Wednesday, 31 January 2018

Natural Gas Rallied On Bets Of Cold Weather To Come In February

Natural gas trading range for the day is 200.8-211.4.

Natural gas rallied on bets of cold weather to come in February, which should boost demand for the heating fuel.

A recent blast of cold weather across parts of the U.S. over the past few weeks has resulted in unusually strong storage withdrawals for natural gas.

Natural gas prices typically rise during the winter months as colder weather sparks indoor-heating demand.

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Crude Oil Dropped As Rising U.S. Output And A Strengthening Dollar Sapped

Crude oil trading range for the day is 4056-4178.

Crude oil dropped as rising U.S. output and a strengthening dollar sapped demand for crude.

Russia produced 10.94 million barrels of oil per day (bpd) on average between Jan. 1 and Jan. 28, or 1.493 million tonnes.

U.S. output has jumped more than 17 percent since mid-2016 and is expected to exceed 10 million bpd soon.

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Silver Prices Declined Extending Losses Into A Third Session

Silver trading range for the day is 38768-39628.

Silver prices declined extending losses into a third session, as traders awaited a U.S. Federal Reserve policy meeting for fresh catalysts.

President Donald Trump urged bipartisan cooperation on overhauling US immigration policies and rebuilding infrastructure in an address to Congress.

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 Dropped As The Dollar Strengthened, While Traders Awaited A U.S. Federal

Gold trading range for the day is 29843-30275.

Gold dropped as the dollar strengthened, while traders awaited a U.S. Federal Reserve policy meeting for cues on interest rate hikes this year.

Indian gold demand wanes as jewellers expect import tax cut in budget

Investors, however, will be focusing on the central bank's assessment of the economy and inflation for hints on the monetary policy outlook.

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Tuesday, 30 January 2018

Nickel Prices Rose As Support Seen After LME Prices Rose

Nickel trading range for the day is 861-897.4.

Nickel prices rose as support seen after LME prices rose 2 1/2-year peak amid expectations of strong demand.

Three nickel pig iron plants in Inner Mongolia were set to be suspended for maintenance this month due to aging facilities.

Nickel saw a deficit from January to November 2017 with demand exceeding production by 63,600 mt.

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Zinc Surged With A Weaker Dollar Triggering Buying Amid Bets

Zinc trading range for the day is 220.6-234.2.

Zinc surged with a weaker dollar triggering buying amid bets that tightening global supply will propel prices even higher.

Under-investment in zinc mines during the economic downturn over the last 10 years has led to shortfall of the metal.

LME zinc inventories have slumped below 180,000 tonnes, of which less than 100,000 tonnes is available to market – the least since 2008.

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Silver Dipped As A Revival In The Dollar Prompted Some Buyers To Cash

Silver trading range for the day is 38586-40128.

Silver dipped as a revival in the dollar prompted some buyers to cash in gains in the metal after its sixth weekly price increase in seven weeks.

U.S. economic growth unexpectedly slowed in the fourth quarter as the strongest pace of consumer spending in three years resulted in a surge in imports.

Global financial markets will focus on this week's Federal Reserve policy meeting, which will be the last under the leadership of Janet Yellen.

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Gold Prices Edged Lower As The U.S. Dollar Recovered

Gold trading range for the day is 29893-30233.

Gold prices edged lower as the U.S. dollar recovered somewhat from last week's turbulence, prompted by conflicting comments from the Trump administration at Davos.

The greenback fell last week following comments from U.S. Treasury Secretary Steven Mnuchin about how a weaker currency benefits trade.

Attempts to target exchange rates risk setting off a currency war, a top ECB executive argued, just days after U.S. officials made their case for a weaker dollar.

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Monday, 29 January 2018

Natural Gas Rose On Forecasts For A Cold Snap In The U.S. Midwest

Natural Gas trading range for the day is 191.8-206.

Natural gas rose on forecasts for a cold snap in the U.S. Midwest in early February that is expected to boost heating demand.

Projected gas demand in the lower 48 U.S. states would increase to 116.9 billion cubic feet per day during the first week of February.

U.S. natural gas speculators boosted their net long positions for a fifth week in a row, betting prices will rise as exports increase.

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Crude Oil Rallied As The Dollar Continued To Weaken And Crude Inventories

Crude oil trading range for the day is 4121-4263.

Crude oil rallied as the dollar continued to weaken and crude inventories in the United States fell for a 10th straight week amid ongoing supply cutbacks by OPEC and top producer Russia.

Russia's Novak: Oil demand exceeds surplus, even with shale growth

Russia's Novak: Oil surplus is still being reduced on weekly basis.

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Silver Prices Pared Gains In Profit Booking After Prices Gained Amid

Silver trading range for the day is 39413-40453.

Silver prices pared gains in profit booking after prices gained amid report of slow economic growth pushed the U.S. dollar lower.

The dollar remained on track to post weekly losses, however, amid data showing durable goods and US economic growth undershot forecasts.

Weaker economic data, meanwhile, did little to support safe-haven demand as the US economy cooled in the fourth quarter of the year.

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Gold Prices Pared Gains As The U.S. Dollar Strengthened

Gold trading range for the day is 30038-30626.

Gold prices pared gains as the U.S. dollar strengthened when President Donald Trump talked up a stronger greenback.

The dollar reversed earlier losses and U.S. stocks relinquished gains after Trump told in an interview in Davos, Switzerland that he wants to see a strong dollar.

Holdings of gold in ETFs and bets by funds on higher gold prices on the Comex exchange have surged in recent weeks.

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Thursday, 25 January 2018

Natural Gas Settled Up 1.37% At 222.30 On Short-Covering As Support

Natural Gas trading range for the day is 214.2-234.6.

Natural Gas settled up 1.37% at 222.30 on short-covering as support seen on the prospect of another mega-drawdown in US natural gas inventories.

Temperatures throughout the central U.S. and Midwest will also fall to below seasonal levels through Feb. 6 as Arctic blasts sweep through.

Total natural gas in storage currently stands at 2.584 trillion cubic feet (tcf), according to the U.S. Energy Information Administration.

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Crude Oil Prices Settled Higher As Data Showing US Domestic Production

Crude Oil trading range for the day is 4070-4196.

Crude oil prices settled higher as data showing US domestic production fell for the tenth-straight week offset a rise in production to nearly 10 million barrels a day.

Inventories of U.S. crude fell by roughly 1.071 million barrels for the week ended Jan. 19, beating expectations for of a draw of one million barrels.

The American Petroleum Institute said that crude inventories rose by 4.8 million barrels in the week to Jan. 19 to 416.2 million, after nine weeks of drawdowns.

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Silver Prices Gains With A Weaker Dollar Aiding Buying

Silver trading range for the day is 38519-40369.

Silver prices gains with a weaker dollar aiding buying for the greenback-denominated commodity with a backdrop of rising concerns about growing US protectionism in global trade.

The dollar came under heavy selling pressure boosting demand, after Treasury Secretary Steven Mnuchin signalled his endorsement of a low dollar.

Prices also seen supported amid growing fears of a US-China trade war fuelled a modest uptick in safe-haven demand.

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Gold Gained As Investors Sought Insurance Against Possible Inflation

Gold trading range for the day is 29777-30527.

Gold gained as investors sought insurance against possible inflation after U.S. Treasury Secretary Steven Mnuchin welcomed a weaker dollar.

Mnuchin told the World Economic Forum in Davos that "obviously a weaker dollar is good for us as it relates to trade and opportunities".

Congress approved a measure to fund the government for around three weeks and President Donald Trump signed the bill, ending the three-day government shutdown.

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Wednesday, 24 January 2018

Zinc Dropped As Pressure Seen On Profit Booking After Prices Seen

Zinc trading range for the day is 217.6-221.

Zinc dropped as pressure seen on profit booking after prices seen supported over the outlook for global growth and supply concerns

China produced 576,000 mt of zinc last month, up 7.3% from December 2016, according to data released by the National Bureau of Statistics.

The operating rates at zinc smelters in December dropped 4.16 percentage points from the previous month with companies of all sizes seeing declines.

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Copper Prices Fell Below 440 Level To Their Lowest Level In Over A Month

Copper trading range for the day is 430.3-458.3.

Copper prices fell below 440 level to their lowest level in over a month as data showing a surge in Chinese production.

Pressure also seen after rising inventories showed healthy supplies of refined metal.

On-warrant copper stocks - metal not earmarked for delivery from warehouses and available for investors - in facilities certified by LME jumped by 28 percent, data showed.

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Silver Dropped As Pressure Seen Amid An End To Uncertainty Created

Silver trading range for the day is 38056-39424.

Silver dropped as pressure seen amid an end to uncertainty created by a three-day U.S. government shutdown capped gains

Data showed euro zone consumer confidence jumped much more than expected in January, underlining the strong momentum in its economy.

Bullion traded in a tight range after the U.S. Senate voted to pass a temporary spending plan through Feb. 8 to end the government shutdown.

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Gold Gained As The U.S. Dollar Fell To Fresh Three-Year Lows

Gold trading range for the day is 29724-30026.

Gold gained as the U.S. dollar fell to fresh three-year lows, but an end to uncertainty created by a three-day U.S. government shutdown capped gains.

The U.S. economy is likely to grow in 2018 at its fastest pace in three years, fuelled by the biggest tax overhaul since the 1980s.

Gold demand in China firmed as retailers stocked up ahead of the Chinese New Year while price discounts widened in India.

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Tuesday, 23 January 2018

Natural Gas Edged Higher To Start The Week, As Market Players Monitored

Natural Gas trading range for the day is 198.1-212.5.

Natural gas edged higher to start the week, as market players monitored winter weather forecasts to gauge demand for the fuel.

A weather system will track across the Midwest with areas of rain and snow through Jan. 27, but with only modest cooling, according to updated weather models.

Looking further ahead, temperatures will fall to below seasonal levels across the East coast through the end of this months and into the first week of February.

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Crude Oil Gained Propped Up By Comments From Saudi Arabia

Crude Oil trading range for the day is 3994-4124.

Crude oil gained propped up by comments from Saudi Arabia that cooperation between oil producers who have cut production to boost prices would continue beyond 2018.

Strong global economic growth coupled with a drop in U.S. drilling activity while additional Libyan output capped further gains.

Saudi Arabia, said major oil producers agreed that they should continue cooperating on production after their deal on supply cuts expires this year.

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Silver Prices Traded In Range As Investors Took A Relatively Calm View

Silver trading range for the day is 38630-39320.

Silver prices traded in range as investors took a relatively calm view of the partial shutdown of the U.S. federal government.

The IMF revised up its forecast for world economic growth in 2018 and 2019 saying that sweeping U.S. tax cuts were expected to boost investment.

Market participants await the outcome of the European Central Bank's meeting for possible clues to future shifts in the bank's monetary policy.

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Gold Prices Remained Supported As The Dollar Hovered Near Three-Year Lows

Gold trading range for the day is 29635-29963.

Gold prices remained supported as the dollar hovered near three-year lows.

The U.S. Senate voted to pass a temporary spending plan through Feb. 8 to end the government shutdown.

Holdings of SPDR Gold Trust, rose over 2 percent last week, their best week since the week ended Sept. 3

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Friday, 19 January 2018

Zinc Gains As Support Seen After China's Economy Grew Faster Than Expected

Zinc trading range for the day is 215.8-219.6.

Zinc gains as support seen after China's economy grew faster than expected in the fourth quarter of 2017

The global zinc market deficit widened to 80,100 tonnes in November data showed.

Zinc had the largest speculative net long position on the LME with 18.5 percent of open interest.

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Copper Prices Ended With Gains As A Robust Performance By China’s Industrial

Copper trading range for the day is 449.4-456.

Copper prices ended with gains as a robust performance by China’s industrial sector supported prices.

Chile’s state copper commission, Cochilco, raised its estimated 2018 to $3.06 per pound pointing to the potential for global supply disruptions.

China's economy expanded at a steady pace at the end of 2017, data from the National Bureau of Statistics showed.

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Silver Slipped As The Dollar Edged Higher From Three-Year Lows On Stronger

Silver trading range for the day is 38673-39289.

Silver slipped as the dollar edged higher from three-year lows on stronger-than-expected U.S. economic data.

Legislation to avoid a U.S. government shutdown advanced in Congress, as the House of Representatives approved an extension of federal funds through Feb. 16.

US unemployment claims fell to 220 thousand in the week ending January 13, the lowest since March 1973, down from the previous reading's 261K.

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Gold Traded In A Narrow Range As The Dollar Rose And Then Rising As The Dollar Moved

Gold trading range for the day is 29482-29782.

Gold traded in a narrow range as the dollar rose and then rising as the dollar moved lower, but gains were limited by higher U.S. Treasury yields.

Fed’s Mester said that her assumption the U.S. federal tax overhaul would add 0.25 to 0.5 percentage points in growth over the next two years might be too low.

U.S. industrial production increased more than expected in December as unseasonably cold weather at the end of the month boosted demand for heating.

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Thursday, 18 January 2018

Natural Gas Gained As Investors Speculated This Week’s Supply Report

Natural gas trading range for the day is 195-216.6.

Natural gas gained as investors speculated this week’s supply report will show another hefty drop as cold weather boosts demand.

Below freezing temperatures will continue to linger across most parts of the Northeast through Jan. 20, with light snow expected throughout the region.

Market participants looked ahead to this week's storage data, which is expected to show a draw of 201 bcf in the week ended Jan. 12.

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Crude Oil Prices Recovered From Lows As OPEC Showed Increased

Crude oil trading range for the day is 4021-4129.

Crude oil prices recovered from lows as OPEC showed increased determination to curb production

U.S. crude inventories fell by 5.1 million barrels in the week ended Jan. 12 to 411.5 million, according to the American Petroleum Institute.

The market weighed rising U.S. drilling activity against ongoing efforts by major producers to cut output to reduce a global glut.

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Silver Prices Fell On Profit Taking And After A Mild Rebound In Dollar

Silver trading range for the day is 38820-39678.

Silver prices fell on profit taking and after a mild rebound in dollar.

The U.S. economy should grow at a good clip this year, boosted by tax cuts, two Fed officials said.

Markets will remain focused on the chances of a government shutdown stateside this week in the scenario Congress fails to pass a spending bill by Friday.

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Gold Prices Dropped As Pressure Seen After The U.S. Dollar Recovered

Gold trading range for the day is 29606-29904.

Gold prices dropped as pressure seen after the U.S. dollar recovered from a 3-year low.

Gold prices could move higher if U.S. Republicans and Democrats fail to pass a spending bill by Friday to avoid a possible government shutdown.

Some European Central Bank officials voiced worries about the euro's strength.

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Wednesday, 17 January 2018

Natural Gas Edged Down Pulling Back From A Two Month High As Market

Naturalgas trading range for the day is 192.9-204.5.

Natural Gas edged down pulling back from a two-month high as market players monitored winter weather forecasts to gauge demand for the fuel.

Below freezing temperatures will continue to linger across most parts of the Northeast through Jan. 20, with light snow expected throughout the region.

Market participants looked ahead to this week's storage data due on Thursday, which is expected to show a draw in a range between 190 and 205bcf.

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Crude Oil Prices Eased On Profit Taking But Remained Well Supported

Crude oil trading range for the day is 4023-4159.

Crude oil prices eased on profit taking but remained well supported amid expectations OPEC-led output curbs would further tighten global supplies.

Rising US oil production, however, remains a concern for investors as data showed the number of U.S. oil rigs drilling for oil, an early indicator of future production.

U.S. crude stocks fell by 11.2 million barrels in the week to Jan. 5 to 416.6 million barrels, industry group the American Petroleum Institute said.

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Silver Slipped Tracking Weakness In Base Metals Prices

Silver trading range for the day is 38109-40349.

Silver slipped tracking weakness in base metals prices and crude oil prices as the U.S. dollar clawed back some losses.

The ECB signalled a growing appetite for revising its policy message in "early" 2018, and specifically a promise to continue its 2.55 trillion euro money-printing programme

US data showed the Empire State Manufacturing Index dipped to 17.7 in January from 18, missing expectations of 18.5.   
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Gold Prices Remained Supported As The U.S. Dollar Slumped To Three Year Lows

Gold trading range for the day is 29694-29914.

Gold prices remained supported as the U.S. dollar slumped to three-year lows against a basket of currencies.

The greenback has weakened as markets have grown more confident that a global recovery would outpace U.S. growth.

The ECB is unlikely to ditch a pledge to keep buying bonds at next week's meeting as rate setters need more time to assess the outlook for the economy and the euro.

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Tuesday, 16 January 2018

Silver Prices Gained As The U.S. Dollar Index Slumped

Silver trading range for the day is 39183-39853.

Silver prices gained as the U.S. dollar index slumped to its lowest in three years.

Prices was also boosted after data showing that U.S. consumer prices rose in December, ending the year on a slightly stronger note.

The recent drop in U.S. unemployment could spark a surge in inflation that, given the Fed’s current policy framework, could trigger interest-rate hikes.

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Gold Prices Gained With A Holiday Ahead In The US Kept Trade Light

Gold trading range for the day is 29531-29889.

Gold prices gained with a holiday ahead in the US kept trade light and the market awaiting more signals on inflation this year

U.S. producer prices fell for the first time in nearly 1-1/2 years in December amid declining costs for services.

Underlying U.S. consumer prices recorded their largest increase in 11 months in December, bolstering expectations that inflation will accelerate this year.

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Monday, 15 January 2018

Zinc Prices Edged Up To Supported By Potential Shortages

Zinc trading range for the day is 215-219.2.
Zinc prices edged up to supported by potential shortages and low inventories, but some investors voiced concern about the lofty levels.
LME inventories have tumbled 58 percent over the past 12 months to 180,150 tonnes after closures and suspensions of big mines in recent years.
China's zinc and zinc alloy production dropped by 1.5 percent in 2017 to 4.73 million tonnes due to low processing fees.
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Copper Eased After Data Showed A Sharp Decline In The Country’s Imports

Copper trading range for the day is 449.1-460.1.

Copper eased after data showed a sharp decline in the country’s imports of the red metal in December.

China’s unwrought copper imports fell 4.3 percent in December from a month earlier, according to Chinese customs data.

However, winter restrictions on domestic production kept demand for metal from overseas buoyant.

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Silver Prices Gained Shrugging Off Renewed Signs Of US Inflationary

Silver trading range for the day is 38718-39392.

Silver prices gained shrugging off renewed signs of US inflationary pressure as dollar fell to lows amid euro and sterling pressure.

Chancellor Angela Merkel struck a deal with the Social Democrat Party, paving the way for government coalition talks.

US data showed US retail sales rose 0.4% m/m in December, slowing down sharply from 0.9% in November, revised from 0.8%, while expected a 0.5% increase.

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Gold Prices Rose As The U.S. Dollar Fell Against The Euro

Gold trading range for the day is 29356-29676.

Gold prices rose as the U.S. dollar fell against the euro on an agreement for a political coalition in Germany.

The U.S. dollar saw some pressure from falling producer prices in US in December, as underlying U.S. consumer prices recorded their largest increase in 11 months.

In top consumer China, the range for premiums broadened to about $5-$8 an ounce from $6-$7 last week.

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Friday, 12 January 2018

Natural Gas Surged Hitting Their Highest Level In A Week

Natural gas trading range for the day is 180.3-203.9.

Natural gas surged hitting their highest level in a week after data showed the largest withdrawal on record in U.S. supplies in storage.

The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. declined by 359 billion cubic feet.

The US withdrew a record volume of natural gas from storage last week as extreme cold froze cities from Chicago to Boston.

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Silver Traded In Range After The Dollar Dropped On Hawkish

Silver trading range for the day is 38514-39244.

Silver traded in range after the dollar dropped on hawkish ECB meeting minutes suggesting monetary policy tightening may soon follow.

The greenback was also under pressure after data showed U.S. producer prices fell for the first time in nearly 1-1/2 years in December amid declining costs for services.

Weak inflation at the producer level could add to concerns that the factors restraining inflation could become more persistent.

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Crude Oil Prices Edged Higher, Near Three-Year Highs On Thursday

Crude oil prices edged higher, near three-year highs on Thursday in the midst of expectations that global oil demand growth and ongoing OPEC cuts would continue to reduce excess supplies.

The rally in oil prices continued with undiminished force amid investor cheerfulness that key factors supporting the late-2017 rally such as strong OPEC compliance, and bullish oil demand growth amid rising global economic growth would equalize the expected ramp up in non-OPEC output.

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Gold Prices Traded To Nearly Four-Month Highs As The Dollar

Gold prices traded to nearly four-month highs as the dollar came under pressure after the euro rushed on hawkish European Central Bank meeting minutes signifying monetary policy tightening may soon follow.

The hawkish tone of the minutes added a rush in the euro, pressuring the dollar toward fourmonth lows, while weaker-than-forecast wholesale inflation for December intensified the dollar’s retreat supporting a slight increase in gold prices.

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Thursday, 11 January 2018

Natural Gas Ticked Higher As Investors Speculated This Week’s Supply Report

Natural gas trading range for the day is 179.2-194.4.

Natural gas ticked higher as investors speculated this week’s supply report will show the largest drop on record as cold weather boosts demand.

Prices remained supported as freezing temperatures stoked demand for the heating fuel across the U.S. Northeast.

Early withdrawal estimates for this Thursday’s storage data range from 320 billion cubic feet to 345 billion cubic feet.

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Crude Oil Prices Gained As Crude Stockpiles Stowed In American Tanks

Crude Oil trading range for the day is 3994-4080.

Crude oil prices gained as crude stockpiles stowed in American tanks and terminals dwindled for an eighth straight week.

U.S. production fell 290,000 barrels per day to 9.5 million bpd, the EIA said, foiling expectations of U.S. output breaking through 10 million bpd.

The U.S. EIA raised its 2018 world oil demand growth forecast by 100,000 barrels per day from its previous estimate.

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Silver Gained Sentiment On The U.S. Dollar Weakened Ahead

Silver trading range for the day is 38453-39569.

Silver gained s sentiment on the U.S. dollar weakened ahead of retail sales and inflation reports due at the end of the week.

Market participants were now focusing on the release of U.S. inflation data due on Friday, for clues on the potential pace of rate hikes by the Federal Reserve.

Fed’s Williams said on Saturday that the Fed should raise interest rates three times this year given that economy will benefit from tax cuts.

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Gold Prices Reversed Their Losses And Rose As The Dollar Swooned

Gold trading range for the day is 28983-29601.

Gold prices reversed their losses and rose as the dollar swooned after a report that Chinese officials had recommended slowing or halting purchases of U.S. Treasury securities.

The U.S. Federal Reserve should keep interest rates low so that wage gains accelerate and inflation rises, Fed’s Neel Kashkari said.

Investors are betting on more U.S. interest rate hikes after last week's payrolls data did nothing to challenge the outlook for monetary policy tightening by Fed.

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