Tuesday, 31 October 2017

Nickel Prices Ended With Gains Tracking Firmness In LME Prices

Nickel trading range for the day is 736.7-764.1.

Nickel prices ended with gains tracking firmness in LME prices and in step with firmer China’s steel prices

China's eastern province of Shandong has fulfilled its 2017 steel capacity cutback target by eliminating 1.75 mln tns of ironmaking capacity and 5.27 mln tns of steel capacity.

Norilsk Nickel reported a 10% q-o-q increase in its nickel output, but said Q3 copper and platinum group metals production had declined.

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Zinc Gained As Support Seen After Glencore Lowered

Zinc trading range for the day is 209.7-214.1.

Zinc gained as support seen after Glencore lowered its production forecast for zinc citing operational difficulties, maintenance and end-of-mine-life declines.

China’s refined zinc import is 77,198 tonnes in September, rising 368.26% on yearly basis and 17.7% on monthly basis.

In the week, week LME Zinc inventories reduces from 2,825 tonnes to 266,145 tonnes, and current premiums of LME spot zinc keeps high level.

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Silver Prices Rebounded As The Dollar Came Under Pressure

Silver trading range for the day is 38787-39601.

Silver prices rebounded as the dollar came under pressure after data showed inflation continued to stutter.

U.S. consumer spending recorded its biggest increase in more than eight years in September.

The market is awaiting cues from the meetings of the Federal Open Market Committee and central banks of England and Japan.

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Gold Recovered On The Speculation That The Fallout May Derail

Gold trading range for the day is 29160-29522.

Gold recovered on the speculation that the fallout may derail Trump's pro-growth economic agenda, generating some safe haven appetite for gold.

The metal is facing a slew of potential risks, including a Fed policy meeting, U.S. payrolls data and ongoing unrest in Spain's Catalonia region.

Fed funds futures are pricing in 99.7% chance of no rate change from the FOMC this week but see an 85.3% chance of a hike in December.

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Monday, 30 October 2017

Copper Prices Dropped After The U.S. Dollar Strengthened

Copper trading range for the day is 436.4-458.2.

Copper prices dropped after the U.S. dollar strengthened to a three-month high after the European Central Bank extended its bond purchases.

On-warrant inventories available to the market in LME-registered warehouses fell by 5,975 tonnes to 163,250 tonnes, down from 221,875 tonnes in mid-October.

The estimated supply shortage of global copper concentrates is 151,000 tonnes in 2017 and the figure in 2018 will be 104,000 tonnes, INSG said.

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Crude Oil Prices Rose On Support Among The World's Top Producers

Crude oil trading range for the day is 3372-3578.

Crude oil prices rose on support among the world's top producers for extending a deal to rein in output and as the dollar retreated from three-month peaks.

The fog has cleared ahead of OPEC's next meeting, with Saudi Arabia and Russia clearly stating support to extend a global deal to cut oil supply for another nine months.

Iran's crude and condensate exports are expected to hit a 19-month low this month due to issues.

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Silver Prices Recovered Some Of Its Losses Finding Some Support

Silver trading range for the day is 38754-39490.

Silver prices recovered some of its losses finding some support from uncertainty surrounding the next U.S. Federal Reserve chief.

Gross domestic product increased at a 3.0% annual rate in the July-September period, the Commerce Department said in its initial estimate.

U.S. President Donald Trump eyeing Federal Reserve Governor Jerome Powell as his pick to head the U.S. central bank.

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Gold Trading Range For The Day Is 29158-29420

Gold trading range for the day is 29158-29420.

Gold prices recovered from lows after the Catalonian parliament's independence declaration from Spain led investors to seek safety from political upheaval.

Catalonia's declaration was in defiance of the Madrid government, which was preparing to impose direct rule over the region.

Bullion is often used as a safe haven in times of geopolitical and economic uncertainty, while riskier assets such as equities are generally sold off.

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Friday, 27 October 2017

Zinc Settled Flat As Support Seen Amid Worries That Winter Production

Zinc trading range for the day is 209.9-215.5.

Zinc settled flat as support seen amid worries that winter production cuts are tightening supplies of metals.

The premium of cash zinc over the three-month contract rose to $68.50, climbing back towards the 10-year high of $91 a tonne it hit two weeks ago.

This week LME Zinc inventories reduces from 2,825 tonnes to 266,145 tonnes, and current premiums of LME spot zinc keeps high level.

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Copper Prices Steadied As Pressure Seen After The Dollar Gained

Copper trading range for the day is 450.4-461.2.

Copper prices steadied as pressure seen after the dollar gained after the European Central Bank extended its bond buying programme.

The copper market should see a deficit of 151,000 tonnes this year and a deficit of 104,000 tonnes in 2018, the International Copper Study Group said

State Statistics Bureau released date, showing output of refined copper reaches 774,000 tonnes in September, rising 6.8% on yearly basis.

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Silver Prices Fell As The Dollar Showed Continued Gains

Silver trading range for the day is 38952-39830.

Silver prices fell as the dollar showed continued gains and demand for safe-haven assets is on the wane for now.

Also pressuring prices was fresh speculation that the next Fed chair could be a policy hawk following reports that current Chair Janet Yellen is out of the running.

The European Central Bank extended its bond purchases and reduced the chances that it would hike interest rates in 2018.

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Gold Dropped As Pressure Seen After The Dollar Gained

Gold trading range for the day is 29099-29555.

Gold dropped as pressure seen after the dollar gained after the European Central Bank extended its bond buying programme.

The ECB said it would cut asset purchases to 30 billion euro from 60 billion euros starting January while also extending the scheme by 9 months to September.

China’s net gold imports via main conduit Hong Kong slipped about 8.5 percent month-on-month in September to the lowest level in over three years.

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Thursday, 26 October 2017

Natural Gas Edged Lower As Investors Looked Ahead To Weekly Data

Natural gas trading range for the day is 184.3-201.1.

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

Traders reacted to forecasts showing temperatures across the east-central U.S. would not be as cold as initially expected.

Market participants looked ahead to this week's storage data due on Thursday, which is expected to show a build in a range between 62 and 72 billion cubic feet.

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Crude Oil Prices Dropped After Government Data Showed A Surprise

Crude oil trading range for the day is 3345-3447.

Crude oil prices dropped after government data showed a surprise climb in U.S. crude inventories.

U.S. crude inventories rose by 856,000 barrels last week, U.S. Energy Information Administration data showed.

Saudi Arabia's Energy Minister Khalid al-Falih said the focus remained on reducing oil stocks in industrialized countries to their five-year average.

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Silver Prices Dropped Pressured By Bullish Economic Reports

Silver trading range for the day is 39169-39857.

Silver prices dropped pressured by bullish economic reports pointing to underlying strength in the U.S. economy.

Republican senators favoured John Taylor to become the next head of the U.S. Federal Reserve drove U.S. bond yields to multi-month highs.

Bullish durable goods orders and housing data failed to spark a recovery in the dollar.

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Gold Prices Seen Some Pressure Amid Upbeat U.S. Durable Goods

Gold trading range for the day is 29225-29557.

Gold prices seen some pressure amid Upbeat U.S. durable goods and home sales data also bolstered the case for interest rate rises.

The market was pricing in one rate increase in December and one more next year, while the Fed itself envisaged three rate hikes in 2018.

Data showed existing home sales increased 18.9% in September from the previous month to a seasonally adjusted annual rate of 667,000 units.


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Wednesday, 18 October 2017

Natural Gas Bounced Back From The Prior Session's Losses

Natural gas trading range for the day is 188.8-199.

Natural gas bounced back from the prior session's losses, as hopes for higher heating demand this winter than in the past two winters provided support.

In latest forecasts, U.S. NOAA predicted temperatures from November through March would be 13% colder than last winter.

Traders were optimistic that colder weather would boost heating demand this winter over the prior two snow seasons, which were among the warmest on record.

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Crude Oil Prices Pared Its Gains As Expectations Of A Ramp Up

Crude oil trading range for the day is 3293-3423.

Crude oil prices pared its gains as expectations of a ramp up in U.S. production weighed on sentiment.

U.S. crude inventories fell by 7.1 million barrels in the week to Oct. 13 to 461.4 million barrels, the American Petroleum Institute said.

China may ban traders from importing scrap copper from the start of next year, as China deepens its crackdown on imports of foreign waste and cuts pollution from heavy industries.

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Silver Prices Were Under Pressure As Speculation Mounted

Silver trading range for the day is 39394-40436.

Silver prices were under pressure as speculation mounted that the next head of the Federal Reserve will be more hawkish.

Downside seen limited supported by safe-haven demand as conflict between Iraqi and Kurdish forces broke out near the oil-rich city of Kirkuk.

Trump is also due to meet with Yellen later in the week as part of his search for a new candidate for her position, a source familiar with plans for the meeting said.

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Gold Prices Dropped On Speculation That The Eventual Successor

Gold trading range for the day is 29419-29899.

Gold prices dropped on speculation that the eventual successor to U.S. Federal Reserve Chair Janet Yellen will favour higher interest rates, denting bullion's appeal.

the U.S. Labor Department said import prices jumped 0.7 percent last month, the biggest gain since June 2016, pushing inflation expectations higher.

Trump will meet with Fed Chair Janet Yellen as part of his search for a new candidate for her position, a source familiar with the planned meeting said.

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Tuesday, 17 October 2017

Natural Gas Prices Dropped As Traders Reacted To Forecasts Showing

Natural gas trading range for the day is 185.3-197.7.

Natural gas prices dropped as traders reacted to forecasts showing a return to mild weather after a cold spell in the eastern U.S.

Bearish speculators are betting that the warmer weather will reduce early-winter demand for the heating fuel.

Prices often reach a seasonal low in October, when mild weather weakens demand, before recovering in the winter, when heating-fuel use peaks.

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Crude Oil Prices Gained On Concerns Over Potential Renewed U.S. Sanctions

Crude oil trading range for the day is 3295-3423.

Crude oil prices gained on concerns over potential renewed U.S. sanctions against Iran as well as conflict in Iraq.

Prices were further supported by drillers cutting back the number of rigs looking for new production.

There were also concerns about the stability of Iraq, the second biggest oil producer within the Organization of the Petroleum Exporting Countries behind Saudi Arabia.

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Silver Prices Traded In Range As Safe Haven Demand Remained Steady

Silver trading range for the day is 40099-40753.

Silver prices traded in range as safe-haven demand remained steady amid ongoing geopolitical uncertainty and concerns over the pace of U.S. interest rate hikes.

U.S. inflation came in cooler than expected, raising uncertainty about the pace of U.S. interest-rate hikes by the Federal Reserve.

Federal Reserve Chair Janet Yellen appeared positive on the inflation outlook in the months reiterating her stance for continued gradual increases in interest rates.

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Gold Gains Supported By Safe Haven Demand As Conflict

Gold trading range for the day is 29732-30016.

Gold gains supported by safe-haven demand as conflict between Iraqi and Kurdish forces broke out near the oil-rich city of Kirkuk.

The U.S economy remains strong and the strength of the labour market calls for continued gradual increases in interest rates despite subdued inflation, Fed’s Yellen said.

Senior Trump administration officials said that the United States was committed to remaining part of the Iran nuclear accord for now.


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Monday, 16 October 2017

MCX Silver Has Traded Within A Narrow Range For The Third Consecutive Days

MCX Silver has traded within a narrow range for the third consecutive days. On the daily chart, MCX Silver has sustained above the falling trendline. In addition, price sustained above 200 DEMA on the daily chart.

Moreover, price has remained moved 38.20% retracement of the previous fall from 41927 to 38710. Momentum indicator on the daily chart RSI has entered in a bullish crossover.

Therefore, the short term trend remains bearish; on the higher end prices may move towards 40650 over the short term.


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MCX CPO Traded Mostly Sideways On Sufficient Supplies With The Stockiest

MCX CPO traded mostly sideways on sufficient supplies with the stockiest as imports have been higher in the current oil year. The prices have been supported at higher levels due to increase in tariff value for the first half of October.

However, for the second half, the government reduced the base import price of all palm oils, with the steepest cut of $31 per tn for refined, bleached and deodorised palmolein, and crude palmolein.

The stock of CPO as on 1st Sept., 2017 at various ports is estimated at 3.4 lakh tonnes compared to 2.7 lakh tonnes in previous month. According to SEA release, during NovemberAugust period, crude palm oil import increased to 50.82 lt from 46.70 lt during the same period of the previous oil year.

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Spot Gold Traded Higher By 2.3 Percent Last Week

Spot gold traded higher by 2.3 percent last week while silver prices also rose 3.4 percent.

Gold prices rose as minutes from a U.S. Federal Reserve September meeting showed policymakers had a prolonged debate about prospects of a pick-up in inflation and slowing the path of future interest rate rises if it did not.

Weak dollar index and geopolitical tensions in Spain and North Korea further supported the rally in gold. Russia and China both called for restraint on North Korea following a Twitter post from U.S. President Donald Trump hinting that military action was on his mind.

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Friday, 13 October 2017

Natural Gas Prices Rebounded Despite Warmer Than Normal Weather

Natural gas trading range for the day is 186.4-200.8.

Natural gas prices rebounded despite warmer than normal weather that is expected to cover most of the United States for the next 8-14 days.

Data from the U.S. Energy Information Administration on Thursday showed that domestic supplies of natural gas rose by 87 billion cubic feet.

Total stocks now stand at 3.595 trillion cubic feet, down 153 billion cubic feet from a year ago, and 8 billion cubic feet below the five-year average.

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Crude Oil Prices Settled Lower As A Bearish Outlook On Global Oil

Crude oil trading range for the day is 3231-3363.

Crude oil prices settled lower as a bearish outlook on global oil demand for 2018 offset data showing U.S. crude oil stockpiles fell for the third-straight week.

Inventories of U.S. crude fell by roughly 2.8m barrels in the week ended Oct. 6, handily beating expectations of a draw of 2m barrels.

There will be a higher demand for oil in 2018 as a tighter market could led to a deficit next year, the Organization of the Petroleum Exporting Countries said.

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Silver Prices Remained Supported Shrugging Off A Rise In The Dollar

Silver trading range for the day is 40001-40601.

Silver prices remained supported shrugging off a rise in the dollar on signs of an improving U.S. economy.

Fed minutes showed policymakers had a prolonged debate about prospects of a pick-up in inflation and slowing the path of future interest rate rises if it did not.

European Central Bank policymakers broadly agree to extend asset purchases at a lower volume at their October policy meeting with views converging on a nine-month extension.

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Gold Prices Gained As Focus Shifted To U.S Inflation Figures

Gold trading range for the day is 29618-29998.

Gold prices gained as focus shifted to U.S inflation figures which are expected to give more clues on monetary policy.

The Fed needs to mount a clear defence of its 2 percent inflation target and stop raising rates until the pace of price increases strengthens.

U.S. producer prices rose in September as the price of gasoline recorded its biggest gain in more than two years.

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Thursday, 12 October 2017

Copper Gained Helped By A Weaker Dollar Ahead Of The Release

Copper trading range for the day is 438.9-451.5.

Copper gained helped by a weaker dollar ahead of the release of the minutes of a U.S. Federal Reserve meeting, with investors looking to a party congress in China.

Helping to lift copper was news that Congo's mines minister has ordered a joint venture of Chinese investors to stop exporting raw copper

Investors are eyeing on the Chinese Party Congress meet which will convene for the first time since 2012 to unblock the infrastructure.

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Crude Oil Prices Gained On Signs That Markets Are Gradually Tightening

Crude oil trading range for the day is 3281-3393.

Crude oil prices gained on signs that markets are gradually tightening after years of oversupply, although the outlook for 2018 remained less certain.

U.S. crude stocks rose by 3.1 million barrels to 468.5 million barrels last week, according to industry group the American Petroleum Institute.

A pact between the OPEC and other producers including Russia to cut output by 1.8 mbpd in order to prop up prices is due to expire by the end of March 2018.

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Silver Prices Were Lower As Investors Awaited The Minutes

Silver trading range for the day is 39951-40397.

Silver prices were lower as investors awaited the minutes of the Fed’s policy meeting, which were expected to reinforce expectations for a December rate hike.

Heightened geopolitical tensions in North Korea and Spain since the start of the week had also underpinned safe haven demand for the precious metal.

Fed’s Williams said he expects the U.S. central bank to raise interest rates later this year, three times next year, and a little bit further in 2019.

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Gold Seen Some Pressure As Dollar Held Steady

Gold trading range for the day is 29608-29872.

Gold seen some pressure as dollar held steady, with investors waiting for minutes from the U.S. Federal Reserve's latest meeting for clues.

U.S. Fed policymakers had a prolonged debate about the prospects of a pickup in inflation and slowing the path of future interest rate rises if it did not.

India's gold imports rose sharply in September as jewelers increased purchases ahead of a festival at the end of the month.

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Wednesday, 11 October 2017

Natural Gas Gained On Short Covering After Prices Remained Under Pressure

Natural gas trading range for the day is 184.8-191.6.

Natural gas gained on short covering after prices remained under pressure as warmer than normal weather is cover most of the United States reducing cooling demand.

Inventories remain healthy near the 5-year average, which could climb if the weather remains warm.

Weather forecasting models predicted mild temperatures that should limit demand for the heating fuel in the coming days.

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Crude Oil Gained After De Facto OPEC Leader Saudi Arabia Vowed

Crude Oil trading range for the day is 3212-3394.

Crude oil gained after de facto OPEC leader Saudi Arabia vowed to reduce monthly crude exports amid expectations that market rebalancing is underway.

OPEC’s Secretary General Mohammed Barkindo called on U.S. shale oil producers to help curtail global oil supply.

OPEC's Secretary General: Forecast oil demand at 2m b/d in 2h of 2017, current cycle of low oil prices is unprecedented.

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Silver Prices Gained Buoyed By Continued Dollar Weakness

Silver trading range for the day is 39789-40709.

Silver prices gained buoyed by continued dollar weakness while ongoing political tensions between the U.S. and North Korea lifted sentiment.

Bullions’ bullish start to the week continued as safe-haven demand remained elevated amid ongoing geopolitical uncertainty on the Korean Peninsula

Fed funds futures showed traders were pricing in a nearly 90 percent chance of a December rate increase.

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Gold Prices Gained Supported By A Softer Dollar

Gold trading range for the day is 29704-29920.

Gold prices gained supported by a softer dollar and geopolitical tensions in Spain and North Korea.

Dollar remained under pressure amid speculation that the U.S. tax overhaul plan introduced by President Donald Trump would stall.

Short-term inflation expectations among U.S. consumers were stuck near their lowest level since early 2016 in September.

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Tuesday, 10 October 2017

Crude Oil Prices Rose Higher On Monday With An Optimistic Start

Crude oil prices rose higher on Monday with an optimistic start to the week as oil production returned to services in the Gulf of Mexico as Hurricane Nate weakened and the upbeat comments from Opec boosted sentiment.

According to the Bureau of Safety and Environmental Enforcement - More than 90% percent of crude oil production capacity in the Gulf of Mexico was shut in.

The American Petroleum Institute data is due to be released later on today.

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MCX Copper Price Has Moved Up Above The Range Bound Pattern

In daily chart, the MCX Copper price has moved up above the range bound pattern.

Moreover, price has moved above 21 EMA in the daily chart which suggests waning bearishness in the commodity price.

In addition, daily RSI is in bullish crossover and rising. Based on the above analysis we can come out with a view that MCX Copper may recover upward from the current level; on the higher end price may reach towards 445 levels over the short term.

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Silver On MCX Settled Up 0.87% At 39940 Supported By A Dip In The Dollar

Silver on MCX settled up 0.87% at 39940 supported by a dip in the dollar as an uptick in geopolitical uncertainty increased demand for safe-haven but growing expectations that the Federal Reserve will hikes rates for the third time this year capped gains.

Prices made a strong start to the week amid renewed geopolitical uncertainty as President Donald Trump’s tweets over the weekend, sparked fears that the president is leaning toward military action against North Korea.

President Trump said the United States has been “unsuccessfully dealing” with North Korea for 25 years, insisting that “only one thing will work” to curb the isolated nation’s efforts to further develop nuclear weapons. U.S. employment fell in September for the first time in seven years, data showed, due to impacts from Hurricanes Harvey and Irma.

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Gold On MCX Settled Up 0.54% At 29732 Kicked Off The New Week

Gold on MCX settled up 0.54% at 29732 kicked off the new week with gains on Monday in quiet trade on account of Columbus Day in the US. Prices bounced after falling for a fourth week to a two-month low on Friday.

Following an upbeat reading of U.S. wage growth and unemployment that supported expectations for a U.S. interest rate hike in December, pushing the dollar and Treasury yields higher. Gold's resilience above its 200-dma at $1253 an ounce also provided some technical support.

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Monday, 9 October 2017

Mustard Nov Futures See Some Fresh Buying On Thursday

Mustard Nov futures see some fresh buying on Thursday by the market participants. However, reports of higher stock levels in the country and good physical demand from the oil mills is keeping the price steady.

As per data compiled by Mustard Oil Producers Association of India, Oil mills across the country crushed 425,000 tn of mustard seed in September, down around 6% from previous month.

There are improved mustard meal exports in first 5 month of FY 2017/18. Country exported 216,258 tonnes mustard meal during this period which is 122% higher on year.

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Crude Oil Prices Dipped Lower To A Weekly Loss On Friday

Crude Oil on 6th October 2017, Crude Oil October futures down by pts closed at 3240, trading range between 3223 – 3323. Crude oil for November delivery on the New York Mercantile Exchange settled at $ 49.29 a barrel.

Crude oil prices dipped lower to a weekly loss on Friday but rose up on Monday with investors’ expectations that Saudi Arabia would pin down its production and as the rigs drilling for new oil in the U.S fell.

With concerns of overproduction, Oil dropped by around 2% on Friday, with WTI tumbling back below $50 per barrel.

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Silver Prices Ended Higher Reversing From Earlier Losses As Investors

Silver prices ended higher reversing from earlier losses as investors offered a mixed reaction to monthly U.S. jobs data and looked to comments from Federal Reserve officials for clues on the central bank’s plan for interest rates.

The jobs report, which included a mixed bag of revisions to recent months’ data and signs of rising wages, wasn’t seen derailing the Federal Reserve from a gold-negative interest-rate hike later this year, but Dallas Fed President Robert Kaplan said that he remains undecided over whether to support a rate increase in December.

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Gold Prices Gained On Concerns Stoked By A Russian Report

Gold prices gained on concerns stoked by a Russian report that North Korea is preparing to test a long-range missile and on support from the U.S. dollar's shift into negative territory.

Earlier, bullion fell to a two-month low near at $1,260 an ounce on an upbeat reading of the U.S. unemployment rate and wage growth last month that supported expectations for a further U.S. interest rate hike in December.

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Friday, 6 October 2017

Copper Prices Ended With Gains Amid Supply Concerns In China

Copper trading range for the day is 423.4-448.

Copper prices ended with gains amid supply concerns in China.

Plans to reopen one of the world’s biggest copper mines, shut by a civil war on the Pacific Island of Bougainville in 1989, have run into trouble.

Trading on the Shanghai Futures Exchange resumes Monday following a week-long public holiday in China.

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Crude Oil Gained As Signs Saudi Arabia And Russia Would Limit Production

Crude oil trading range for the day is 3218-3388.

Crude oil gained as signs Saudi Arabia and Russia would limit production through next year pushed the U.S. benchmark back above $50 a barrel.

Russian Energy Minister Alexander Novak said that Moscow would support new countries joining the agreement to restrict oil supply.

The EIA said that U.S. crude oil exports jumped to 1.98 million bpd last week, surpassing the 1.5 million bpd record set the previous week.

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Silver Traded In Range As A Raft Of Better Than Expected Economic Data

Silver trading range for the day is 38851-39481.

Silver traded in range as a raft of better-than expected economic data pointed to solid U.S. economic growth underpinning a move higher in the dollar.

The number of Americans filing for unemployment benefits fell more than expected last week.

However, the long-term trend in annual U.S. economic growth may be as low as 1.5 percent, San Francisco Federal Reserve President John Williams said.

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