Wednesday, 31 May 2017

LME Copper Prices Traded Flat At $5656/t Yesterday As Investors Were Wary

LME Copper prices traded flat at $5656/t yesterday as investors were wary ahead of opening of Chinese markets after a four-day long holiday. Also, geopolitical tensions in Europe coupled with upcoming FOMC meeting kept investors away from risky assets.

Besides, Chinese demand woes continued to hurt following recent Moody’s downgrade and weak imports data. Moody’s downgraded Chinese sovereign debt rating on 23rd May’17 for the first time since 1989, adding to slew of worries regarding growth of the mainland nation.

Further, Chile produced 429,241 mt of copper in April, down 1.8% from a year earlier but up 13.5% on the month as output began to recover from a prolonged strike at the giant Escondida copper mine that halted production for most of February and March.

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Spot Silver Prices Declined Marginally By 0.1 Percent On Tuesday

Spot silver prices declined marginally by 0.1 percent on Tuesday to close at $17.4 per ounce in line with decline in gold prices and stronger US dollar index.

On the MCX, silver prices declined by 0.14 percent to close at Rs.40282 per kg.

Investors have been concerned about next week's election in Britain, as well as the prospect of early elections in Italy and worries over Greek debt.

Economic data from the US released yesterday pointed towards optimism over the economy in turn brightening prospects for rate hike.

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Soybean Jun Futures Continue Its Downtrend For The Second Consecutive

Soybean Jun futures continue its downtrend for the second consecutive session on Tuesday and fell to its lowest since March 2012 on lower demand, higher supplies and good progress of new season crop.

India soybean sowing for the current kharif reached 23,000 ha so far vs 20,000 ha year ago. As per Agmarknet data, arrivals of soybean during the second half of May increase to 1.28 lt as compared to first half.

India's oilseeds industry body has cut its soymeal export forecast by 25% from its previous outlook on appreciating rupee and a correction in global prices make Indian supplies uncompetitive. India may export 1.5 mt of soymeal during the 2016/17 marketing year lower from 2 mt expected in the beginning of the season.

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Crude Oil June Futures Prices Down By 56 Pts Closed At 3203

On Tuesday 30th May 2017, Crude Oil June futures prices down by 56 pts closed at 3203, trading range between 3245-3175 On the New York, Mercantile Exchange, Crude oil for June delivery on the New York Mercantile Exchange to settle at $49.66 a barrel.

Overnight, crude futures settled lower, as investors continued to question whether OPEC and its allies’ agreement to only extend, but not deepen, production cuts would reduce excess supply while expectations for an uptick in Libyan oil output added to oversupply concerns.

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Gold Prices Declined Marginally By 0.31 Percent On Tuesday

Gold prices declined marginally by 0.31 percent on Tuesday to close at $1262.7 per ounce prices eased after hitting a one month high as economic data from the United States showed increased signs that the Federal Reserve would raise interest rates next month.

U.S. consumer spending recorded its biggest increase in four months in April and monthly inflation rebounded, pointing to firming domestic demand that could allow the Federal Reserve to raise interest rates next month.

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Tuesday, 30 May 2017

Copper Settled Flat As Pressure Seen Due To Expectations

Copper trading range for the day is 362-373.6.

Copper settled flat as pressure seen due to expectations of weaker demand in top consumer China over the coming months.

Strikes at Peruvian mines resolved in two weeks, with limited supply disruptions as company used temporary workers to maintain production.

Freeport resumed exports in late April from its Grasberg mine in Indonesia, after being suspended by the government since mid-January.

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Natural Gas Prices Dropped As Cooler Than Normal Weather Spread

Natural gas trading range for the day is 200.7-217.5.

Natural Gas prices dropped as cooler than normal weather spread across US, reducing cooling demand.

Prices traded with weakness with trading volumes likely to remain light as U.S. markets remained closed for Memorial Day.

The latest U.S. weather model called for mild temperatures over the next two weeks, which should dampen natural gas demand during that time.

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Crude Oil Gained On Short Covering Recovering From Last Week’s Losses

Crude oil trading range for the day is 3170-3314.

Crude oil gained on short covering recovering from last week’s losses with the market remaining cautious as increases in U.S. drilling activity.

U.S. drillers have added rigs for 19 straight weeks, bringing the total 722, the highest number since April 2015 and the longest run of additions on record.

Oil ministers from OPEC and non-OPEC agreed to extend supply cuts of 1.8 million barrels per day until the end of the first quarter of 2018.

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Silver Remained Supported As The Latest Ballistic Missile

Silver trading range for the day is 40001-40535.

Silver remained supported as the latest ballistic missile test by North Korea supported safe-haven demand.

North Korea fired what appeared to be a short-range ballistic missile that landed in the sea off its east coast, South Korea's military said.

The market is also awaiting next month's Federal Open Market Committee meeting for any clues on the U.S. Federal Reserve's stance on interest rate increases.

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Gold Traded In Range In Thin Holiday Trade, With A Softer Dollar

Gold trading range for the day is 28782-29000.

Gold traded in range in thin holiday trade, with a softer dollar and a retreat in stock markets helping the metal cling on to the previous session's gains.

Global gold demand declined by 18pc during the first quarter of 2017 to 1,034 tonnes, mainly due to less inflows into ETFs and slower central bank demand.

The gold demand in India will remain in the range of 650-750 tonnes in 2017 even if the GST rates are fixed at a lower rate, according to WGC.

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Monday, 29 May 2017

Nickel Gained On Short Covering Tracking LME Prices

Nickel trading range for the day is 575.5-591.1.

Nickel gained on short covering tracking LME prices after trade data showed that the Philippines is ramping up ore exports to China.

BHP Billiton is seeking environmental approval to dig two new mines to extend the life of its Nickel West unit in the state of Western Australia.

U.S. orders for long lasting manufactured goods fell less than forecast in April, although the core reading unexpectedly dipped.

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Natural Prices Ended With Gains As Recent Weather Forecasts

Natural gas trading range for the day is 208.5-218.1.

Natural prices ended with gains as recent weather forecasts have consistently called for natural gas demand to be slightly stronger than normal.

Demand for the week is expected to be moderate largely due to expected cooler temperatures into the weekend in the east-central and southern states.

The U.S. Energy Information Administration reported that U.S. natural gas stocks increased by 75 billion cubic feet.

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Crude Oil Settled Higher On Short Covering After Dropped

Crude oil trading range for the day is 3083-3285.

Crude oil settled higher on short covering after dropped in previous session after investor disappointment that OPEC curbs did not go far enough

The OPEC-led decision to extend a production cut to March 2018 disappointed financial investors, prompting an exit from oil futures markets.

OPEC and some non-OPEC producers extended a pledge to cut 1.8 million barrels per day of output until the end of the first quarter of 2018.

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Silver Prices Gained As The Dollar Retreated With Investors Shying Away

Silver trading range for the day is 39627-40427.

Silver prices gained as the dollar retreated with investors shying away from riskier assets following a tumble in oil prices.

Pressure seen on prices in the week after minutes from the Fed appeared to show that the majority of the central bank’s officials remain resolute about hiking rates.

Growth of the U.S. economy in the first quarter was revised even higher expected, according to official data.

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Gold Prices Gained As Political Uncertainty Led Investors

Gold trading range for the day is 28633-29031.

Gold prices gained as political uncertainty led investors to favor bullion over assets considered riskier such as stocks.

San Francisco Federal Reserve President John Williams said he is spending more time thinking about how fiscal policies under U.S. President Donald Trump could impact the economy.

Federal Reserve Governor Lael Brainard said that a brighter global economy is posing less risk to the Fed's outlook for the U.S.

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Wednesday, 24 May 2017

Mentha Oil Prices Ended With Losses Amid Muted Demand

Mentha oil trading range for the day is 928.9-955.9.

Mentha oil spot at Sambhal closed at 1055.30 per 1kg. Spot prices was up by Rs.2.80/-.

Mentha oil prices ended with losses amid muted demand in the domestic spot market.

Further, ample stocks position on higher supplies from producing belts of Chandausi in Uttar Pradesh, too weighed.

As on now stock positions of Mentha in MCX accredited warehouses were around 3709 drums which is 36 drums less in comparison to previous day.

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Copper Gained As Support Seen After Update Workers

Copper trading range for the day is 367.6-376.8.

Copper gained as support seen after update workers at the giant Grasberg copper mine at Freeport McMoRan Inc will extend a strike for a second month.

The global world refined copper market showed a 93,000 tonnes surplus in February, compared with a 55,000 tonnes surplus in January, the ICSG said.

Hedge funds and other money managers increased their net long position in COMEX copper in the week ended May 16, U.S. CFTC data showed.

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Natural Gas Dropped On Longliquidation As Traders Monitored Shifting

Natural gas trading range for the day is 205.4-217.6.

Natural gas dropped on longliquidation as traders monitored shifting weather forecasts to assess the outlook for demand and supply levels.

Natural gas prices have closely tracked weather forecasts as traders try to gauge the impact of shifting outlooks on spring heating demand.

Latest forecast calls for slightly higher than normal natural gas demand in the week ahead, appears to be already priced into the market.

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Crude Oil Prices Gained Expectations Of An Extension To OPEC Led Supply Cuts

Crude oil trading range for the day is 3262-3386.

Crude oil prices gained expectations of an extension to OPEC-led supply cuts and another drop in U.S. crude inventories.

Saudi Arabia, favors extending the output curbs by nine months rather than the initially planned six months, as it seeks to speed up market rebalancing.

U.S. crude oil inventories fell a less-than-expected 1.5 million barrels to 512.9 million barrels at the end of last week, the American Petroleum Institute said.

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Silver Pared Gained Amid Growing Expectations That Fed Would Increase

Silver trading range for the day is 39367-40541.

Silver pared gained amid growing expectations that Fed would increase its benchmark rate in June, which pushed the dollar off the lows, denting demand.

A U.S. interest rate hike next month is a "distinct possibility," the head of the Federal Reserve Bank of Philadelphia, Patrick Harker, said.

Investor sentiment has been hit by fears that the U.S. political system could become engulfed by crisis, preventing lawmakers from pushing through tax or spending reforms.

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Gold Prices Settled Flat Pulling Back From A Three Week High

Gold trading range for the day is 28654-29014.

Gold prices settled flat pulling back from a three-week high, with dollar finding support as the euro weakened in the wake of terror attack.

Minutes from the Fed’s most recent meeting will be due tonight which may deliver more guidance on the central bank’s plans for another rate hike.

President Trump asked lawmakers to cut $3.6 trillion in government spending over the next decade, taking aim at healthcare and food assistance programs.

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Tuesday, 23 May 2017

Nickel Prices Gained On The Back Of A Sustained Crackdown

Nickel trading range for the day is 598.6-612.2.

Nickel prices gained on the back of a sustained crackdown in China's polluting steel industry, which fuelled worries about steel supply and lifted the prices.

China's Tangshan city launched a campaign to improve air quality, saying steel mills that fail to meet emission standards face suspension and heavy fines.

The Flash Markit/Nikkei Japan Manufacturing PMI fell to 52.0 in May on a seasonally adjusted basis, from a final 52.7 in the previous month.

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Natural Gas Gained After Warmer Than Normal Weather Is Now Forecast

Natural gas trading range for the day is 210.6-216.8.

Natural gas gained after warmer than normal weather is now forecast in United States which will increase cooling demand.

Natural gas prices are largely tied to weather forecasts, and the latest forecast from natgasweather.com is supportive of higher prices.

Stockpiles held in underground storage in the lower 48 states rose by 68 billion cubic feet for the week ended May 12, 2017

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Crude Oil Gained More Than 1% As Support Seen On The Combination

Crude oil trading range for the day is 3270-3350.

Crude oil gained more than 1% as support seen on the combination of optimism surrounding this week’s OPEC meeting and a generally stronger Euro tone.

Prices getting support from expectations that OPEC would extend its production cuts for a further nine months at its meeting on May 25th.

NYMEX open interest was at another one-year high which indicates that overall market volatility is likely to remain at elevated levels.


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Silver Prices Ended With Gains As Investors Continued

Silver trading range for the day is 38842-40436.

Silver prices ended with gains as investors continued to assess the impact of the latest bout of U.S. political turmoil.

Fed’s expected plans for rate increases may be too fast for an economy that has shown recent signs of weakness, Fed’s James Bullard said.

In the week ahead, investors will be looking at Wednesday’s Fed meeting minutes for fresh indications on the possible timing of the next U.S. rate hike.

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Gold Prices Gains Amid Ongoing Political Worries Surrounding U.S.

Gold trading range for the day is 28480-28952.

Gold prices gains amid ongoing political worries surrounding U.S. President Donald Trump that are expected to keep weighing on the dollar.

Fed's Williams: Concerned about losing progress we've made on financial regulation. Expects continued U.S. economic, job growth.

Hedge funds and other money managers cut their net long position in COMEX gold for the third week, taking it to a two-month low, CFTC data showed.

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Monday, 22 May 2017

Copper Rose And Ended The Week With A Gain Of More Than 2 Percent

Copper trading range for the day is 362.3-373.9.

Copper rose and ended the week with a gain of more than 2 percent thanks to dollar weakness and receding worries over China's economy.

China's economy will likely expand around 6.8 percent in the second quarter of 2017, the State Information Center said.

Copper stocks in warehouses monitored by the Shanghai Futures Exchange rose 0.7 percent from last Friday to 196,358 tonnes.

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Natural Gas Prices Ended With Gains On Some Short Covering

Natural gas trading range for the day is 204.1-214.9.

Natural gas prices ended with gains on some short covering, but prices dropped by 4.14% on weekly basis amid expectations of a drop in demand.

The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. rose by 68 billion cubic feet.

Total natural gas in storage currently stands at 2.369 trillion cubic feet, according to the U.S. EIA, 13.6% lower than levels at this time a year ago.

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Crude Oil Prices Gained On Growing Optimism

Crude oil trading range for the day is 3228-3316.

Crude oil prices gained on growing optimism that big producing countries will extend output cuts to curb a persistent glut in crude.

Crude oil exports from Saudi Arabia rose by 275,000 barrels a day in March from February and stockpiles rose, official data showed.

Still, there are signs that Saudi Arabia, OPEC's largest producer, is keeping markets well supplied.

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Silver Prices As Edged Up The Dollar Softened And Stocks Eased Amid

Silver trading range for the day is 38631-39465.

Silver prices as edged up the dollar softened and stocks eased amid the ongoing political crisis in the United States that weakened risk appetite.

New applications for U.S. jobless benefits unexpectedly fell last week and the number of Americans on unemployment rolls tumbled to a 28-1/2-year low.

Cleveland Federal Reserve Bank President Loretta Mester repeated her call for further U.S.-interest rate hikes now that the economy has reached full employment.
 
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Gold Prices Edged Lower As Investors Locked In Profits

Gold trading range for the day is 28395-28905.

Gold prices edged lower as investors locked in profits from the precious metal’s recent climb amid ongoing concerns over political turmoil in Washington.

Prices ended with gains on weekly basis as the dollar softened on political turbulence in the United States, boosting bullion's safe-haven appeal.

Gold demand in Asia was mostly subdued this week as buyers stayed on the sidelines due to a rebound in bullion prices.

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Friday, 19 May 2017

LME Zinc Fell As Uncertainty About US President's Future Undermined

Zinc trading range for the day is 157.4-168.4.

Zinc on MCX settled up 0.06% at 164.45 as support seen after Indian rupee weakened over 1.1%, its steepest fall in 21-month.

LME Zinc fell as uncertainty about US President's future undermined expectations of a boost to infrastructure spending in the US.

China's production of zinc fell 5.6 percent to 474,000 tonnes, its lowest in more than two years, according to the NSB.

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Natural Gas Edged Higher Despite Data Showing

Natural gas trading range for the day is 202.2-214.

Natural gas edged higher despite data showing that natural gas supplies in storage in the U.S. rose more than expected last week.

The latest U.S. weather model called for mild temperatures over the next two weeks, which should reduce demand during that time.

EIA said in its weekly report that natural gas storage in the US rose by 68bcf in the week ended May 12.

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Crude Settled Higher As Investors Remained Optimistic

Crude oil trading range for the day is 3076-3288.

Crude settled higher as investors remained optimistic that OPEC would reach an agreement to extend the current supply-cut.

Prices have been trapped in a tight range in recent weeks as rising US production has erased the effects of output cuts.

Saudi Arabia and Russia agreed earlier this week that production cuts needed to be extended for a period of nine months until March 2018.

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Silver Dropped Despite Investors Feeling Increasingly Nervous Over

Silver trading range for the day is 38101-39769.

Silver dropped despite investors feeling increasingly nervous over the future of Trump's US presidency sought safe havens for their money.

Gold gained as speculation seen that Trump would be able to follow through on his campaign promises for tax cuts, deregulation and fiscal stimulus.

President Donald Trump is facing heavy criticism for his supposed ties to Russia and handling of classified intelligence.

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Gold Rallied As Concern Over US President Donald Trump Spurred

Gold trading range for the day is 28322-29196.

Gold rallied as concern over US President Donald Trump spurred a sell off in emerging market currencies.

President Donald Trump, striking a defiant tone after days of political tumult, denied colluding with Russia during his 2016 campaign.

Gold pulled back from two-week highs after stronger US manufacturing and initial jobless claims data dented the ‘flight to safety’ trade.


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Thursday, 18 May 2017

Copper Prices Traded In Range Stymied By Expectations

Copper trading range for the day is 358.5-366.3.

Copper prices traded in range stymied by expectations of slowing growth in the economy of top metals consumer China.

After clocking 6.9 percent in the first quarter thanks to spending on infrastructure and a property boom that policymakers want to rein in.

China's growth is set for its weakest patch since the global financial crisis as authorities pull back on stimulus.

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Natural Gas Settled Down At 204.70 Came Under Pressure

Natural gas trading range for the day is 199.4-212.2.

Natural gas settled down at 204.70 came under pressure at the start of the week amid expectations of a drop in demand.

Pressure seen after the latest US weather model called for mild temperatures over the next two weeks, which should reduce demand during that time.

Cooler than normal conditions are expected to reach the eastern US next week, keeping slightly stronger than normal natural gas use in place.

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Crude Oil Prices Gained As Support Seen After Data Showed U.S.

Crude oil trading range for the day is 3053-3225.

Crude oil prices gained as support seen after data showed U.S. crude stockpiles fell for the sixth week in a row.

The U.S. EIA said in its weekly report that crude oil inventories fell by 1.8 million barrels in the week ended May 12, the sixth weekly decline in a row.

Global stockpiles have remained stubbornly high despite the curbs, in part because U.S. production has climbed 10 percent since mid-2016 to 9.3 million.

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Silver Rallied As Political Turmoil Surrounding The Trump Administration

Silver trading range for the day is 38695-39627.

Silver rallied as political turmoil surrounding the Trump administration has rocked the US dollar, with falling to its lowest level since Nov.

Dollar fell amid political uncertainty after a source said US President asked the FBI to end a probe into his former security adviser.

Photovoltaic and ethylene oxide sectors saw record high demand for silver which rose by more than one-third to record high levels.

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Gold Soared Near To 2% Gains To A Two Week High

Gold trading range for the day is 27976-28966.

Gold soared near to 2% gains to a two-week high as investors poured back into the safe-haven trade, after US political turmoil.

Downward movement in yields & dollar have given support to gold as political turmoil in US reduced expectations of rate hike

The dollar fell to its lowest since Trump was elected in November and is likely to drop further.


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Wednesday, 17 May 2017

Nickel Prices Dropped As Concern Seen With China's Growth

Nickel trading range for the day is 574.8-596.4.

Nickel prices dropped as concern seen with China's growth which took a step back in April after a surprisingly strong start to the year

Philippine nickel miners are looking for a strong rebound in nickel production this year with newly appointed Environment Secretary.

China's growth is set for its weakest patch since the global financial crisis as authorities pull back on the stimulus.

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Natural Gas Dropped 4% After The Latest US Weather

Natural gas trading range for the day is 199.3-219.5.

Natural gas dropped 4% after the latest US weather model called for mild temperatures over the next two weeks.

Updated weather forecasts that indicate mild weather across the mid-west, a development that may reduce the demand for natural gas.

Weather forecast for the US is conducive to slightly stronger than normal natural gas use through the coming week.

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Crude Oil Dropped As Investors Awaited A Fresh Weekly Batch

Crude oil trading range for the day is 3085-3183.

Crude oil dropped as investors awaited a fresh weekly batch of U.S inventory data amid growing support from energy ministers for prolonged supply cuts to March 2018.

Energy ministers from Saudi Arabia and Russia said they would support an extension of the supply-cut agreement into March 2018.

U.S. crude oil inventories rose by 882,000 barrels to 523.4 million, compared with expectations for a decrease of 2.4 million barrels, API data showed.

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Silver Gains As Signs Of Slowing Economic Activity In The U.S.

Silver trading range for the day is 38505-38895.

Silver gains as signs of slowing economic activity in the U.S. saw investors temper expectations for more rate hikes by the Federal Reserve.

The number of building permits issued fell 2.5% to a seasonally adjusted 1.229 million units last month from 1.260 million the month before.

Holdings at ishares silver trust gained by 0.42% i.e. 44.15 tonnes to 10649.70 tonnes from 10605.55 tonnes.

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Gold Gained As The U.S. Dollar Slid Amid Signs Of Slowing Economic Activity

Gold trading range for the day is 27968-28198.

Gold gained as the U.S. dollar slid amid signs of slowing economic activity in the U.S. and following another controversy from President Donald Trump.

The U.S. economy is forecast to expand at a 4.1-percent annualized pace in the second quarter following the release of April figures on housing starts and industrial output.

Data showed that the number of housing starts and building permits issued in the U.S. unexpectedly declined in April.

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Tuesday, 16 May 2017

Aluminium Rose As The Market Focused On The Potential

Aluminium trading range for the day is 120.8-123.2.

Aluminium rose as the market focused on the potential for output cuts in top producer China and higher oil prices.

China has ordered aluminium producers in 28 cities to cut output during the winter and outlined plans to curb coal use.

Aluminum smelters are now wondering how alumina production cuts will affect aluminum prices. 


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Natural Gas Dropped As Traders Monitored Shifting Weather Forecasts

Natural gas trading range for the day is 210.8-220.8.

Natural gas dropped as traders monitored shifting weather forecasts to assess the outlook for spring demand and supply levels.
Updated weather forecasting models pointed to a relatively cool period expected over the eastern US for the next few days

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

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Crude Oil Surges To Nearly $49 As Saudi And Russia Announced

Crude oil trading range for the day is 3042-3236.

Crude oil surges to nearly $49 as Saudi and Russia announced they have agreed to leave production cuts in place through March 2018.

OPEC is expected to decide at talks on May 25 whether to extend the current deal to cut production.

Goldman said that beyond the ongoing rise in US production, there was also an increase in output from within OPEC by members.

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Silver Prices Rallied Finding Traction After Weekend Comments

Silver trading range for the day is 37886-39192.

Silver prices rallied finding traction after weekend comments from China about a boost in infrastructure projects and on dollar weakness.

Geopolitical concerns resurfaced, which boosted safe-haven demand, after North Korea confirmed that it had carried out a missile test on Sunday

Jewellery fabrication declined 9% to 207 Moz last year, as high prices and declining economic conditions led to lower consumption.

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