Wednesday, 28 February 2018

Natural Gas Gained On Forecasts For Colder Weather And Higher Heating Demand

Natural gas trading range for the day is 170.6-180.2.

Natural gas gained on forecasts for colder weather and higher heating demand during the first week of March.

Despite recent gains, prices are likely to remain vulnerable in the near-term as the coldest part of the winter has effectively passed.

Market participants looked ahead to this week's storage data due on Thursday, which is expected to show a draw in a range between 68 and 78 bcf.

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Crude Oil Fell In Yesterday’s Session Trimming Recent Gains As The Dollar

Crude oil trading range for the day is 4058-4192.

Crude oil fell in yesterday’s session trimming recent gains as the dollar strengthened versus major rivals.

Pressure seen as "US shale growth is very strong, the pace is very strong... The US will become the No.1 oil producer sometime very soon," IEA

The oil cartel together with Russia agreed in November to extend the 1.8 mbpd output cuts through 2018, to rid the market of excess supplies.

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Silver Prices Moved Lower As Comments By Fed’s Chairman Jerome

Silver trading range for the day is 37737-38841.

Silver prices moved lower as comments by Fed’s Chairman Jerome Powell pushed the U.S. dollar higher despite of downbeat US durable goods orders data.

Fed's Powell: Some headwinds facing US economy are now tailwinds; FOMC sees risks roughly balanced, monitoring inflation.

Fed's Powell: Sees further gradual rate hikes, outlook remains strong; says that he, Yellen worked to provide continuity on policy.

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Gold Prices Dropped After The New U.S Central Bank Chairman Pledged

Gold trading range for the day is 30054-30730.

Gold prices dropped after the new U.S central bank chairman pledged to stick with gradual interest rate increases.

Federal Reserve Chair Jerome Powell reiterated that the U.S. central bank would likely move forward with a gradual increase in interest rates.

Powell promised to continue to strike a balance between avoiding an overheated economy and bringing inflation back near the Fed’s 2% target.

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Tuesday, 27 February 2018

Natural Gas Edged Up On Forecasts For Colder Weather And Higher Heating

Natural gas trading range for the day is 170-180.

Natural gas edged up on forecasts for colder weather and higher heating demand during the first week of March.

With the forecasts for cooler weather, projected gas demand in the Lower 48 U.S. states would rise to 103.2 billion cubic feet per day.

Projected output in the Lower 48 U.S. states climbed to 77.4 bcfd on Sunday, the most since late December.

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Crude Oil Gained Supported By Comments From Saudi Arabia

Crude oil trading range for the day is 4061-4219.

Crude oil gained supported by comments from Saudi Arabia that it would continue to curb exports in line with the OPEC-led effort to cut global supplies.

Saudi Arabian oil minister Khalid al-Falih said the country’s crude production in January-March would be well below output caps, with exports averaging below 7 mbpd.

Libya’s National Oil Corp said it had declared force majeure on the 70,000 bpd El Feel oilfield after a protest by guards closed the field.

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Silver Prices Gained As Sentiment On The U.S. Dollar Weakened

Silver trading range for the day is 38053-38953.

Silver prices gained as sentiment on the U.S. dollar weakened due to a decline in bond yields.

Fed's minutes showed that central bank officials see increased economic growth and rising inflation as justification to continue to raise interest rates gradually.

Traders grew more cautious ahead of new Federal Reserve head Jerome Powell's testimony this week.

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Gold Prices Edged Up Buoyed By A Weaker U.S. Dollar As Investors Waited

Gold trading range for the day is 30416-30702.

Gold prices edged up buoyed by a weaker U.S. dollar as investors waited for possible clues on the pace of U.S. monetary tightening.

The focus is on Fed Chairman Jerome Powell’s first congressional testimony on monetary policy and the economy, due later this week.

Hedge funds and money managers raised their net long positions in COMEX gold contracts in the week to Feb. 20, U.S. CFTC data showed.

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Monday, 26 February 2018

Zinc Prices Dropped As Pressure Seen After Zinc Inventories

Zinc trading range for the day is 226.2-232.

Zinc prices dropped as pressure seen after Zinc inventories on the Shanghai Futures Exchange jumped 12 percent in the week to 114,887 tonnes.

The global zinc market deficit narrowed to 48,600 tonnes in December from a revised deficit of 65,700 tonnes in November, data from the ILZSG showed.

European zinc premiums dropped into a wider range, which reflects a retreat by traders from physical positions.

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Copper Prices Fell As Investors Locked In Profits And The Dollar Firmed

Copper trading range for the day is 454-465.4.

Copper prices fell as investors locked in profits and the dollar firmed amid uncertainty over demand in top metals consumer China.

Copper inventories in warehouses monitored by the Shanghai Futures Exchange rose 10.5 percent from last week, the exchange said.

Copper stocks held in warehouses registered with COMEX in the United States stand at 228,428 tonnes, up from below 90,000 tonnes at the start of 2017.

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Natural Gas Prices Inched Down Pressured By Forecasts For Milder

Natural gas trading range for the day is 168.9-177.7.

Natural gas prices inched down pressured by forecasts for milder than expected temperatures over the next two weeks.

The market is seeing significant bearish pressures as short-term temperature models are shifting away from cold early March trends.

Early estimates showed utilities likely withdrew smaller-than-normal 70 billion cubic feet of gas from storage in the week to Feb. 23.

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Crude Oil Gained Supported By The Shutdown Of The El Feel Oilfield In Libya

Crude oil trading range for the day is 4006-4200.

Crude oil gained supported by the shutdown of the El Feel oilfield in Libya and upbeat comments from Saudi Arabia that an OPEC-led effort to cut stockpiles is.

Saudi Arabia's Oil Minister Khalid al-Falih said oil markets are rebalancing and he expected inventories to continue declining this year.

This is a period of soft demand as we all know because of seasonality.

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Friday, 23 February 2018

Silver Recovered As Softness In The U.S. Dollar And A Slight Pullback

Silver recovered as softness in the U.S. dollar and a slight pullback in bond yields helped to nudge the prices slightly higher. 

Dallas Federal Reserve Bank President Robert Kaplan said that three U.S. interest-rate increases in 2018 is "appropriate" but that stronger-than-expected economic data could change that.

The number of Americans filing for unemployment benefits fell to a near 45-year low last week, pointing to strong job growth in February and solid momentum in the economy. 

U.S. Treasuries pared price gains after the U.S. government sold new seven-year notes to slightly soft demand, the final sale of $258 billion in debt this week.

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Gold On MCX Settled Up 0.32% At 30573 As The U.S. Dollar Surrendered

Gold on MCX settled up 0.32% at 30573 as the U.S. dollar surrendered early gains after prices seen pressure boosted by minutes from Fed. 

With markets looking past Wednesday's hawkish FOMC meeting minutes, a modest US Dollar retracement was seen lending some support to gold. 

Adding to this, the prevalent risk-off environment, as depicted by a sea of red across European equity markets provide an additional boost to the precious metal's safe-haven appeal.

The global risk aversion was further reinforced by sliding US Treasury bond yields, which was further seen benefitting the non-yielding yellow metal. 

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Nickel Prices Gained On Update That Nickel Ore Output In The Philippines

Nickel trading range for the day is 862.4-912.8.

Nickel prices gained on update that nickel ore output in the Philippines, dropped 6% last year.

Japan's crude steel output rose 0.3 percent in January from a year earlier to 9.03 million tonnes, the Japan Iron and Steel Federation said.

Germany’s vibrant domestic demand and rising orders from abroad are boosting growth in Europe’s largest economy, the finance ministry said.

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Aluminium Prices Dropped As LME On-Warrant Stocks Of Available Aluminium

Aluminium trading range for the day is 140-143.4.

Aluminium prices dropped as LME on-warrant stocks of available aluminium inventories rose by 12,325 tonnes to 1,159,325 tonnes

The premium for cash aluminium over the three-month contract fell to $31.75 after touching $50, the highest since 2007.

Aluminium inventories in the LME warehouse system have declined to 1.3 million tonnes from almost 5.5 million tonnes in 2014.

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Thursday, 22 February 2018

Silver Prices Steadied As The U.S. Dollar Continued To Be Supported

Silver prices steadied as the U.S. dollar continued to be supported ahead of the minutes of the Federal Reserve's latest policy meeting.

Prices were supported by somewhat dovish comments from Federal Reserve officials who suggested the Fed’s gradual approach to monetary policy tightening should continue.

The more upbeat take on inflation in the minutes of the Jan. 30-31 policy meeting released on Wednesday will likely further cement expectations that new Fed chief Jerome Powell will lead his colleagues in raising interest rates next month.

That led investors to narrow the odds on faster hikes with a host of Fed fund futures hitting contract lows. Three rate rises are now almost fully priced in for this year, compared to two as recently as December.

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Gold On MCX Settled Down -0.18% At 30476 As Investors Awaited Federal Reserve

Gold on MCX settled down -0.18% at 30476 as investors awaited Federal Reserve policy meeting minutes for clues on the outlook for U.S. interest rates.

The minutes from the last U.S. Federal Reserve meeting showed policymakers confident in the need to keep raising interest rates.

The more upbeat take on inflation in the minutes of the Jan. 30-31 policy meeting released on Wednesday will likely further cement expectations that new Fed chief Jerome Powell will lead his colleagues in raising interest rates next month.

The “best hope” for the impact of the Trump administration’s $1.5 trillion tax overhaul on the U.S. economy is that it boosts investment and thus productivity, Minneapolis Federal Reserve Bank President Neel Kashkari said.

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Zinc On MCX Settled Down -0.32% At 230.65 With Trading Volumes

Zinc trading range for the day is 228.1-232.3.

Zinc on MCX settled down -0.32% at 230.65 with trading volumes as Chinese markets remained shut for the Lunar New Year break.

The global zinc market deficit narrowed to 48,600 tonnes in December from a revised deficit of 65,700 tonnes in November - ILZSG showed

The dollar rose extending a recovery from last week’s three-year lows as traders trimmed bearish bets against the U.S. currency. 

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Copper Prices Recovered On Expectations That Labour Strife At Copper Mines

Copper trading range for the day is 450.6-466.

Copper prices recovered on expectations that labour strife at copper mines this year would reduce supplies.

On-warrant copper stocks in LME warehouses were down 1,075 tonnes at 289,975 tonnes. So far this year, they have risen by 84 percent.

Bets on higher prices have decreased, with the net long position of hedge funds and money managers in Comex copper dropping by two thirds since the start of

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Wednesday, 21 February 2018

Zinc On MCX Settled Up At 231.40 While Trading Volumes Of Low As The Shanghai Futures

Zinc trading range for the day is 228.3-234.3.

Zinc on MCX settled up at 231.40 while trading volumes of low as the Shanghai Futures Exchange is closed for the Lunar New Year .

Vedanta may accelerate expansion of its African zinc operations to take advantage of prices that have reached their highest levels in a decade

As per China's General Administration of Customs, zinc imports by the mainland nation surged by 60% to 674,789 tonnes in 2017.

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Copper Traded In The Range Largely Prices Remain Unchanged In Extremely Light

Copper trading range for the day is 451.9-462.3.

Copper traded in the range largely prices remain unchanged in extremely light trading volumes as the Shanghai Futures Exchange is closed

Copper stockpiles in LME-registered warehouses have risen to almost 340,000 tonnes from 200,000 tonnes in early January, suggesting plentiful supply.

Copper registered falls after reports that Indonesia had let Freeport start shipping copper concentrates from its Grasberg mine for another year.

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Silver Prices Remained Under Pressure As U.S. Dollar Strength

Silver trading range for the day is 37960-38930.

Silver prices remained under pressure as U.S. dollar strength and lower demand for safe-haven assets continued to weigh on the precious metal.

The greenback remained supported against other major currencies despite U.S. deficit worries.

The U.S. deficit is projected to climb near $1 trillion in 2019 following the recent announcement of infrastructure spending and large corporate tax cuts.

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Gold Prices Fell As The Dollar Rebounded From Over Three Year Lows Hit

Gold trading range for the day is 30343-30869.

Gold prices fell as the dollar rebounded from over three-year lows hit last week.

UK Brexit Minster David Davis says British and EU should both respect fair trade and equal competition.

Market participants were looking ahead to the minutes of the Fed's latest policy meeting, for potential indications on the pace of future rate hikes.

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Tuesday, 20 February 2018

Natural Gas On MCX Remain Unchanged At 165.50 As Prices Continue

Natural gas trading range for the day is 162.2-171.2.

Natural gas on MCX remain unchanged at 165.50 as prices continue to consolidate inside a tight five-day range.

A weather system tracked over the week-end with rain and snow showers, with lows dropping into the 20s to – 0s for a swing back to stronger demand.

NWS the most recent 8-14 day weather outlook calls for a likelihood of warmer-than-average temperatures in the Northeast, Southeast, and Midwest.

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Crude Oil Prices Continued To Supported By Tensions In The Middle East

Crude oil trading range for the day is 3974-4080.

Crude oil prices continued to supported by tensions in the Middle East and global supply cut efforts.

UAE energy minister said that oil producers led by Saudi and Russia aim to draft an agreement on a long-term alliance to cut output by the end of this year.

Baker Hughes unit reported on Friday that the U.S. oil rig count rose by 7 to 798 last week, its highest since April 2015.

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Silver Prices Were Down Slightly As The Dollar Clawed Back Some Recent Losses

Silver trading range for the day is 38385-38753.

Silver prices were down slightly as the dollar clawed back some recent losses and stocks rose, but worries about U.S. inflation kept buyers in the metal.

The U.S. Commerce Department reported that consumer prices rose more than expected in January by 0.5%, sending U.S. bond yields higher.

Speculators switched to a net short position in silver futures and options, according to the CFTC data.

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Gold Prices Slipped Lower As The U.S. Dollar Remained Supported

Gold trading range for the day is 30686-30820.

Gold prices slipped lower as the U.S. dollar remained supported by Friday's strong U.S. housing sector data.

Data showed that U.S. homebuilding increased to more than a one-year high in January and that building permits soared to their highest level since 2007.

The upbeat report overshadowed fresh concerns over the deficit in the U.S., which is projected to climb near $1 trillion in 2019.

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Friday, 16 February 2018

Aluminium Dropped As Pressure After Stocks Rose By 31,275 Tonnes

Aluminium trading range for the day is 134.2-142.6.

Aluminium dropped as pressure after stocks rose by 31,275 tonnes, adding to Tuesday’s 158,925-tonne increase.

Stocks have climbed 187,250 tonnes so far this week, on track for their biggest weekly gain since May 2009.

The Shanghai Futures Exchange is closed until Feb. 22, reducing trading activity and increasing price volatility.

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Nickel Gained Supported By Strong Chinese Demand

Nickel trading range for the day is 875.8-930.4.

Nickel gained supported by strong Chinese demand, supply tightness, and investment.

Strong exports drove robust growth in Germany at the end of last year while inflation stayed subdued in January.

Japan's core machinery orders tumbled in December at the fastest pace in more than three years and companies expect orders to rise only marginally in January to March.

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Silver Prices Traded In Range As Sentiment On The Greenback Remained

Silver trading range for the day is 37850-39170.

Silver prices traded in range as sentiment on the greenback remained vulnerable despite the release of mostly positive U.S. data.

Prices remained supported as expectations for a faster pace of rate hikes by the Federal Reserve drove the benchmark 10-Year Treasury yield to a four-year high.

Market participants were betting on a faster pace of U.S. rate hikes after the report showed that consumer prices rose more than expected in January.

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Gold Steadied As The Dollar Skidded To Its Lowest In Two Weeks

Gold trading range for the day is 30447-30747.

Gold steadied as the dollar skidded to its lowest in two weeks on concerns about the impact of high levels of U.S debt and tax cuts.

A report showed that U.S. initial jobless claims increased by 7,000 to 230,000 in the week ending Feb. 10, in line with expectations.

The U.S. Commerce Department reported that the producer price index rose in line with expectations by 0.4% in January.

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Thursday, 15 February 2018

Natural Gas Prices Were Under Pressure Amid Speculation The End Of The Winter

Natural gas trading range for the day is 162.4-171.2.

Natural gas prices were under pressure amid speculation the end of the winter heating season will bring warmer temperatures throughout the U.S.

Market experts warned that futures are likely to remain vulnerable in the near-term as the coldest part of the winter has effectively passed.

Meanwhile, market participants looked ahead to this week's storage data due on Thursday, which is expected to show a draw of 193 bcf.

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Crude Oil Prices Settled Higher After Data Showing US Oil Supplies Rose Less

Crude oil trading range for the day is 3690-3916.

Crude oil prices settled higher after data showing US oil supplies rose less than expected offset bearish product inventories data.

Inventories of U.S. crude rose by 1.841 million barrels for the week ended Feb. 9, below expectations for a rise of 2.825 million barrels.

The International Energy Agency said oil demand would grow by 1.4 million bpd in 2018, but adding that output growth could outpace demand.

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Silver Prices Rose Amid Dollar Weakness As Data Showing Rising Inflation

Silver trading range for the day is 37417-39393.

Silver prices rose amid dollar weakness as data showing rising inflation and falling retail sales stoked stagflation fears.

However, softer-than-forecast retail sales data and an immediate pullback in equities markets sparked concern that the Fed would struggle to raise rates quickly.

The Commerce Department said that U.S. retail sales decreased 0.3 percent last month, the largest decline since February 2017.

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Gold Prices Climbed Rebounding From Early Losses That Followed Stronger

Gold trading range for the day is 29807-31095.

Gold prices climbed rebounding from early losses that followed stronger-than-expected U.S. inflation data, as the dollar surrendered gains and equities swung higher.

The recovery in broader risk sentiment was seen weighing on the dollar, which had gained during the market turmoil earlier in the month.

U.S. consumer prices rose more than expected in January as Americans paid more for gasoline, rental accommodation and healthcare.

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Wednesday, 14 February 2018

Zinc Prices Gained Boosted By Worries About Tighter Supplies

Zinc trading range for the day is 218.5-226.9.

Zinc prices gained boosted by worries about tighter supplies

Smelters expected to reduce zinc processing fees amid mine supply shortage

Zinc mine supply is forecast to grow by 664,000 tonnes this year, following an estimated increase of 785,000 tonnes in 2017.

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Copper Climbed As The Dollar Dropped, Although Traders Remained Cautious

Copper trading range for the day is 437.8-455.8.

Copper climbed as the dollar dropped, although traders remained cautious about demand after the Lunar New Year holiday that starts this week.

Traders noted that the import window for copper into China is open, potentially supporting prices.

One saw limited inflows given traders will not want to risk holding stock over the Lunar New Year holidays which start Feb. 15.

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Silver Prices Remained Supported As Caution Ahead Of This Week's U.S. Inflation Data

Silver trading range for the day is 37776-38582.

Silver prices remained supported as caution ahead of this week's U.S. inflation data weighed on demand for the dollar.

Market turbulence has been triggered by speculation that Fed may raise interest rates at a faster rate than had been expected amid signs of a pickup in inflation.

Investors will be watching for U.S. consumer price data given it was fears of faster inflation, and thus more aggressive rate rises.

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Gold Prices Rose As The U.S. Dollar Slipped And Markets Anticipated

Gold trading range for the day is 30042-30338.

Gold prices rose as the U.S. dollar slipped and markets anticipated the release of impending U.S. inflation.

Last week, the dollar was supported by increased safe haven demand from investors amid dramatic moves in the equities and bond markets.

Physical gold demand in Asia picked up towards the end of the week, as a pullback in prices spurred purchases ahead of the Lunar New Year in China and the wedding season in India.

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Monday, 12 February 2018

Natural Gas Fell To A Six-Week Low On Forecasts For Less Cold Weather

Natural gas trading range for the day is 162-177.

Natural gas fell to a six-week low on forecasts for less cold weather and lower heating demand next week than previously expected.

As the weather moderates, projected, gas demand in the lower 48 U.S. states would slip to 105.6 billion cubic feet per day in the week.

The commodity has been on the backfoot after weather forecasts showed that temperatures across key parts of the U.S. won't be as cold as previously expected.

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Crude Oil Dropped As Record-High U.S. Crude Output Added To Concerns

Crude oil trading range for the day is 3716-3966.

Crude oil dropped as record-high U.S. crude output added to concerns about a sharp rise in global supplies.

U.S. domestic crude production hit a record of 10.25 million barrels per day (bpd) for the most recent week, according to the U.S. EIA said.

OPEC member Iran also announced plans to increase production within the next four years by at least 700,000 barrels a day.

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Silver Dropped As Investors Eyed Volatility In Global Stocks

Silver trading range for the day is 37238-38182.

Silver dropped as investors eyed volatility in global stocks and a leading dollar index aimed for its best weekly performance in more than a year.

The global market selloff, and bets that US could see at least three interest rate hikes in 2018 due to improving U.S. fundamentals have propelled the U.S. dollar.

US wholesale inventories rose 0.4% in the final December reading, up from 0.2% in the preliminary reading, while expecting a 0.2% rise with no change.

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Gold Slipped Due To Firmer Dollar And Worries About Rising Global Interest Rates

Gold trading range for the day is 29790-30212.

Gold slipped due to firmer dollar and worries about rising global interest rates, but still found some support as a safe haven asset as world stock markets fell.

Gold failed to attract investors fleeing from the biggest selloff in six years in global equities as U.S. Treasury yields rose to four-year highs.

Physical gold demand in Asia picked up towards the end of the week, as a pullback in prices spurred purchases ahead of the Lunar New Year in China.

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Friday, 9 February 2018

Natural Gas Prices Traded In Range After Weather Forecasts Showed

Natural gas trading range for the day is 170.3-181.1.

Natural gas prices traded in range after weather forecasts showed that temperatures across key parts of the U.S. won't be as cold as previously expected.

The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. fell by 119 billion cubic feet.

Total U.S. natural gas storage stood at 2.078 trillion cubic feet, 19.5% lower than levels at this time a year ago.

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Crude Oil Dropped After Iran Announced Plans To Boost Production

Crude oil trading range for the day is 3863-4023.

Crude oil dropped after Iran announced plans to boost production and U.S. crude output hit record highs.

Data showed U.S. oil production topped the 10 million barrels per day mark last week.

Domestic oil production, driven by shale extraction, rose 3.3% to an all-time high of 10.25 million bpd, the U.S. Energy Information Administration said.

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Silver Prices Edged Up As Tumbling Equities Markets Pushed Investors

Silver trading range for the day is 37363-38457.

Silver prices edged up as tumbling equities markets pushed investors into safe-haven assets.

Support also seen as traders awaited an approval of a budget deal Thursday to avert a government shutdown.

The Bank of England said it was likely to raise interest rates sooner and by more than it thought only three months ago.

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Gold Prices Bounced Off A One Month Low, As The U.S. Dollar Retreated

Gold trading range for the day is 29660-30396.

Gold prices bounced off a one-month low, as the U.S. dollar retreated despite the release of upbeat jobless claims data.

Data showed that the number of Americans filing for unemployment benefits unexpectedly fell last week, dropping to its lowest level in nearly 45 years.

The Fed will stick to its plan for "steady, gradual" rate increases, said San Francisco Fed President John Williams.

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Thursday, 8 February 2018

Natural Gas Slipped On Forecasts For A Rise In Production To Near Record Levels

Natural gas trading range for the day is 169.7-182.9.

Natural gas slipped on forecasts for a rise in production to near record levels and less heating demand next week than this week.

Projected gas demand in the lower 48 U.S. states would slip to 108.9 billion cubic feet per day next week from a forecast 113.8 bcfd this week.

Updated weather forecasting models showed that temperatures won't be as cold as previously expected.

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Crude Oil Prices Turned Lower In The Wake Of Data Showing U.S. Oil

Crude oil trading range for the day is 3844-4166.

Crude oil prices turned lower in the wake of data showing U.S. oil production topped the 10 million barrels per day mark last week.

U.S. crude stocks rose last week as refineries hiked output, while gasoline stocks increased and distillate inventories rose, the EIA said.

Crude inventories rose by 1.9 million barrels in the week to Feb. 2, compared with expectations for an increase of 3.2 million barrels.

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