf.
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Crude Oil Dropped As The Market Discounted The Latest Talk

Crude oil trading range for the day is 3114-3270. Crude oil dropped as the market discounted the latest talk by OPEC that it would extend output cuts beyond June.

U.S. crude oil inventories rose by 4.5 million barrels in the week to March 17 to 533.6 million, the American Petroleum Institute said.

Rising production in the United States and elsewhere, and bloated inventories, are undermining efforts led by the OPEC to cut output.

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Silver Gained As Fading Expectations For Near Term U.S.

Silver trading range for the day is 40491-41711. Silver gained as fading expectations for near-term U.S. interest rate hikes pushed the dollar lower.

The Chicago Federal Reserve's president said the U.S. central bank would not rush to hike interest rates.

The Commerce Department said, the current account deficit, which measures the difference in value between exported good, service and interest payments.

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Gold Prices Gained Fueled By A Drop In The U.S. Dollar

Gold trading range for the day is 28219-29197. Gold prices gained fueled by a drop in the U.S. dollar as traders eyed the presidential race in France and the U.K. prepared its exit from the European Union. 

Federal’s Mester said that she currently envisages more than three U.S. interest rate hikes for this year. 

SPDR gold trust holdings gained by 0.50% i.e. 4.15 tonnes to 834.40 tonnes from 830.25 tonnes.

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Gold trading range for the day is 28219-29197. *Gold prices gained fueled by a drop in the U.S. dollar as traders eyed the presidential race in France and the U.K. prepared its exit from the European Union. *Federal’s Mester said that she currently envisages more than three U.S. interest rate hikes for this year. *SPDR gold trust holdings gained by 0.50% i.e. 4.15 tonnes to 834.40 tonnes from 830.25 tonnes. - See more at: http://investmentguruindia.com/CommoditiesReports/Aluminium-trading-range-for-the-day-is-1236-1268---Kedia-Commodity-#sthash.w7KImYKS.dpuf

Tuesday, 21 March 2017

Zinc Dropped On Profit Booking After Prices Rallied Last Week

Zinc trading range for the day is 184.3-189.3. 

Zinc dropped on profit booking after prices rallied last week on reports that Chinese zinc smelters are planning maintenance.

Chinese zinc maintenance to affect 540,000 T/year capacities . 

In February, Korea Zinc Co. announced it will reduce its refined zinc output by 7.7% this year.

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Copper Dropped On Worries About Demand

Copper trading range for the day is 379.9-393.3. Copper dropped on worries about demand after G20 ministers dropped a pledge to keep global trade free and open weighed on prices.

The labor union at Escondida called a fresh offer of talks by management to end a 39-day strike "manipulative".

Hedge funds and money managers trimmed their bullish position in copper by 4700 lots to 52449 lots, the lowest since early Nov, US CFTC data showed.

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Natural Gas Regained 197 Level On MCX On Fresh Buying

Natural gas trading range for the day is 186.8-204.2.
Natural Gas regained 197 level on MCX on fresh buying seen on the back of bearish weather revisions for the next 15 days. 


Cool temperatures will sweep across the Great Lakes and eastern U.S. toward the middle of the week.

Based on data from the NOAA, this year’s extremely warm winter has pushed heating demand for natural gas to nearly 20% below average. 

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Crude Oil Dropped As Rising U.S. Drilling Activity

Crude oil trading range for the day is 3159-3269. Crude oil dropped as rising U.S. drilling activity and steady supplies from OPEC countries despite touted production cuts pressured already-bloated markets.

Pressure also seen amid ongoing high supplies by OPEC despite its pledge to cut output by almost 1.8 mbpd together with some other producers like Russia. 

Libya's NOC said it was confident of regaining control of two key oil ports, Es Sider and Ras Lanuf, which have a combined capacity to export 600,000 bpd. 

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Silver Settled Flat With The Focus Ahead

Silver trading range for the day is 40662-41166. Silver settled flat with the focus ahead on Fed policymaker comments this week.

Yellen's cautious guidance last week has investors pricing in almost no chance of another rate rise at the next policy meeting in May.

Holdings at ishares silver trust gained by 0.37A% i.e. 38.30 tonnes to 10342.04 tonnes from 10303.74 tonnes.

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Gold Remained In Range Amid Expectations Of A Slower Pace Of U.S.

Gold trading range for the day is 28422-28640. Gold remained in range amid expectations of a slower pace of U.S. interest rates hikes than some investors had anticipated continued to weigh on the dollar. 

The Fed will likely wait at least until a June policy meeting to decide whether to lift U.S. interest rates again.

Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.46 percent to 830.25 tonnes on Monday from 834.10 tonnes on Friday. 

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Gold trading range for the day is 28422-28640. *Gold remained in range amid expectations of a slower pace of U.S. interest rates hikes than some investors had anticipated continued to weigh on the dollar. *The Fed will likely wait at least until a June policy meeting to decide whether to lift U.S. interest rates again. *Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.46 percent to 830.25 tonnes on Monday from 834.10 tonnes on Friday. - See more at: http://investmentguruindia.com/CommoditiesReports/Crudeoil-trading-range-for-the-day-is-3159-3269---Kedia-Commodity#sthash.p6BEElOK.dpuf

Monday, 20 March 2017

Copper Rose And Posted Its Biggest Weekly Gain

Copper trading range for the day is 384.1-394.3. Copper rose and posted its biggest weekly gain since mid-February in response to a weak U.S. dollar and ongoing mine supply concerns.
Striking workers at BHP Billiton's Escondida copper mine in Chile, are blocking attempts by the company to renew operations at a key port nearby.

Goldman Sachs said fees to copper smelters in China were falling close to break-even costs of $50-$60 a tonne, at $60-$70 a tonne for now.

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Natural Gas Prices Gained As Lingering Cold Weather Continued

Natural gas trading range for the day is 187.2-196.8. Natural gas prices gained as lingering cold weather continued to raise the prospect of greater demand.

The U.S. EIA said in its weekly report that natural gas storage in the U.S. declined by 53 billion cubic feet in the week ended March 10.

Total natural gas in storage currently stands at 2.242 trillion cubic feet, according to the U.S. 

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