Monday, 31 July 2017

Copper Ended With Small Gains As Market Started

Copper trading range for the day is 401.3-413.3.

Copper ended with small gains as market started to digest the news of scrap metal import ban.

Chilean state copper commission Cochilco forecast average global copper prices of $2.64 per pound in 2017, a slight upward revision from $2.60 previously.

Copper inventories in Shanghai bonded zone decreased on a weekly basis during July 24-28.

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Natural Gas Prices Ended With Losses Amid Bearish Weather Forecasts

Natural gas trading range for the day is 187.4-193.

Natural gas prices ended with losses amid bearish weather forecasts that should limit demand for the fuel.

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

Energy Information Administration said in its weekly report that natural gas storage in the U.S. rose by 17 billion cubic feet.

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Crude Oil Gained As Data Eased Concerns About Surplus Supplies

Crude oil trading range for the day is 3123-3235.

Crude oil gained as data eased concerns about surplus supplies, after Saudi Arabia pledged to lower exports while U.S. crude supplies fell more than expected.

Saudi Arabia, OPEC's de facto leader, said it planned to cap crude exports to 6.6 million bpd in August, about 1 million bpd below the level last year.

EIA reported, crude and gasoline stockpiles fell by more than expected last week, pointing to an uptick in demand for crude and refinery activity.

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Silver Gained As The Dollar Remained Under Pressure At Fourteen Month Lows

Silver trading range for the day is 37917-38847.

Silver gained as the dollar remained under pressure at fourteen-month lows, after investor expectations grew Fed would keep rates low for longer.

Prices recouped its losses sustained earlier in week, as traders mulled over a downward revision in first-quarter GDP which offset second-quarter GDP.

A slowdown in inflation has proven a key concern among Fed members, who voted on Wednesday to keep the central bank’s benchmark rate unchanged.

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Gold Prices Rose After Weaker Than Expected U.S. Inflation Data

Gold trading range for the day is 28323-28723.

Gold prices rose after weaker than expected U.S. inflation data and North Korea fired a ballistic missile, triggering safe-haven buying.

Data on U.S. second quarter gross domestic product and labor costs also pushed the dollar lower.

North Korea fired a missile in an unusual late-night test launch, and details announced by Japanese officials and media suggested it could be an intercontinental ballistic missile.

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Friday, 28 July 2017

Zinc Dropped Tracking Weakness In LME Prices On Profit Booking

Zinc trading range for the day is 177.1-182.9.

Zinc dropped tracking weakness in LME prices on profit booking after prices earlier gained amid upbeat views about China's economic growth and metals demand.

Earnings for China's industrial firms surged 19.1 percent in June from a year earlier, accelerating from May in a sign economic momentum remains solid.

Reflecting a sharp jump in orders for transportation equipment, data showed a substantial increase in new orders for U.S. manufactured durable goods in June.

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Copper Prices Hit A Two Year High On News Of Slowing Global Supply

Copper trading range for the day is 404.5-412.9.

Copper prices hit a two-year high on news of slowing global supply and rising Chinese demand for the metal.

Chile forecast 2017 copper production at 5.6 million tonnes, a 0.8 per cent rise from 2016.

China may ban imports of some scrap metal, from the end of 2018, according to an industry association notice, which may lead to higher refined copper imports.

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Natural Gas Prices Rose To The Highest Levels In The Day After Data Showed

Natural gas trading range for the day is 184.4-196.

Natural gas prices rose to the highest levels in the day after data showed that domestic supplies in storage rose less than anticipated last week.

EIA said in its weekly report that natural gas storage in the US rose by 17bcf in the week ended July 21, below forecasts for a build of 24bcf.

Domestic demand for natural gas in the week ahead is expected to moderate somewhat compared with high demand for the past two weeks.

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Crude Oil Advanced As Investor Expectations Grew

Crude oil trading range for the day is 3084-3204.

Crude oil advanced as investor expectations grew that crude supplies would continue to drop easing the global glut in supply.

Support seen after Saudi Arabia plans to lower crude exports to 6.6mbpd in August, almost 1 million bpd below the level last year.

Kuwait and United Arab Emirates, fellow members of the Organization of the Petroleum Exporting Countries, have also promised export cuts.

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Silver Gained As A Softening In The Federal Reserve's Confidence

Silver trading range for the day is 37860-38900.

Silver gained as a softening in the Federal Reserve's confidence on inflation added to expectations that policy tightening would be glacial at best.

The recognition of soft inflation added to expectations that the Fed's plan to raise interest rates a third time this year might be delayed.

A separate report showed that the number of Americans filing for unemployment benefits rebounded from a three-month low last week.


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Gold Gains As Investors Continue To Pile Into The Precious Metal

Gold trading range for the day is 28243-28723.

Gold gains as investors continue to pile into the precious metal amid expectations that Fed could keep interest rates low for longer than initially anticipated.

Fed kept interest rates unchanged but expected to start winding down its massive holdings of bonds "relatively soon."

Physical gold demand globally rose to 1,895 tonnes in the first half of 2017, up 17 percent from the same period last year.

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Thursday, 27 July 2017

Zinc Dropped On Profit Booking After Prices Gained Earlier

Zinc trading range for the day is 177.2-186.

Zinc dropped on profit booking after prices gained earlier on news that China could ban imports of some scrap metal, from the end of 2018.

Total production of zinc concentrate during January-July is expected to be 2.287 million tonnes, up 1.6% on a yearly basis.

China’s zinc concentrate imports will fall to 190,000-200,000 tonnes in August after stabilizing through July and July.

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Aluminium Dropped Despite Of Rise In LME Prices Due To Better Demand

Aluminium trading range for the day is 121.9-126.3.

Aluminium dropped despite of rise in LME prices due to better demand outlook from China after second-quarter growth beat expectations.

Closures of illegal aluminum capacity may add nearly 170,000 tonnes of alumina to spot market per month in the short term.

Alumina supply & demand balance in China will depend on how much more aluminum capacity will be closed for the rest of the year.

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Natural Gas Dropped As Investors Looked Ahead To Weekly Data

Natural gas trading range for the day is 183.8-193.

Natural gas dropped as investors looked ahead to weekly data from the U.S. on supplies in storage to gauge demand for the fuel.

However, downside seen limited as traders tracked weather forecasts to gauge the impact of shifting outlooks on summer cooling demand.

Market participants looked ahead to weekly storage data due on Thursday, which is expected to show a build of 28bcf in the week ended July 21.


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Crude Oil Gained As Investors Cheered Data Showing Supplies

Crude oil trading range for the day is 3062-3188.

Crude oil gained as investors cheered data showing supplies of U.S. crude fell by more-than-expected, lifting expectations that supplies will tighten.

Inventories of U.S. crude fell by roughly 7.2m barrels, confounding expectations of a draw of about only 2.6m barrels.

The market has been buoyed by Saudi Arabia's announcement that it would limit crude exports to 6.6 mbpd in August, down nearly 1 million bpd from a year earlier.

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Silver Dropped As Market Players Looked Ahead To The Outcome

Silver trading range for the day is 37637-38373.

Silver dropped as market players looked ahead to the outcome of the Federal Reserve's policy meeting for insight on the timing of the next U.S. rate hike.

The Federal Reserve voted not to raise its key interest rate, and said it expected to begin normalising its $4.5 trillion balance sheet "relatively soon."

The Commerce Department said new home sales rose 0.8 percent to a seasonally adjusted annual rate of 610,000 units last month.

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Gold Traded In Range As The Dollar Firmed Above Multi Month Lows

Gold trading range for the day is 28265-28463.

Gold traded in range as the dollar firmed above multi-month lows, with investors waiting for clues on the U.S. Federal Reserve's meeting.

The Fed kept interest rates unchanged and said it expected to start winding down its massive holdings of bonds "relatively soon" in a sign of confidence in the U.S. economy.

Holdings at the SPDR Gold Trust fell 0.63 percent to 795.42 tonnes on Wednesday from 800.45 tonnes on Tuesday.

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Wednesday, 26 July 2017

Global Nickel Market Was In A Shortage Of 54,300 Tonnes

Nickel trading range for the day is 621.2-654.6.

Nickel gains as support came after Philippine’s President said he wants all mineral resources extracted in the country to be processed domestically.

One high-grade NPI plant in Liaoning suspended production again in early July due to slim profits after running shortly in June.

Global nickel market was in a shortage of 54,300 tonnes during the first five months of 2017, according to the World Bureau of Metal Statistics.

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Natural Gas Ended With Gains, Rising For The First Time In Five Sessions

Natural gas trading range for the day is 186-191.8.

Natural gas ended with gains, rising for the first time in five sessions as investors returned to the market to seek cheap valuations.

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

Total natural gas in storage currently stands at 2.973 trillion cubic feet, according to the U.S. EIA, 9.1% lower than levels at this time a year ago.

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Crude Oil Surged More Than 3% As OPEC Vowed To Rebalance Oil Markets

Crude oil trading range for the day is 2966-3160.

Crude oil surged more than 3% as OPEC vowed to re-balance oil markets even if it takes supply quotas through 2018.

Saudi announced it would cut August exports to 6.6mbpd, while Nigeria will be compelled to join the supply quota plan.

China's crude imports will exceed 400 million tons this year and likely grow by double digits next year.

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Silver Gained Tracking Gains In Base Metals

Silver trading range for the day is 37332-38928.

Silver gained tracking gains in base metals and as market players looked ahead to a Federal Reserve policy meeting for any new insight.

The Fed is not expected to take action on interest rates at the conclusion of its two-day policy meeting on Wednesday, keeping it in a range between 1.0%-1.25%.

The central bank will release its post-meeting statement as investors look for any change in language which could point more clearly to a rate hike in the months ahead.

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Gold Prices Retreated As Equities Gained And The Markets Awaited Clues

Gold trading range for the day is 28296-28670.

Gold prices retreated as equities gained and the markets awaited clues about monetary policy from the Fed, which began its two-day meeting.

Gold has been well-supported in recent sessions as ongoing political turmoil in the White House and weakness in the U.S. dollar spurred haven demand.

U.S consumer confidence jumped to a near 16-year high in July amid optimism over the labour market, while house prices maintained their upward trend in May.

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Tuesday, 25 July 2017

Copper Prices Gained Underpinned By Prospects Of Tighter Mine Supply

Copper trading range for the day is 386.5-392.9.

Copper prices gained underpinned by prospects of tighter mine supply.

An estimated 5,000 workers at the giant Grasberg copper mine operated by Freeport-McMoRan Inc's Indonesian unit will extend their strike.

Hedge funds and money managers increased their net long position in copper by 7,706 lots to 74,233 lots, the highest since February.

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Natural Gas Fell To A Two Week Low To Settled At 186.60 Amid

Natural gas trading range for the day is 182.1-194.7.

Natural gas fell to a two-week low to settled at 186.60 amid bearish weather forecasts that should limit demand for the fuel.

A weather system with powerful thunderstorms and cooling will sweep across the Ohio Valley and Northeast through July 30 to ease national demand.

Looking ahead to Thursday’s EIA report, utilities likely added 34 billion cubic feet of gas into storage during the week-ending July 21.

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Crude Oil Gained After Saudi Arabia Pledged To Make Deep Cuts

Crude oil trading range for the day is 2912-3046.

Crude oil gained after Saudi Arabia pledged to make deep cuts to its crude exports in August in an effort to ease a global supply glut.

Saudi Energy Minister Khalid al-Falih said there would be no discussion of deeper oil output cuts at a meeting of ministers from OPEC and non-OPEC nations.

Ministers from countries including Kuwait, Venezuela, Algeria, Saudi Arabia, Russia and Oman will discuss production caps on Nigeria and Libya, Falih told.

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Silver Settled Flat As Investors Mulled Over Mostly Upbeat Economic Data

Silver trading range for the day is 37835-38495.

Silver settled flat as investors mulled over mostly upbeat economic data ahead of the Federal Reserve’s policy meeting later this week.

Prices seen supported ongoing political turmoil in the White House and weakness in the U.S. dollar spurred haven demand for the precious metal.

U.S. home resales fell more than expected in June as a dearth of properties amid strong demand pushed prices to a record high, keeping first-time buyers on the sidelines.

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Gold Steady Ahead Of A Busy Week Of Economic Events

Gold trading range for the day is 28432-28652.

Gold steady ahead of a busy week of economic events, including a Federal Reserve policy decision and U.S. second quarter growth data.

Focus will also be on headlines coming out of Washington, where the Senate is expected to continue working to repeal Obamacare.

Holdings at the SPDR Gold Trust fell 0.51 percent to 809.62 tonnes on Monday from 813.76 tonnes on Friday.

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Monday, 24 July 2017

Zinc Gains Tracking LME Prices As Support Seen After China’s Environmental

Zinc trading range for the day is 174.2-180.6.

Zinc gains tracking LME prices as support seen after China’s environmental protection checks affected zinc supplies by preventing zinc mines from restarts.

Global zinc market deficit was 181,000 tonnes in the first five months of the year, narrowing from 236,000 tonnes in 2016, according to WBMS data.

Public Procurement Service announced bid solicitation again on its website July 21 for 2,000 tonnes of zinc.

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Natural Gas Prices Ended With Losses Amid Bearish Weather Forecasts

Natural gas trading range for the day is 190.4-197.8.

Natural gas prices ended with losses amid bearish weather forecasts that should limit demand for the fuel.

Thursday’s data showed that domestic supplies in storage rose less than anticipated last week.

Total natural gas in storage currently stands at 2.973 tcf, according to the US EIA, 9.1% lower than levels at this time a year ago.

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Crude Oil Prices Dropped As Sentiment On Oil Soured

Crude oil trading range for the day is 2900-3080.

Crude oil prices dropped as sentiment on oil soured after data indicating that OPEC’s supply was set to rise compared to June.

OPEC oil output is set to rise by 145,000 barrels per day this month, a company which tracks OPEC supply forecast.

The bearish news came ahead of data showing a slowdown in U.S. drilling activity suggesting a possible tightening in U.S. production growth.

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Silver Gained Buoyed By A Second Day Of Heavy Selling In The Dollar

Silver trading range for the day is 37594-38448.

Silver gained buoyed by a second day of heavy selling in the dollar amid renewed political uncertainty in Washington.

The political uncertainty in Washington pegged the greenback to its lowest level in more than a year.

Bullion’s recent stretch of gains comes on the back of an uptick in safe-haven demand, amid a batch of timid economic data.

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Gold Prices Ended With Gains As Turmoil In The White House

Gold trading range for the day is 28185-28737.

Gold prices ended with gains as turmoil in the White House and weakness in the U.S. dollar spurred haven demand for the precious metal.

White House Press Secretary Sean Spicer quit Friday after telling Trump he disagreed with the hiring of Anthony Scaramucci as communications director.

Holdings in the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, have fallen 4.3 percent, or 1.2 million tonnes, this month.

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Friday, 21 July 2017

Nickel Prices Dropped As Pressure Seen After Rise In LME Stocks

Nickel trading range for the day is 598.7-628.3.

Nickel prices dropped as pressure seen after rise in LME stocks and as Chinese steel prices slipped from recent highs.

Pressure also seen on prices after update that nickel smelter in south China shifted production focus to nickel sulfate.

Premiums for nickel have surged by 16 percent to reach their highest in two years at $200-$220 a tonne.

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Natural Gas Finished Lower On Profit Booking Despite Inventory Data

Natural gas trading range for the day is 193.6-202.4.

Natural gas finished lower on profit booking despite inventory data showed that domestic supplies in storage rose less

EIA said in its weekly report that natural gas storage in the U.S. rose by 28bcf in the week ended July 14

Updated weather forecasting models pointed to increased summer demand in the coming weeks.

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Crude Oil Dropped Amid Uncertainty Ahead Of The OPEC Meeting Next Week

Crude oil trading range for the day is 2999-3103.

Crude oil dropped amid uncertainty ahead of the OPEC meeting next week offset recent data showing a drop in U.S. crude stockpiles for the third-straight week.

from the U.S. Energy Information Administration showed a large drop in domestic crude and gasoline supplies.

U.S. oil inventories fell by 4.7 million barrels at the end of last week to 490.6 million barrels, more than the expected drop of around 3.2 million barrels.

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Silver Gained As The Euro Jumped In The Wake Of A European Central Bank Meeting

Silver trading range for the day is 37216-38298.

Silver gained as the euro jumped in the wake of a European Central Bank meeting, putting pressure on the U.S. dollar.

Prices have been well-supported in recent sessions amid fading expectations for another rate hike by the Federal Reserve this year.

Data showed that the number of people who filed for unemployment assistance in the U.S. fell more than expected last week.

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Gold Trading Range For The Day Is 28032-28530

Gold trading range for the day is 28032-28530.

Gold prices rose after ECB’s President Draghi said ECB policymakers would discuss potential changes to the bank's bond-buying scheme in the autumn.

The ECB kept rates at record lows and confirmed its asset-buying programme would continue at 60 billion euros per month at least until December.

A report by US Labor Department showed a much bigger than expected decrease in first-time claims for U.S. unemployment benefits in the week ended July 15th.


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Thursday, 20 July 2017

Zinc Prices Dropped As Prices Are Running Out Of Steam

Zinc trading range for the day is 172.7-181.1.

Zinc prices dropped as prices are running out of steam, with shortages in China appearing to be less severe than expected

Major zinc producer Nyrstar announced that it had put in place first-half 2018 hedging for 70% of the refined metal it will produce.

Spot premiums for regular zinc in Shanghai contracted by additional 20-50 yuan per tonne over August zinc on SHFE.

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Copper Prices Ended With Losses Weighed Down

Copper trading range for the day is 382.6-391.8.

Copper prices ended with losses weighed down by a slightly firmer dollar.

Unionised workers at mines in Peru, nationwide strike to protest the government's proposed labour reforms.

Workers at Chile's Zaldivar copper mine, will vote on a new contract offer later this week after a vote to strike last week.

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Natural Gas Dropped From The Day's High After Prices Rallied

Natural gas trading range for the day is 195.6-200.4.

Natural gas dropped from the day's high after prices rallied to a seven-week high fueled by forecasts of increased demand.

Prices notched their third-straight session of gains as updated weather forecasting models pointed to increased summer demand in the coming weeks.

Prices have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting outlooks on summer cooling demand.

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Crude Oil Prices Gained On News Of Falling Fuel Stocks

Crude oil trading range for the day is 2964-3108.

Crude oil prices gained on news of falling fuel stocks in the United States.

U.S. crude inventories fell by 4.7 million barrels in the week to July 14 to 490.6 million barrels, compared with expectations for a decrease of 3.2 million barrels.

Outside the US, supplies from OPEC remained high, largely due to rising output from member-states Nigeria and Libya, despite the club's pledge to cut production.

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Silver Settled Flat As The Dollar Turned Positive On The Back

Silver trading range for the day is 37283-38061.

Silver settled flat as the dollar turned positive on the back of economic data that topped expectations, reducing investor appetite in the metal.

Fading expectations for another rate hike by the Federal Reserve this year further weighed on the greenback.

Fed Chair Janet Yellen last week suggested a more cautious approach to U.S. tightening.

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Gold Prices Pared Gains As The U.S. Dollar's Recovered Slightly

Gold trading range for the day is 28071-28349.

Gold prices pared gains as the U.S. dollar's recovered slightly from a 10-month low.

U.S. homebuilding surged to a four-month high in June, but construction activity remains constrained by rising lumber prices and labour and land shortages.

Holdings at the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund fell 0.65 percent to 816.13 tonnes on Wednesday from 821.45 tonnes on Tuesday.

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Wednesday, 19 July 2017

Nickel Climbed After LME Prices Gained To 1.9 Percent

Nickel trading range for the day is 608.6-634.4.

Nickel climbed after LME prices gained to 1.9 percent to close at a four-month high of $9,780 on worries about supply.

Chinese home price data pointing to a significant cooling in the country's biggest property markets.

Japanese manufacturers' and service providers' business confidence held steady at high levels in July, underlining the central bank's upbeat view on the economy.

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Natural Gas Gained As Updated Weather Forecasting Models

Natural gas trading range for the day is 192.7-201.7.

Natural gas gained as updated weather forecasting models continued to point to increased summer demand in the coming weeks.

The latest weather forecasts suggest that very hot conditions will persist in many parts of the US, especially in the South and South East.

Total natural gas in storage currently stands at 2.945 trillion cubic feet, according to the US EIA, 8.9% lower than levels at this time a year ago.

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Crude Oil Gains As Investors Continued To Cheer Data Suggesting

Crude oil trading range for the day is 2912-3048.

Crude oil gains as investors continued to cheer data suggesting that rising global demand for crude could offset some of the current excess supply.

Many OPEC countries have restricted production, others including Nigeria and Libya have been allowed to increase output.

U.S. crude stocks rose last week, adding 1.6 million barrels in the week to July 14 to 497.2 million barrels, industry group the API said.

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Silver Gains Amid Fading Prospects Of Further Rate Hikes

Silver trading range for the day is 37137-38055.

Silver gains amid fading prospects of further rate hikes by Fed this year and doubts whether President Donald Trump would be able to push through healthcare reforms.

Meanwhile, investors continued to temper their expectations for further rate hikes by the Federal Reserve this year amid the subdued inflation outlook.

The Gold/Silver ratio hit a 15-month high on July 7 and total silver ETF holdings have since increased by over 2 percent.

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Gold Prices Climbed As The Dollar Dived After The Republican Health Care Bill

Gold trading range for the day is 28061-28381.

Gold prices climbed as the dollar dived after the Republican health-care bill aimed at replacing Obamacare failed to get enough backing to proceed to a debate.

Prices remained supported on bets that lackluster U.S. data will keep the Federal Reserve cautious about the future pace of policy tightening.

Holdings at the SPDR Gold Trust fell 0.68 percent to 821.45 tonnes on Tuesday from 827.07 tonnes on Monday.

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Tuesday, 18 July 2017

Copper Prices Rallied After Data Showed China's Second Quarter GDP Data

Copper trading range for the day is 382.9-393.7.

Copper prices rallied after data showed China's second quarter GDP data grew at 6.9% and global deficit of copper will deepen this year

China's economy expanded at a faster-than-expected 6.9% clip in the second quarter, setting the country on course to comfortably meet its 2017 growth

Workers at Antofagasta's Zaldivar mine in Chile voted to strike while Peruvian miners plan to begin an indefinite nationwide strike on July 19.

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Natural Gas Settled Up With Strong Gains As Updated Weather Forecasting

Natural gas trading range for the day is 190.2-198.2.

Natural gas settled up with strong gains as updated weather forecasting models pointed to increased summer demand in the weeks ahead.

The heat conditions overall should maintain strong demand for gas which will help underpin prices over the next few days.

Total natural gas in storage currently stands at 2.945tcf, according to the US EIA, 8.9% lower than levels at this time a year ago.

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