Wednesday, 28 March 2018

Aluminium Dropped As Pressure Continues On Concerns Of Rising China Supply

Aluminium trading range for the day is 130-133.2.

Aluminium dropped as pressure continues on concerns of rising China supply now pollution-linked output curbs have expired.

China Feb primary aluminium imports down 47 pct y/y at 3,641 tonnes, data from China's General Administration of Customs showed.

LME aluminium held at its lowest since mid-December, having broken below the 200DMA mid-month.

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Nickel Prices Remained Under Pressure After Customs Data Showed China's Refined Nickel

Nickel trading range for the day is 827-857.2.

Nickel prices remained under pressure after customs data showed China's refined nickel imports fell 7.9 percent in February.

China imported 14,710 mt of refined nickel and its alloy in February, down 44.9% month on month, and down 7.9% year on year, according to China Customs.

After it was forecast that Tangshan's air pollution is likely to reach the orange level, the city activated its emergency level Ⅱ response to heavy air pollution at 20:00 on March 25.

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Silver Dropped As The Dollar Strengthen After Fears Of A Global Trade

Silver trading range for the day is 38241-39349.

Silver dropped as the dollar strengthen after fears of a global trade war moderated amid ongoing China-U.S. dialogue on trade.

Underlying inflation in the euro zone may remain lower than expected even if growth is robust, so the ECB needs to remain patient in removing stimulus.

Market participants are looking ahead to key data, after new U.S. Fed Chairman Jerome Powell last week said the U.S. economy does not appear to be running hot.

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Gold Prices Dropped As The U.S. Dollar Rose And Risk Appetite Revived

Gold trading range for the day is 30516-30996.

Gold prices dropped as the U.S. dollar rose and risk appetite revived in global financial markets.

However, downside seen limited amid heightened tensions between Russia and the West, even as concerns over trade friction between Beijing and Washington subsided.

SPDR Gold Trust said its holdings fell 0.14 percent to 846.12 tonnes on Tuesday from 847.30 tonnes on Monday.

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Tuesday, 27 March 2018

Zinc Prices Ended With Gains Tracking LME Prices Finished 1.4 Percent Up

Zinc trading range for the day is 205.9-215.5.

Zinc prices ended with gains tracking LME prices finished 1.4 percent up at $3,260.50 on short covering lifted by a rebound in equities.

China Feb refined zinc imports up 151.2 pct y/y at 37,710 tonnes, data from China's General Administration of Customs showed.

Beijing and 33 other northern Chinese cities have issued smog alerts for the next few days as industrial output ramps up again after the end of winter restrictions.

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Copper Slid Weighed Down By A Sharp Rise In Stockpiles And Simmering Concerns

Copper trading range for the day is 421.6-435.4.

Copper slid weighed down by a sharp rise in stockpiles and simmering concerns over the outlook for U.S.-China trade relations.

China Feb refined copper imports down 1.8 pct y/y at 229,611 tonnes, data from China's General Administration of Customs showed.

Open interest in LME copper, fell to its lowest in more than two years last week and in Shanghai, however, open interest has jumped since mid-January to three-year highs.

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Silver Gained As A Slump In The Dollar Helped The Precious Metal Hold Onto Gains

Silver trading range for the day is 38514-39402.

Silver gained as a slump in the dollar helped the precious metal hold onto gains despite easing concerns about the prospect of U.S.-China trade war.

Fed should continue raising interest rates this year and next so that it can avoid an overheating that cuts short the economic expansion that is already picking up steam.

Premier Li Keqiang said that China and the U.S. should maintain negotiations and he reiterated pledges to ease access for American businesses.

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Gold Trading Range For The Day Is 30695-31033

Gold trading range for the day is 30695-31033.

Gold recovered from lows to after the United States said it would expel 60 Russian diplomats, prompting investor flight into assets considered safe havens.

Federal Reserve officials said they want to see more details about new tariff policies before deciding whether any policy response is warranted.

Gold speculators cut their net long position by 23,822 contracts to 121,838 contracts, U.S. Commodity Futures Trading Commission data showed.

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Monday, 26 March 2018

Silver Process Gained As Mounting Fears Over The Prospect Of A Trade War Stoked

Silver process gained as mounting fears over the prospect of a trade war stoked demand for the precious metal. 

Invoking Section 301 of the 1974 Trade Act, U.S. President Donald Trump signed a memorandum announcing tariffs on about $50 billion worth of Chinese exports, citing China’s unfair seizure of U.S. intellectual property. 

The world’s second largest economy announced plans to levy additional duties on up to $3 billion of U.S. imports including fresh fruit, wine and nuts in response to import tariffs Trump announced earlier this month on steel and aluminum, which were due to go into effect on Friday.

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Gold Prices Gained On A Faltering Dollar And Equities As Investors Scurried

Gold prices gained on a faltering dollar and equities as investors scurried to safety after U.S. President Donald Trump moved towards long-promised anti-China tariffs, prompting a strict response from China amid fears of a global trade war. 

Trump signed a presidential memorandum that could impose tariffs on up to $60 billion of imports from China, but only after a 30-day consultation period that starts once a list is published. 

China urged the United States to "pull back from the brink", while the Chinese commerce ministry unveiled plans to levy additional duties on up to $3 billion of U.S. imports in response to the steel and aluminium tariffs. Investor appetite for a safe-haven asset such as gold rises during times of geopolitical and financial uncertainties.

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Natural Gas Slipped As Traders Focused More On Projections That Heating Demand

Natural gas trading range for the day is 166-172.6.

Natural gas slipped as traders focused more on projections that heating demand would decline over the next two weeks.

Projected average gas demand in the Lower 48 U.S. states would decline to 91.1 billion cubic feet per day in the week.

Production in the Lower 48 U.S. states has averaged 78.0 bcfd so far in the week week, up from 77.8 bcfd last week, according to data.

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Crude Oil Gained Pushed Up By Saudi Plans For OPEC And Russian Led

Crude oil trading range for the day is 4166-4324.

Crude oil gained pushed up by Saudi plans for OPEC and Russian led production curbs introduced in 2017 to be extended into 2019 in order to tighten the market.

Saudi Arabian Energy Minister, said that OPEC members will need to continue coordinating with Russia and non-OPEC producing countries on supply curbs in 2019.

OPEC said that the cuts were close to having the desired effect of reducing global inventories to five year averages, although it gave little detail.

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Friday, 23 March 2018

Aluminium Dropped Pressure By Seasonally Building Inventories And Deteriorating

Aluminium trading range for the day is 132.3-136.7.

Aluminium dropped pressure by seasonally building inventories and deteriorating chart signals.

Market watching to see which other countries apart from Canada and Mexico might be exempted from a 10 percent tariff on aluminium.

Premiums for aluminium in the United States climbed above 19 U.S. cents a lb earlier this month, the highest levels since March 2015.

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Nickel Dropped On Fears That An Escalating Trade Spat Between China

Nickel trading range for the day is 829.7-895.3.

Nickel dropped on fears that an escalating trade spat between China and the United States, could derail global growth.

The global nickel market deficit widened to 15,800 tonnes in January from a revised deficit of 12,300 tonnes in the previous month, INSG said.

China accused US of “repeatedly abusing” trade practices, as Beijing braced for U.S. President Donald Trump’s tariffs on Chinese imports worth up to $60 billion.

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Silver Dropped On Profit Booking Tracking Weakness In Base Metals

Silver trading range for the day is 38241-39101.

Silver dropped on profit booking tracking weakness in base metals after prices gained as dollar slid on less hawkish than expected rate hike view from Fed.

The Federal Reserve raised interest rates but stuck to its forecast for two more hikes this year.

Expectations for a slower pace of rate hikes tend to buoy prices, which struggles to compete with yield bearing assets when interest rates rise.

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Gold Prices Rose Boosted By A Softer Dollar After A Less Hawkish Than Expected Federal

Gold trading range for the day is 30374-30674.

Gold prices rose boosted by a softer dollar after a less hawkish than expected Federal Reserve and growing concerns over trade tariffs.

The number of Americans filing for unemployment benefits rose just marginally last week, suggesting strong job growth in March that should underpin consumer spending.

Fed raised its key rate by 25 basis and flagged at least two more increases this year, but stopped short of pointing to the three increases.

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Thursday, 22 March 2018

Natural Gas Inched Lower As Investors Looked Ahead To Weekly Data From The U.S.

Natural gas trading range for the day is 170-178.2.

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

Meanwhile, market participants looked ahead to storage data, which is expected to show a draw in a range between 86 and 96 billion cubic feet.

That compares with a decline of 93 bcf in the preceding week, a fall of 150 bcf a year earlier and a five-year average drop of 53 bcf.

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Crude Prices Rose After Data Showed That U.S. Oil Stockpiles Fell Unexpectedly Last Week

Crude Oil trading range for the day is 4118-4326.

Crude prices rose after data showed that U.S. oil stockpiles fell unexpectedly last week as refinery activity picked up.

The U.S. Energy Information Administration said in its weekly report that crude oil inventories declined by 2.6 million barrels in the week ended March 16.

Supplies at Cushing, Oklahoma, the key delivery point for Nymex crude, rose by 905,000 barrels last week, the EIA said.

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Silver Rose On The Back Of A Weaker Dollar After The U.S. Federal Reserve

Silver trading range for the day is 37992-39174.

Silver rose on the back of a weaker dollar after the U.S. Federal Reserve disappointed investors expecting more hawkish comments on interest rate rises.

The Fed raised interest rates and forecast at least two more hikes for 2018.

The Trump administration's punchbowl of tax cuts and government spending may leave the U.S. economy with a stinging hangover in two years.

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Gold Remains Supported After The U.S. Federal Reserve Increased Interest Rates

Gold trading range for the day is 30134-30682.

Gold remains supported after the U.S. Federal Reserve increased interest rates and forecast at least two more hikes for 2018

U.S. Federal Reserve increased interest rates and forecast at least two more hikes for 2018, falling short of the three more increases many expected.

The U.S. central bank said inflation should move higher amid a stronger economy after years below its 2 percent target.

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Wednesday, 21 March 2018

Zinc Prices Dropped As Pressure Seen As Rising Inventories Highlighted

Zinc trading range for the day is 206.9-213.7.

Zinc prices dropped as pressure seen as rising inventories highlighted healthy supplies.

Greater availability of zinc on the LME market has seen the premium for the cash contract over the three-month forward - above $55 a tonne.

Kazakhstan's January refined zinc production climbed 2.4 percent year-on-year, Statistics Committee data showed.

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Copper Dropped As Pressure After Data Showed LME Copper Inventories Grew

Copper trading range for the day is 434.7-451.1.

Copper dropped as pressure after data showed LME copper inventories grew by a further to 322,475 tonnes, bringing the gain this year to 61 percent.

China's refined copper output stood at 1.48 million mt in the first two months of this year, according to data from the Chinese customs.

Kazakhstan's January refined copper output jumped 7.5 percent year-on-year, Statistics Committee data showed.

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Silver Prices Pushed Lower As Demand For The U.S. Dollar Strengthened Ahead

Silver trading range for the day is 37887-38645.

Silver prices pushed lower as demand for the U.S. dollar strengthened ahead of the Federal Reserve's policy meeting.

Investors were still cautious however amid over the economic impact of U.S. protectionist policies.

The White House is expected to unveil up to $60 billion in new tariffs on Chinese imports, targeting technology, telecommunications and intellectual property.

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Gold Prices Fell As The Dollar Strengthened Ahead Of A Fed’s Meeting

Gold trading range for the day is 30097-30439.

Gold prices fell as the dollar strengthened ahead of a Fed’s meeting at which the U.S. central bank is expected to raise interest rates for the first time this year.

Investors were instead looking ahead to guidance on the pace of future rate increases, with the Fed likely to take a cautious approach.

Switzerland became a net exporter of gold for the first time in more than two years in February, data from the Swiss customs bureau showed.

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Tuesday, 20 March 2018

Natural Gas Dropped Amid Speculation The End Of The Winter Heating Season

Natural gas trading range for the day is 170.5-178.3.

Natural gas dropped amid speculation the end of the winter heating season will bring warmer temperatures throughout the U.S. and cut into demand for the fuel.

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

Total natural gas in storage currently stands at 1.532 trillion cubic feet, according to the U.S. Energy Information Administration.

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Crude Oil Dropped As Fears Of Rising U.S. Production Persisted Amid

Crude oil trading range for the day is 4000-4120.

Crude oil dropped as fears of rising U.S. production persisted amid an uptick in U.S. oil rigs.

Saudi Oil exports rose to 7.17mbpd In Jan Vs 7.045m: Jodi

U.S. drillers added four oil rigs in the week to March 16, bringing the total count to 800, according to the weekly report.

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Silver Gained As A Sharp Fall In The Dollar Shrugged Off Expectations

Silver trading range for the day is 38075-38773.

Silver gained as a sharp fall in the dollar shrugged off expectations that the Federal Reserve will hike interest rates later this week.

Data showed that U.S. industrial production jumped in February, boosted by robust increases in output at factories and mines.

Holdings at ishares silver trust gained by 0.21% i.e. 20.51 tonnes to 9942.90 tonnes from 9922.39 tonnes.

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Gold Prices Turned Positive On Weakness In Equity Markets Ahead Of A U.S. Central Bank

Gold trading range for the day is 29973-30661.

Gold prices turned positive on weakness in equity markets ahead of a U.S. central bank meeting that could raise interest rates.

European Central Bank policymakers are shifting their debate to the expected path of interest rates.

SPDR Gold Trust, said its holdings rose 1.26 percent to 850.84 tonnes on Monday from 840.22 tonnes on Friday.

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Monday, 19 March 2018

Zinc Prices Gained As Support Seen After Extended Heating Season In North China

Zinc trading range for the day is 208.3-215.5.

Zinc prices gained as support seen after extended heating season in north China to affect zinc plating output.

China Jan-Feb zinc output +2.5 pct y/y at 957,000 tonnes - stats bureau

Greater availability of zinc on the LME market has seen the premium above $55 a tonne at the end of January.

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Copper Prices Dropped As The Dollar Recovered And Concerns Lingered

Copper trading range for the day is 442.3-456.7.

Copper prices dropped as the dollar recovered and concerns lingered that U.S. tariffs could provoke a trade war.

Copper inventories in warehouses monitored by the Shanghai Futures Exchange rose 10.8 percent from last Friday, the exchange said.

China Jan – Feb refined copper output +10.3 pct y/y at 1.48 mln tonnes.

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Silver Prices Dropped As The Dollar Strengthen Amid Expectations

Silver trading range for the day is 37881-38939.

Silver prices dropped as the dollar strengthen amid expectations that the Federal Reserve will hikes rates next week for the first time this year.

US data showed housing starts fell 7% in February to 1.236 million units, compared to January's 9.7% rise to 1.329 million.

Traders see a 93% chance the Federal Reserve will hike rates by 0.25% to a range of 1.50% to 1.75% on March 21.

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Gold Prices Dipped On Pressure From A Stronger U.S. Dollar And Expectations

Gold trading range for the day is 30035-30443.

Gold prices dipped on pressure from a stronger U.S. dollar and expectations that the U.S. Federal Reserve will raise interest rates.

Losses were limited by political tumult in the United States which fueled safe-haven demand for bullion.

India's Feb Gold Imports Down 16.92 Pct y/y To $2.89 Bln - Trade Ministry.

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Friday, 16 March 2018

Natural Gas Fell Following A Report Showing A Weekly Storage Draw

Natural gas trading range for the day is 170.3-180.7.

Natural gas fell following a report showing a weekly storage draw that was slightly smaller than expected.

The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. fell by 93 billion cubic feet.

Total U.S. natural gas storage stood at 1.532 trillion cubic feet, 31.9% lower than levels at this time a year ago.

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Crude Oil Gained After The IEA Forecast An Increase In Global Oil Demand

Crude oil trading range for the day is 3921-4029.

Crude oil gained after the IEA forecast an increase in global oil demand for the next year, although it also warned about the consequences of protectionist U.S. policies.

Global oil demand is expected to pick up more quickly this year, but supply is still growing at a faster pace leading to a rise in inventories in the first quarter of 2018.

OPEC raised its forecast for oil supply from non-member countries in 2018 as higher prices encourage U.S. shale drillers to pump more.

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Silver Prices Turned Lower As The Release Of Mostly Positive U.S. Data

Silver trading range for the day is 38228-39032.

Silver prices turned lower as the release of mostly positive U.S. data pushed the greenback higher.

The U.S. Labor Department reported that initial jobless claims decreased by 4,000 last weeks to 226,000, compared to expectations for a fall to 230,000.

The Philadelphia Fed's manufacturing index fell to 22.3 in March from 25.8 the previous month, confounding expectations for a reading of 23.2.

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Gold Prices Remain Under Pressure Amid Dollar Strength As Focused Shifted

Gold trading range for the day is 30136-30554.

Gold prices remain under pressure amid dollar strength as focused shifted to the Federal Reserve’s monetary policy decision next week

The New York Federal Reserve said that their manufacturing sectors saw strong growth this month.

But at the same time, the Philadelphia Federal Reserve reported slightly weaker than expected growth in the sector.

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Thursday, 15 March 2018

Natural Gas Dropped On Forecasts For Less Cold Weather And Lower Heating

Natural gas trading range for the day is 172.7-184.7.

Natural gas dropped on forecasts for less cold weather and lower heating demand than expected earlier over the next two weeks.

Gas demand in the lower 48 U.S. states would average 96.8 billion cubic feet per day next week, down from Tuesday's forecast of 97.8 bcfd for that period.

U.S. utilities likely withdrew 96 billion cubic feet of natural gas from storage last week, about average for this time of year.

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Crude Oil Prices Settled Higher As Data Showing A Massive Draw

Crude oil trading range for the day is 3869-4015.

Crude oil prices settled higher as data showing a massive draw in gasoline supplies offset a build in crude stockpiles for the third-straight week.

Inventories of U.S. crude rose by 5.022 million barrels for the week ended March 9, well above expectations for a rise of 2.023 million barrels.

EIA said in its monthly report that U.S. crude oil production jumped above 10 mbpd at the end of 2017, overtaking output by top exporter Saudi Arabia.

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Silver Settled Flat As Prices Struggled To Capitalize On Dollar Weakness

Silver trading range for the day is 38515-39197.

Silver settled flat as prices struggled to capitalize on dollar weakness despite weaker economic data.

The U.S. Commerce Department reported that retail sales fell 0.1% in February, compared to expectations for a 0.3% rise.

A separate report showed that U.S. producer prices rose 0.2% in February, beating forecasts for an uptick of 0.1%.

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Gold Settle Flat On An Expectation Of Higher Interest Rates

Gold trading range for the day is 30246-30626.

Gold settle flat on an expectation of higher interest rates, but downside seen limited by safe-haven buying after the sudden dismissal of U.S. Secretary of State Rex Tillerson.

U.S. retail sales fell for a third straight month in February, prompting to downgrade their first-quarter economic growth forecasts.

Markets were jittery after U.S. President Donald Trump fired Secretary of State Tillerson, considered more moderate in his administration.

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Wednesday, 14 March 2018

Natural Gas Pared Gains On Profit Booking After Prices Rose On Expectations

Natural gas trading range for the day is 178.4-184.2.

Natural gas pared gains on profit booking after prices rose on expectations of colder-than-normal weather over the next two weeks.

Inventories of natural gas remain below the 5-year average but above the 5-year average range.

Meanwhile, market participants looked ahead to storage data due on Thursday, which is expected to show a draw in a range between 92 and 104bcf in the week.

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Crude Oil Prices Settled Lower As Investors Feared A Ramp Up In U.S. Shale

Crude oil trading range for the day is 3838-4054.

Crude oil prices settled lower as investors feared a ramp up in U.S. shale output would undermine OPEC’s efforts to cut global supplies.

U.S. crude production, pushed up largely by shale oil drilling, is expected to rise above 11 million bpd by late 2018, taking the top spot from Russia.

U.S. crude inventories rose by 1.2 million barrels in the week to March 9, to 428 million barrels, the American Petroleum Institute said.

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Silver Prices Rose Amid An Uptick In Safe-Haven Demand On Concerns

Silver trading range for the day is 38470-39120.

Silver prices rose amid an uptick in safe-haven demand on concerns about turmoil in the Trump administration after Secretary of State Rex Tillerson was fired.

Also adding to positive sentiment on prices was an inflation report that while in-line with forecasts did little.

President Donald Trump fired Secretary of State Rex Tillerson, after a falling out on how best to tackle the Iran nuclear deal.

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Gold Prices Turned Positive As The U.S. Dollar Lost Ground After News

Gold trading range for the day is 30169-30513.

Gold prices turned positive as the U.S. dollar lost ground after news that U.S. President Donald Trump replaced Secretary of State Rex Tillerson.

U.S. consumer prices cooled in February, the latest indication that an anticipated pickup in inflation probably will be only gradual.

Markets are looking to the next Fed meeting for direction on the pace of U.S. interest rate hikes this year.

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Tuesday, 13 March 2018

Zinc Dropped As Investors Continue To Wonder If An Economic Slowdown In China

Zinc trading range for the day is 208.3-214.9.

Zinc dropped as investors continue to wonder if an economic slowdown in China could limit demand.

Brazilian miner Nexa Resources SA said that it has reached a deal to end a workers' strike at its Cajamarquilla zinc smelter in Peru.

South Korea is seeking to buy 1,000 tonnes of zinc for arrival in May via separate tenders.

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Copper Dropped After A Rise In Inventories In LME Warehouses

Copper trading range for the day is 445.9-455.5.

Copper dropped after a rise in inventories in LME warehouses of 10,000 tonnes to 321,125 tonnes suggested ample supply of the metal.

Workers in the largest union at Antofagasta PLC's Los Pelambres copper mine in Chile rejected an offer for a new labour contract, paving the way for a strike.

Speculators reduced bets on higher prices, with the net long in Comex copper falling to the lowest since November 2016.

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Silver Dropped As Market Sentiment Remained Supported By Expectations

Silver trading range for the day is 38508-39048.

Silver dropped as market sentiment remained supported by expectations for a less aggressive rate hike policy by the Federal Reserve.

U.S. inflation expectations edged higher last month, with one measure hitting its highest level in a year.

The Labor Department reported that the U.S. economy added 313,000 jobs last month, beating forecasts of 200,000.

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Gold Prices Fell As The Dollar Held Steady After Data Showed The U.S. Economy

Gold trading range for the day is 30182-30502.

Gold prices fell as the dollar held steady after data showed the U.S. economy added a larger-than-expected number of jobs in February.

The U.S. government had a $215 billion budget shortfall in February as revenues into the government's coffers fell and outlays increased, the Treasury Department said.

Non-farm payrolls jumped by 313,000 jobs last month, boosted by the largest rise in construction jobs since 2007, the Labor Department said.

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Monday, 12 March 2018

Copper Prices Rallied Lifted By Upbeat U.S. Wage Data That Dented The Dollar

Copper trading range for the day is 438-461.2.

Copper prices rallied lifted by upbeat U.S. wage data that dented the dollar and soothed inflation worries

Chile posted a trade surplus of $1.25 billion in February, its largest in four years, as copper exports continued strong.

China's imports of copper fell 20 percent in February from a month earlier, dropping for a third straight month.

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Crude Oil Prices Gained As Data Showed The Number Of U.S. Oil Rigs

Crude oil trading range for the day is 3873-4113.

Crude oil prices gained as data showed the number of U.S. oil rigs fell for the first time in seven weeks pointing to a potential slowdown in U.S. oil output.

The United States is set to put its stamp on global oil markets for the next five years,” said Fatih Birol.

The number of oil rigs operating in the U.S. fell by four to 796, according to data from energy services firm Baker Hughes.

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