Friday, 29 September 2017

Nickel Prices Ended With Gains Buoyed By Expectations Of Strong Demand

Nickel trading range for the day is 659.4-693.2.

Nickel prices ended with gains buoyed by expectations of strong demand in top industrial metals consumer China.

Premiums for metal in China bonded zones surged another $55 to $350, and are now up $110 in two days, suggesting a party is urgently seeking metal.

Environmental checks did not impact output of main industrial products and are not the direct reason behind higher product prices.

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Natural Gas Prices Dropped As Worries About Upcoming Demand Outweighed

Natural gas trading range for the day is 194-204.8.

Natural gas prices dropped as worries about upcoming demand outweighed government data that showed a smaller-than-expected increase in stockpiles last week.

The U.S. Energy Information Administration said natural gas stockpiles grew by 58 billion cubic feet, compared with the 66 bcf anticipated.

That compared with a gain of 97 billion cubic feet in the preceding week, a build of 49 billion a year earlier and a five-year average rise of 84 billion cubic feet.

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Silver Settled Flat As Investors Shunned Safe Haven Assets Following

Silver trading range for the day is 39434-39984.

Silver settled flat as investors shunned safe-haven assets following the unveiling of a long-awaited tax reform plan stateside.

Despite market optimism, the proposal still faces an uphill battle in Congress, with the Republican party divided over it and Democrats hostile.

The upbeat data on durable goods orders helped boost expectations for a Federal Reserve interest rate hike in December.

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Gold Prices Recovered Some Of Its As The Dollar Turned Lower

Gold trading range for the day is 29441-29769.

Gold prices recovered some of its as the dollar turned lower and ushered in short-covering.

Bullion was earlier pressured on proposed U.S. tax reforms and strong economic data that supported the case for another U.S. interest rate hike this year.

The U.S. economy expanded a bit faster than previously estimated in the second quarter, recording its quickest rate of growth in more than two years.

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Thursday, 28 September 2017

Copper Rose As Expectations That Buoyant Demand Would Outstrip Supply

Copper trading range for the day is 421.3-431.9.

Copper rose as expectations that buoyant demand would outstrip supply in the longer term tempted some buyers back to the market.

The stronger dollar and increasing worries over flagging economic growth in China, the world's biggest industrial metals consumer, are capping prices.

The cash to three-month spread on copper has widened to the most in a decade, signalling a lack of interest in spot metal.

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Crude Oil Gains After Data Showed An Unexpected Draw In U.S. Crude Supplies

Crude Oil trading range for the day is 3369-3475.

Crude oil gains after data showed an unexpected draw in U.S. crude supplies pointing to a recovery in refinery activity and exports.

The crude draw provided some support to oil prices as refiners came back online following Hurricane Harvey last month.

U.S. crude inventories fell 1.8 million barrels last week, the U.S. Energy Department said, versus forecasts for a 3.4 million-barrel build.

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Silver Prices Remained Under Pressure As Hawkish Comments

Silver trading range for the day is 39427-40177.

Silver prices remained under pressure as hawkish comments from Federal Reserve Chair Janet Yellen boosted expectations of a December rate hike.

Yellen said the Fed needs to continue gradual rate hikes despite broad uncertainty about the path of inflation.

The U.S. central bank announced it would begin trimming down its $4.5 trillion in assets and signaled it will likely raise rates again before the end of this year.

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Gold Prices Dropped As Worries About The War Of Words

Gold trading range for the day is 29435-30039.

Gold prices dropped as worries about the war of words between the US and North Korea faded while Fed Chair Janet Yellen struck a modestly hawkish tone.

Gold smuggling in India, is likely to rise during the country’s peak holiday season as buyers try to avoid paying a new sales tax and to dodge new transparency rules.

World Gold Holding 32,896.61 Tn End Jun 2017, Up 524.7 Tn On Yr.
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Wednesday, 27 September 2017

Zinc Prices Pared Gains On Profit Booking As China's Economic Growth

Zinc trading range for the day is 201.7-211.1.

Zinc prices pared gains on profit booking as China's economic growth likely slipped in the third quarter.

Tight supplies of immediately available metal raised the premium of cash zinc to the three-month contract to its highest since 2007 at $66.

On-warrant stocks of zinc available to the market in LME-registered warehouses have fallen by more than 50 percent this year.

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Crude Oil Dropped On Profit Booking Ahead Of Weekly Inventory Data

Crude oil trading range for the day is 3341-3465.

Crude oil dropped on profit booking ahead of weekly inventory data due Wednesday expected to show crude oil supplies rose for the fourth-straight week.

The pipeline to Turkey’s port of Ceyhan usually pumps between 500,000 and 600,000 barrels per day.

OPEC and non-OPEC producers confirmed the market was well on its way toward rebalancing, while oil inventories declined.
  
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Silver Dropped As Pressure Seen After Fed’s Yellen Said That Central Bank

Silver trading range for the day is 39118-40964.

Silver dropped as pressure seen after Fed’s Yellen said that central bank should be “wary of moving too gradually” on interest rates to avoid the economy overheating.

It would be imprudent to keep monetary policy on hold until inflation is back to 2 percent, Yellen said.

Yellen’s comments came a day after prices rallied, following escalating tensions after North Korea said U.S. President Donald Trump had “declared war” .

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Gold Dropped After Federal Reserve Chair Janet Yellen

Gold trading range for the day is 29551-30329.

Gold dropped after Federal Reserve Chair Janet Yellen said the central bank needed to continue gradual rate hikes, despite weak inflation.

President Donald Trump warned North Korea that any US military option would be “devastating” for Pyongyang.

U.S. consumer confidence fell in September and home sales dropped to an eight-month low in August due to the impact of Hurricanes Harvey and Irma.

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Tuesday, 26 September 2017

Natural Gas Prices Fell As Hot Weather That Pushed Prices Higher Early

Natural Gas trading range for the day is 187.5-196.5.

Natural gas prices fell as hot weather that pushed prices higher early last week looks set to dissipate.

Total natural gas in storage currently stands at 3.408 trillion cubic feet, according to EIA, around 3.8% lower than levels at this time a year ago.

Demand for natural gas tends to rise in the summer months as warmer temperatures increase the need for gas-fired electricity to power air conditioning.

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Crude Oil Gained Amid Growing Expectations That Producers Will Extend

Crude Oil trading range for the day is 3234-3498.

Crude oil gained amid growing expectations that producers will extend output cuts sooner rather than later as traders cheered signs that the market is starting to rebalance.

OPEC's compliance with an agreement among oil producers to reduce output has been acceptable, Iran's oil minister said.

The OPEC, Russia and several other producers have cut production by about 1.8 million barrels per day since the start of 2017.

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Silver Prices Ended With Gains As Escalating Geopolitical Tensions

Silver trading range for the day is 39187-40977.

Silver prices ended with gains as escalating geopolitical tensions on the Korean Peninsula fuelled safe-haven demand.

The Chicago Federal Reserve Bank's president said he is a little "nervous" the causes of low inflation might be structural rather than temporary.

The Federal Reserve signaled that it still intended to deliver another rise in interest rates by the end of the year.

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Gold Gained On Rising Tensions Between North Korea And US

Gold trading range for the day is 29274-30512.

Gold gained on rising tensions between North Korea and US, and on German Chancellor Angela Merkel's less-than-resounding victory in Sunday's national election.

Fed’s Kashkari said that he sees no need for the U.S. Federal Reserve to raise interest rates further as he sees no evidence recent weak inflation data is set to improve.

Hedge funds and money managers cut their net long position in COMEX gold contracts from a one-year high in the week to Sept. 19.

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Monday, 25 September 2017

Natural Gas Prices Traded In Range As Traders React To The Reality

Natural Gas trading range for the day is 190.3-194.5.

Natural gas prices traded in range as traders react to the reality that higher summer demand for the commodity is coming to an end.

The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. rose by 97 billion cubic feet in the week.

Total U.S. natural gas storage stood at 3.3408 trillion cubic feet, 3.8% lower than levels at this time a year ago.

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Crude Oil Prices Traded In Range As Investors Shrugged Off The Outcome

Crude oil trading range for the day is 3254-3324.

Crude oil prices traded in range as investors shrugged off the outcome of an OPEC-led meeting in which oil producers failed to reach a decision.

As was widely expected, members of the OPEC and other major producers failed to reach a decision to extend output cuts beyond March 2018.

Russia’s energy minister suggested that January is the earliest date that an extension to the global accord can be considered.

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Silver Prices Traded In Range As The Latest Twist In Tensions

Silver trading range for the day is 39376-40236.

Silver prices traded in range as the latest twist in tensions between the United States and North Korea prompted investors to seek safe-haven assets.

However, the greenback was briefly seen supported by a string of upbeat reports U.S. jobless claims and manufacturing activity in the Philadelphia area.

North Korea's Foreign Minister Ri Yong Ho said his country could conduct a hydrogen bomb test in the Pacific Ocean of an unprecedented scale.

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Gold Prices Regained Some Ground As Threats From North Korea

Gold trading range for the day is 29439-29819.

Gold prices regained some ground as threats from North Korea encouraged investors to flock to safe-haven assets.

Market sentiment weakened after North Korean leader Kim Jong Un said that Pyongyang will consider the "highest level of hard-line countermeasure in history".

Physical gold demand remained soft across Asia despite a downwards price correction as consumers awaited further dips in rates.

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Friday, 22 September 2017

Copper Dropped After Fed Raised Expectations Of One More Rate

Copper trading range for the day is 414.7-429.7.

Copper dropped after Fed raised expectations of one more rate hike this year, lifting the dollar and raising prospects of higher costs for industrial metals.

The underlying trend suggests growth in consumption of metals and the prospect of lack of supply as the markets look to 2018.

Premiums crept up by $2.50 to $65 for metal in China after LME cash-3 spreads ballooned to the widest in almost a decade.

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Crude Oil Traded In The Range As Investors Continued To Weigh Data

Crude oil trading range for the day is 3230-3344.

Crude oil traded in the range as investors continued to weigh data showing a sharp rise in US crude production.

Members of the OPEC and other major producers will meet Friday in Vienna to discuss the market impact of the production-cut agreement.

U.S. oil production has largely recovered from the shutdowns following Hurricane Harvey, currently standing at 9.51 million bpd.

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Silver Dropped As Traders Continued To Unwind Their Bullish Bets

Silver trading range for the day is 39244-40374.

Silver dropped as traders continued to unwind their bullish bets in the wake of the Fed’s policy statement which sparked expectations of a year-end rate hike.

The number of Americans filing for unemployment benefits unexpectedly fell last week, but the near-term outlook for the labour market was muddied.

Euro zone economic growth is gaining momentum and the rapid fall in the unemployment rate is encouraging but inflation has yet to show convincing signs.

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Gold Prices Dropped As Pressure Seen After The Federal Reserve

Gold trading range for the day is 29363-29723.

Gold prices dropped as pressure seen after the Federal Reserve signalled it was on track to raise U.S. interest rates again in December.

The U.S. central bank indicated it still expected one more rate increase by the end of the year in spite of a recent run of soft inflation readings.

It also said it planned to trim the $4.2 trillion in asset holdings that it had built up in the wake of the 2008 financial crisis.

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Thursday, 21 September 2017

Natural Gas Remained Under Pressure On Profit Booking

Natural gas trading range for the day is 197.4-204.2.

Natural gas remained under pressure on profit booking after prices seen supported on expectations of more demand than previously forecast through the end of September.

Natural gas use over the next two weeks was up 67.7 bcfd seen last week when Hurricane Irma knocked out power to millions in the U.S. Southeast and brought cooler, wetter weather.

Market participants also looked ahead to weekly storage data due on Thursday, which is expected to show a build of 93 billion cubic feet.

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Crude Oil Gained After Iraq's Oil Minister Said OPEC

Crude oil trading range for the day is 3187-3347.

Crude oil gained after Iraq's oil minister said OPEC and other crude producers were considering extending or even deepening a supply cut to curb a global.

U.S. crude oil stockpiles jumped last week as imports and production increased, as operations resumed from the impact of Hurricane Harvey.

Output across seven shale plays is forecast to rise by nearly 79,000 bpd to 6.1 million bpd, according to the U.S. EIA.

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Silver Closed Marginally Higher As The Dollar Wavered

Silver trading range for the day is 39953-40487.

Silver closed marginally higher as the dollar wavered, with investors cautious ahead of the outcome of a two-day Federal Reserve meeting in the United States.

Fed left interest rates unchanged but signalled it still expects one more increase by the end of the year despite a recent bout of low inflation.

With strained supply levels continuing to subdue overall activity, data showed an unexpected decrease in existing home sales in the U.S. in the month of August.

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Gold Prices Look Weak As Prices Should Reverse Its Gains

Gold trading range for the day is 29632-29870.

Gold prices look weak as prices should reverse its gains as the Fed kept alive hopes of a third rate increase this year.

Fed indicated it still plans to raise interest rates once more by the end of this year, but it also signaled that its cycle of rate hikes might end sooner than planned.

The amount of reductions will gradually rise over the course of the following year to maximums of $30 billion per month for treasuries and $20 billion per month.

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Wednesday, 20 September 2017

Natural Gas Dropped Pausing For Breath After Rallying Amid Bullish

Natural gas trading range for the day is 199.4-205.

Natural gas dropped pausing for breath after rallying amid bullish weather forecasts and a flurry of tropical storm activity in the Atlantic.

Meanwhile, traders said they were closely eying the path of Hurricane Maria, to see whether it would knock out production.

High pressure will dominate the southern and east-central U.S. with highs of 80s and 90s through Sept. 25.

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Crude Oil Dropped Retreating From High In Advance

Crude oil trading range for the day is 3166-3304.

Crude oil dropped retreating from high in advance of data expected to show a build in U.S. crude inventories as imports resume.

U.S. shale production is set to rise for a tenth month in a row in October, the U.S. government said.

Output across seven shale plays is forecast to rise by nearly 79,000 bpd to 6.1 million bpd, according to U.S. EIA’s monthly report.

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Silver Prices Gained As The Dollar Eased Ahead Of Fed Meeting

Silver trading range for the day is 39570-40394.

Silver prices gained as the dollar eased ahead of Fed meeting which is expected to provide more clues on the pace of U.S. monetary tightening.

However, gains were limited as concerns over tensions between the U.S. and North Korea remained subdued, although they were susceptible to pick up at any moment.

The U.S. central bank is also expected to announce moves to shrink its $4.5 trillion asset portfolio.

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Gold Prices Well Supported As The Geopolitical Situation In North Korea

Gold trading range for the day is 29480-29752.

Gold prices well supported as the geopolitical situation in North Korea is likely to deteriorate further before a solution is found.

However, the U.S. central bank could give indications on when it plans to begin unwinding its balance sheet, as well as on any future interest rate decisions.

The U.S. Commerce Department reported that the number of housing starts unexpectedly fell in August, while building permits unexpectedly jumped.


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Friday, 15 September 2017

Natural Gas Gained Despite Data Showed That Natural Gas Supplies

Natural gas trading range for the day is 193.2-201.6.

Natural gas gained despite data showed that natural gas supplies in storage in the US rose more than expected last week.

Data from the US EIA showed that domestic supplies of natural gas rose by 91bcf for the week ended Sept. 8.

Total stocks now stand at 3.311tcf, down 179bcf from a year ago, but 43bcf above the five-year average, the government said.

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Crude Oil Prices Gained Buoyed By A Pair Of Reports Earlier

Crude oil trading range for the day is 3110-3296.

Crude oil prices gained buoyed by a pair of reports earlier in the week suggesting that rising global oil demand could stem the glut in crude supplies.

IEA raised its estimate of 2017 world oil demand growth to 1.6 million barrels per day from 1.5 million bpd.

IEA said a global oil surplus was beginning to shrink due to stronger-than-expected European and U.S. demand growth.

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Silver Gains After The Dollar Came Under Pressure

Silver trading range for the day is 40655-41429.

Silver gains after the dollar came under pressure but gains were capped as data showed the pace of U.S. consumer prices hit a 7-month high in August.

Inflation and jobs data topping expectations pointing to an improving U.S. economy which could influence Fed to stick to its plan to hike rates one more time this year.

The U.S. Department of Labor reported that initial jobless claims decreased by 14,000 to 284,000 in the week ended Sept. 10, confounding forecasts of a 2,000 increase.

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Gold Gains As North Korea Threatened The United States And Japan

Gold trading range for the day is 29657-30227.

Gold gains as North Korea threatened the United States and Japan, and the dollar softened despite strong U.S. consumer inflation data,.

U.S. consumer prices accelerated in August amid a jump in the cost of gasoline and rental accommodation.

The Bank of England said it was likely to raise interest rates in the coming months if the economy and price pressures keep growing.

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Thursday, 14 September 2017

Natural Gas Extended This Week's Rally As Investors Looked Ahead

Natural gas trading range for the day is 190.9-200.7.

Natural gas extended this week's rally as investors looked ahead to weekly data to see the impact of recent storm activity.

Hurricane Irma struck the U.S. southeast with less force than once feared, easing worries over a hit to energy demand

Market participants looked ahead to weekly storage data due on Thursday, which is expected to show a build in a range between 72 and 83bcf.

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Crude Oil Gains As Support Seen After Report From The International Energy

Crude oil trading range for the day is 3051-3225.

Crude oil gains as support seen after report from the International Energy Agency estimating global oil demand this year will climb by the most since 2015.

Prices seen supported despite U.S. government data showing another big build in U.S. crude inventories due to Hurricane Harvey.

The IEA raised its 2017 global oil demand growth estimate to 1.6 million barrels per day from 1.5 million bpd.

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Silver Dropped As The Dollar Index Jumped After A Report Showed

Silver trading range for the day is 40614-41682.

Silver dropped as the dollar index jumped after a report showed U.S. producer prices rebounded in August.

U.S. producer prices rebounded in August, driven by a surge in the cost of gasoline, and there were also signs of a pickup in underlying producer inflation.

Markets remain skeptical the Fed will raise rates again before the end of this year due to worries over the subdued inflation outlook.


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Gold Edged Down With Investors Turning Their Attention To U.S.

Gold trading range for the day is 29683-30159.

Gold edged down with investors turning their attention to U.S. consumer inflation data later in the day for clues on the timing of further interest rate hikes.

Pressure also seen as easing U.S.-North Korea tensions fueled demand for riskier assets lifting global stocks to record highs.

Demand for gold, seen as a safe investment in uncertain times, revived earlier after U.S. President Donald Trump pledged stronger measures against North Korea.

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Wednesday, 13 September 2017

Zinc Prices Dropped Pressured By Profit Taking And Worries Over

Zinc trading range for the day is 193.7-199.1.

Zinc prices dropped pressured by profit-taking and worries over the outlook for Chinese demand.

Pressure also seen on prices after data showed LME zinc inventories surged by 13,800 tonnes, mainly at warehouses in Antwerp.

Markets are looking ahead to data from China on new loans, investment and industrial production due this week for clues.

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Crude Oil Continued To Trade With Positive Bias Amid Hopes

Crude oil trading range for the day is 3039-3131.

Crude oil continued to trade with positive bias amid hopes that OPEC can re-balance oil markets.

Traders are hoping for clarity about oil demand in the aftermath of Hurricane Harvey.

OPEC and its allies are discussing extending the oil production cuts that expire in March 2018 by more than three months.

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Silver Prices Traded In Range As Worries Faded Over The Potential Damage

Silver trading range for the day is 40631-41883.

Silver prices traded in range as worries faded over the potential damage of Hurricane Irma and as tensions on the Korean Peninsula took a backseat.

There had been speculation in the lead up to the weekend that North Korea could launch its next missile test then to celebrate the occasion.

Risk sentiment received a further boost after Hurricane Irma struck the U.S. southeast with less force than once feared, scaling back estimates for economic damage.

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Gold Prices Traded In Range As A Lull In Geopolitical Tensions Spurred

Gold trading range for the day is 29760-30062.

Gold prices traded in range as a lull in geopolitical tensions spurred a pick-up in investor appetite for riskier assets such as equities.

Fears over North Korea receded slightly after the nation marked its founding day without further nuclear tests.

Relief over Hurricane Irma's path and easing tensions with North Korea also hurt precious metals.

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Tuesday, 12 September 2017

Comex Copper Futures Ended Higher On Monday, While London Copper Prices Too Rose

Comex copper futures ended higher on Monday, while London copper prices too rose as traders look for bargains and after data showing China's producer price inflation accelerated more than expected to a four-month high in August, pointing to strong, sustained growth for both factory profits and the economy.Copper futures for December delivery rose 0.8 percent to settle at $3.066 a pound on the Comex metals division of New York Mercantile Exchange. While, copper on the London Metal Exchange ended up 0.8 percent at $6,748 a metric ton.

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Oil Prices Dip As Traders Assess US Hurricane Impact

Oil prices edged down in early Asian trading on Tuesday, as traders weighed up the dampening effect on demand of Hurricane Irma versus refinery restarts following Hurricane Harvey that should lead to more crude oil processing.

International benchmark Brent crude was down 8 cents, or 0.2 percent, at $53.76 per barrel by 0108 GMT from the previous close.

U.S. West Texas Intermediate crude was down 3 cents, or 0.1 percent, at $48.04 a barrel.

U.S. refineries, including the largest U.S. refinery Motiva Enterprises , have started to come back online. Motiva restarted production on Monday after being shut for about two weeks as Hurricane Harvey ripped through the U.S. Gulf coast.

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Gold Eases As Risk Appetite Grows, Equities Strengthen

Gold on Tuesday extended losses from the previous session, with equities strengthening and the dollar holding gains as investor appetite for risk showed signs of picking up.

Spot gold had edged 0.1 percent lower to $1,325.56 an ounce by 0052 GMT. In the previous session, it lost 1.4 percent in its biggest one-day percentage decline since early July.

U.S. gold futures for December delivery were down 0.4 percent at $1,330.00 an ounce.

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Monday, 11 September 2017

Natural Gas Prices Dropped As Traders Began To React To The Reality

Natural Gas trading range for the day is 181.5-192.9.

Natural gas prices dropped as traders began to react to the reality that higher summer demand for the commodity is coming to an end.

Pressure also seen on prices after data showed that domestic supplies in storage increased slightly more than expected last week.

The latest Energy Information Administration natural gas storage data recorded a build of 65 Bcf for the week ending September 1st.

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Crude Oil Prices Dropped As U.S. Refineries Continued To Recover

Crude oil trading range for the day is 2960-3192.

Crude oil prices dropped as U.S. refineries continued to recover at a slow pace in the wake of flooding due to Storm Harvey which kept demand for crude oil subdued.

Saudi Arabia will cut crude oil allocations to its customers worldwide in October by 350,000 barrels per day (bpd), an industry source familiar with Saudi oil policy.

Falling crude prices have weighed on U.S. drilling activity over recent weeks, as data showed the number of U.S. oil rigs fell from the prior week.

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Silver Prices Ended With Gains On Weekly Basis Supported

Silver trading range for the day is 41009-42207.

Silver prices ended with gains on weekly basis supported by continued dollar weakness amid a drop in investor expectations of a December rate hike.

New York Federal Reserve President William Dudley in a speech did not repeat an assertion three weeks ago that he expects to raise rates once more this year.

Also supporting the prices were fears that geopolitical uncertainty is poised to increase over the weekend as North Korea may launch another missile.

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