Friday, 29 June 2018

Natural Gas Fell After A Weekly Government Report Showed A Smaller Than Normal Storage

Natural gas trading range for the day is 198.4-211.4.

Natural gas fell after a weekly government report showed a smaller-than-normal storage build, as a record high production weighed.

The U.S. Energy Information Administration reported that domestic supplies of natural gas rose by 66 billion cubic feet.

The EIA also revised the amount of gas injected into storage in the week ending June 15 to 95 billion cubic feet from 91 bcf reported earlier.

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Crude Gained Bolstered By Supply Concerns Due To U.S. Sanctions

Crude oil trading range for the day is 4927-5183.

Crude gained bolstered by supply concerns due to U.S. sanctions that could cause a large drop in crude exports from Iran.

Unplanned supply disruptions from Canada to Libya and Venezuela also kept supporting prices.

U.S. crude stocks fell by nearly 10 million barrels, the most in nearly two years, as refiners processed a record amount of crude and exports also hit an all-time high.

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Zinc Prices Gained As Support Seen After China Zinc Smelters Plan

Zinc trading range for the day is 196.9-207.5.

Zinc prices gained as support seen after China zinc smelters plan to cut output by 10 pct.

Australia's New Century Resources is on track to turn a giant tailings dam into the world's fifth-biggest source of zinc as it defies doubters to make its first shipment in August.

The premium of cash zinc over three months zinc above $49 a tonne held near Friday's $59.50, the highest since October last year.

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Copper Dropped Weighed Down By Conflicting Signals About Developments

Copper trading range for the day is 440.6-458.2.

Copper dropped weighed down by conflicting signals about developments in the trade row between Washington and its main trading partners.

China's copper scrap imports in May declined 33.3% from a year ago to stand at 210,000 mt, data released by China Customs.

China's manufacturing sector showed slower growth in the second quarter, a private survey showed, as export orders slipped.

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Thursday, 28 June 2018

Natural Gas Gained As Warmer Than Normal Weather Is Forecast To Cover Most

Natural gas trading range for the day is 198.8-210.

Natural gas gained as warmer than normal weather is forecast to cover most of the United States for the next 8-14 days.

Inventories remain below the 5-year average, but are still within the average range.

Net injections into storage totaled 91 Bcf for the week ending June 15, and expectations are for a similar rise in the week ending June 22.

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Crude Oil Gained Supported By A Massive Draw In U.S. Crude Supplies

Crude oil trading range for the day is 4771-5175.

Crude oil gained supported by a massive draw in U.S. crude supplies, and unexpected supply outages in Libya and Canada.

Inventories of U.S. crude fell by 9.891 million barrels for the week ended June 22, topping expectations for a draw of 2.572 million barrels.

The U.S. has told countries to cut all imports of Iranian oil starting from November, a senior State Department official said.

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Silver Steadied Despite Signs Of A Late Day Turnaround In Risk Sentiment

Silver steadied despite signs of a late-day turnaround in risk sentiment as a strong dollar continued to keep a lid on the metal's advance. 

The Federal Reserve should continue to gradually raise interest rates to lower the risk of a major policy error, Boston Federal Reserve President Eric Rosengren said. 

The U.S. economy is growing at a 4.5 percent annualized rate in the second quarter following the latest data on home sales and advance trade balance released this week, the Atlanta Fed's GDPNow forecast model showed. 

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Gold Prices Steadied As The Dollar Steadied Amid Seemingly Easing Trade Tension

Gold prices steadied as the dollar steadied amid seemingly easing trade tension. The US Dollar remained positive traction and built on overnight rebound from two-week lows, which was eventually seen exerting some fresh downward pressure on dollar-denominated commodities - like gold. 

Adding to this, firming prospects for a gradual Fed rate hike through 2018 was further seen driving flows away from Gold. U.S. President Donald Trump on Wednesday said he will use a strengthened national security review process to thwart Chinese acquisitions of sensitive American technologies, a softer approach than imposing China-specific investment restrictions.

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Wednesday, 27 June 2018

Zinc Prices Gained On Short Covering After Prices Dropped On Inventory Growth

Zinc trading range for the day is 193.6-200.2.

Zinc prices gained on short covering after prices dropped on inventory growth and anticipation of production increase at mines.

Reflecting tight supply of zinc in spot markets, the cash price is trading at nearly $60 above the benchmark price, the highest since last October.

Zinc social inventory in Shanghai, Guangdong and Tianjin fell sharply over the weekend with Shanghai recording a substantial decline.

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Copper Prices Recovered On Short Covering Amid A Strike Threat

Copper trading range for the day is 447.4-454.6.

Copper prices recovered on short covering amid a strike threat at Codelco's Chuquicamata mine in Chile.

In China, downstream demand remained sluggish amid slack season and cash woes towards the end of the first half despite the RRR cut.

Hedge funds and money managers trimmed a net long position in copper futures and options in the week to June 19, U.S. Commodity Futures Trading Commission data showed.

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Silver Remained Under Pressure As A Selloff In Global Risk Assets Eased

Silver trading range for the day is 39216-39958.

Silver remained under pressure as a selloff in global risk assets eased.

Fed’s Kaplan said he believes the U.S. central bank's monetary policy is still accommodative and suggested the Fed could raise rates at least two more times.

Sales of new U.S. single-family homes increased more than expected in May, but the overall housing market remained constrained.

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Gold Prices Seen Under Pressure As The Dollar Firmed Amid Easing Risk Aversion

Gold trading range for the day is 30360-30738.

Gold prices seen under pressure as the dollar firmed amid easing risk aversion and expectations of further interest rate hikes by the U.S.

The U.S. Treasury Department was said to be drafting curbs to stop companies with at least 25% Chinese ownership from buying U.S. tech firms.

China's net gold imports via main conduit Hong Kong surged 50 percent in May from the previous month, data showed.

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Tuesday, 26 June 2018

Natural Gas Fell As Production Rose To Fresh Record Highs

Natural gas trading range for the day is 195.9-201.3.

Natural gas fell as production rose to fresh record highs, despite expectations for more cooling demand due to hotter-than-normal weather forecast next week.

Production in the lower 48 U.S. states has averaged a record-high 79.53 billion cubic feet per day over the past 30 days.

In recent months, the biggest factor affecting the gas market has been whether production, which is at record highs, would be enough to cut the vast storage deficit.

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Crude Oil Dropped As Traders Continued To Assess The Impact Of Fresh Supply

Crude oil trading range for the day is 4577-4775.

Crude oil dropped as traders continued to assess the impact of fresh supply entering the market following OPEC's decision to lift output.

OPEC and non-OPEC partners including Russia have since 2017 cut output by 1.8 million bpd to tighten the market and prop up prices.

In the United States, U.S. energy companies last week cut one oil rig, the first reduction in 12 weeks, lowering the total rig count to 862, Baker Hughes said.

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Silver On MCX Settled Down -0.38% At 39645 As Investors Flocked To U.S. Treasuries

Silver on MCX settled down -0.38% at 39645 as investors flocked to U.S. Treasuries rather than bullion, amid concerns over a global trade war ratcheting higher. 

U.S. President Donald Trump threatened to impose a 20% tariff on all U.S. imports of European Union-assembled cars, escalating trade tensions with Europe. 

News reports suggested that companies with 25% or more Chinese ownership may be banned from buying US businesses with “industrially significant technology”. US new home sales jumped 6.7% to a seasonally adjusted annual rate of 689,000 units in May, the highest level since November 2017.

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Gold Remained Under Pressure Pressured By A Strong U.S. Dollar

Gold remained under pressure pressured by a strong U.S. dollar amid prospects of higher interest rates, while global trade tensions kept prices buoyed above a six-month low hit. 

Conflicting signals from the Trump administration over proposed restrictions on foreign investment in U.S. technology companies, along with news that recently imposed import tariffs are starting to disrupt supply chains, sent global stock markets tumbling on Monday.

U.S. Treasury Secretary Steven Mnuchin said that forthcoming investment restrictions from the department will not be specific to China but would apply "to all countries that are trying to steal our technology."

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Monday, 25 June 2018

Aluminium Settled Down As Pressure Continues Due To Increase In Global Output

Aluminium trading range for the day is 146.9-150.1.

Aluminium settled down as pressure continues due to increase in global output.

The annualised alumina operating capacity is expected at 71.78 million tons/per year in June.

Production will rise further as alumina operating capacity is expected to grow another 1 million mt per year from July.

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Nickel Prices Gained Due To Declining Inventory And Falling Domestic Nickel

Nickel trading range for the day is 1013.1-1052.9.

Nickel prices gained due to declining inventory and falling domestic nickel pig iron output on environmental cuts.

As environmental restrictions continue, high-grade nickel pig iron output of 5,108 mt in metal content was expected to be affected for the week ended June 15.

China's steel demand is expected to remain steady in the second half of 2018 but warned the market will face an increasing risk of oversupply as new capacity is added.

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Silver On MCX Settled Up 0.61% At 39796 As The Dollar Slipped

Silver on MCX settled up 0.61% at 39796 as the dollar slipped and getting support from rising in crude oil prices. 

US President Donald Trump threatened a 20% tax on all cars assembled in the European Union a month after his administration started looking into whether imported cars represent "threat to national security". 

US data showed the preliminary reading for the services PMI down to 56.5 in June from 56.8 in May, beating forecasts of 54.9, while the manufacturing PMI slipped to 54.6 from 56.4, missing forecasts of 56.3.

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Gold Prices Traded In Range As The Dollar Fell And Trade Tensions Lingered

Gold prices traded in range as the dollar fell and trade tensions lingered. Gold prices were also unable to capitalise on a modest uptick in safe haven demand in the wake of U.S. President Donald Trump's threat to impose a 20% tariff on all car imports from the EU. 

Renewed threats of trade penalties on imported EU goods come a day after the EU's retaliatory tariffs on imported U.S. goods came into effect late Thursday.

Tensions between the U.S. and its allies continue, as India joined China and the European Union in retaliation against steel and aluminum tariffs.

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Friday, 22 June 2018

Zinc Prices Dropped As Intensified Environmental Probes Depressed Consumption

Zinc trading range for the day is 196.1-210.1.

Zinc prices dropped as intensified environmental probes depressed consumption in the low season.

Adequate supplies in Shanghai weighed on spot zinc premiums, and downstream consumers purchased as needed.

China is likely to implement a three-year initiative to “make skies blue again”, Zhao Yingmin, vice-minister of the Ministry of Ecology and Environment said.

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Copper Prices Ended With Losses Amid Fears Escalating U.S. China Tensions

Copper trading range for the day is 448.3-461.7.

Copper prices ended with losses amid fears escalating U.S.-China tensions could pressure copper demand from China.

China said it was eyeing cuts in banks' reserve requirement ratios and other measures to spur economic growth.

The global world refined copper market showed a 55,000 tonnes surplus in March, compared with a 87,000 tonnes surplus in February, the INCG said.

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Silver Prices Eased From Fresh Lows For The Year As The Dollar Turned Negative

Silver prices eased from fresh lows for the year as the dollar turned negative on weaker U.S. economic data. The US dollar index slipped and closed at 94.85 overnight with weaker-thanexpected US economic indicators. 

US treasury yields also fell. US initial claims for state unemployment benefits decreased 3,000 to a seasonally adjusted 218,000 for the week ended June 16, compared with the expected 220,000. 

Claims have now declined for four weeks in a row, pointing to a further tightening of the labour market. The four-week moving average of initial claims, a better measure of the labour market trends as it irons out week-to-week volatility, dropped 4,000 to 221,000 last week.

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Gold On MCX Settled Down -0.54% At 30616 As Investors Sold Holdings

Gold on MCX settled down -0.54% at 30616 as investors sold holdings in the physical market and the dollar climbed due to expectations of higher interest rates in the United States. 

The Philadelphia Federal Reserve’s gauge of U.S. Mid-Atlantic business activity fell to a near 1-1/2-year low, spurring profit-taking on the greenback. 

The dollar softened slightly after a report showing that manufacturing activity in the Philadelphia region slowed in June after a spike higher in the previous month.

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Thursday, 21 June 2018

Natural Gas Jumped On Expectations Record Production Will Not Be Enough To Decrease

Natural gas trading range for the day is 197-204.6.

Natural gas jumped on expectations record production will not be enough to decrease a vast storage deficit.

Traders expect power generators to keep burning more gas than usual so long as the weather remains hotter than normal.

Meteorologists forecast temperatures would remain higher than normal through at least the first week of July.

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Crude Oil Settled Higher Buoyed By Data Showing A Massive Draw In U.S. Crude

Crude oil trading range for the day is 4383-4581.

Crude oil settled higher buoyed by data showing a massive draw in U.S. crude supplies for the second-straight week.

Inventories of U.S. crude fell by 5.914 million barrels for the week ended June 15, topping expectations for a draw of 2.100 million barrels.

Iran's Oil Minister says he does not expect an agreement at this week's OPEC meeting. Says group is not taking instructions from US President calling for output increase.

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Silver On MCX Settled Down -0.16% At 39626 Amid Fears Of A Full Blown Trade

Silver on MCX settled down -0.16% at 39626 amid fears of a full-blown trade war between the U.S-China, sending U.S. bond yields higher, hurting demand for safe-haven. 

US treasury yields also rose slightly after Federal Reserve Board chairman Jerome Powell said that there was a "strong" case to continue raising interest rates. 

The U.S. jobs market does not appear overly tight and the Federal Reserve should continue with a gradual pace of interest rate rises amid a strong economy to balance its employment and inflation goals, Federal Reserve chairman Jerome Powell said.

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Gold On MCX Settled Down -0.36% At 30781 As Prices Remained Under Pressure

Gold on MCX settled down -0.36% at 30781 as prices remained under pressure as dollar rallies to 11 month peaks. 

The U.S. jobs market does not appear overly tight and the Federal Reserve should continue with a gradual pace of interest rate rises amid a strong economy to balance its employment and inflation goals, Federal Reserve chairman Jerome Powell said. 

Concerns about U.S. trade policy are increasing among business officials who are beginning to hold off on hiring and investment decisions given the level of uncertainty, Powell said.

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Wednesday, 20 June 2018

Zinc Prices Ended With Losses On Simmering Trade U.S. China Trade Concerns

Zinc trading range for the day is 202.5-212.3.

Zinc prices ended with losses on simmering trade U.S. China trade concerns.

Social inventory of zinc across Shanghai, Guangdong and Tianjin extended its increase over the Dragon Boat Festival long weekend due to inflow of imported zinc into Shanghai.

Inventory in Shanghai increased over 10,000 mt from Friday, while inventory in Guangdong went up slightly on limited arrivals due to maintenance at local smelters.

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Copper Prices Remained Under Pressure After China Said It Would Firmly Respond

Copper trading range for the day is 451.9-470.9.

Copper prices remained under pressure after China said it would firmly respond to any measures by the United States to widen tariffs on Chinese goods.

US President Trump threatened to impose a 10 percent tariff on $200 billion of Chinese goods and China responded to say it would fight back firmly.

Labour talks in top producer Chile and the likelihood that miners will fall short of production are supporting supply.

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Silver Prices Dropped Pressured Lower By A Rising U.S. Dollar

Silver trading range for the day is 39335-40323.

Silver prices dropped pressured lower by a rising U.S. dollar while trade tensions lingered.

The ECB will be patient in tightening policy further, President Draghi said adding that market pricings for its first post-crisis rate hike were consistent with its aim to move gradually.

Fed's Bostic: Some transitory factors reflected in Q2 real GDP growth, sees business optimism fading - citing tariffs.

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Gold Fell As A Stronger Greenback Was Overwhelmed By Safe Haven Buying

Gold trading range for the day is 30732-31178.

Gold fell as a stronger greenback was overwhelmed by safe-haven buying, spurred by fears of a trade war between the world’s two top economies.

U.S. President Donald Trump said that he has ordered the U.S. Trade Representative to identify $200 billion worth of China goods for additional tariffs.

Trump said in a statement that the move would be in retaliation for China’s earlier decision to raise tariffs on $50 billion in U.S. goods.

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Monday, 18 June 2018

Natural Gas Jumped On Forecasts That Warmer Weather Than Previously Expected

Natural gas trading range for the day is 199.7-210.7.

Natural gas jumped on forecasts that warmer weather than previously expected would boost air conditioner use next week, lifting demand.

The combination of higher power demand and rising exports would reduce the amount of gas available for storage to rebuild stockpiles to normal levels by next winter.

Investors boosted their forecast for gas demand next week to 76.6 billion cubic feet per day (bcfd) from 75.5 bcfd.

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Crude Oil Dropped As Data Pointing To An Ongoing Expansion In U.S. Output

Crude oil trading range for the day is 4259-4663.

Crude oil dropped as data pointing to an ongoing expansion in U.S. output and fears that Saudi Arabia and Russia were set to hike production weighed on sentiment.

Russian Oil Minister says gradual easing of oil production cuts possible from July 1st, adding that options for up to 1.5mln bpd production boost are under consideration.

Saudi Arabia and Russia, architects of a producer deal to cut output, indicated ahead of a key OPEC meeting in Vienna next week that production could rise.

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Silver On MCX Settled Down -3.15% At 40199 As Investors Reacted To U.S. Tariffs

Silver on MCX settled down -3.15% at 40199 as investors reacted to U.S. tariffs on China and a selloff in oil. 

The selling comes following news that President Donald Trump approved tariffs on about $50 billion of Chinese goods, as the U.S. ratchets up its trade fight with Beijing. 

Investors are growing increasingly concerned that the intensifying trade conflict with China will hurt that nation’s economy and slow global growth.

President Donald Trump announced that the United States will implement a 25 percent tariff on $50 billion of goods from China and Beijing quickly said it would hit back with its own tariffs.

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Gold On MCX Settled Down -1.17% At 31010 As Disappointed Speculators

Gold on MCX settled down -1.17% at 31010 as disappointed speculators liquidated long positions despite fresh trade skirmishes between the United States and China. 

Gold deepened losses after President Donald Trump announced that the United States will implement a 25 percent tariff on $50 billion of goods from China and Beijing quickly said it would hit back with its own tariffs. 

There was some support in gold prices after the European Central Bank policy announcement struck a decidedly dovish tone, as expected.

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Friday, 15 June 2018

Aluminium Dropped As Pressure Tracking LME Prices Ended Down 0.8 Percent

Aluminium trading range for the day is 152.9-155.7.

Aluminium dropped as pressure tracking LME prices ended down 0.8 percent at $2,256 on concerns over demand in top consumer China.

China's aluminium production in May rose 1.5 percent to 2.79 million tonnes from a year earlier, data showed.

On a daily basis, the world's top aluminium producer churned out 90,000 tonnes of the metal last month, compared with 92,300 tonnes in April.

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Nickel Prices Dropped Tracking Weakness In LME Prices As Slower Chinese Growth

Nickel trading range for the day is 1005.8-1060.8.

Nickel prices dropped tracking weakness in LME prices as slower Chinese growth suggested lower demand.

Recent environmental inspections in some 10 regions have forced some mills to cut production.

China’s steel output surged to a record in May as mills ramped up production to chase fat profit margins.

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Silver On MCX Settled Up 1.82% At 41508 As The Dollar Lost The Momentum

Silver on MCX settled up 1.82% at 41508 as the dollar lost the momentum from a decision by the U.S. Federal Reserve to raise interest rates. 

The European Central Bank will shut its hallmark bond purchase scheme by the close of the year, taking its biggest step yet towards dismantling crisis-era stimulus a decade after the start of the euro zone's economic downturn. 

It also sees interest rates steady "at least through the summer of 2019".China's economy is finally starting to cool under the weight of a multi-year crackdown on riskier lending that is pushing up borrowing costs for companies and consumers, with data on Thursday pointing to a broad slowdown in activity in May.

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Gold On MCX Settled Up 0.75% At 31377 Gained On Fresh Buying

Gold on MCX settled up 0.75% at 31377 gained on fresh buying while support seen as Comex Gold climbed to the highest close in a month rose 0.60% to $1,304 per troy ounce as traders turned their attention from central banks to geopolitical tension.

Gold prices shrugged off a strong dollar rally to remain above the psychologically important $1,300 level as trade tensions raised demand for safe-haven gold.

Traders piled into safe-haven gold on expectations the United States will impose tariffs on $50 billion worth of Chinese imports on Friday, raising the prospect of retaliation from the Beijing, threatening a tit-for-tat trade war between the world's largest two economies.

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Thursday, 14 June 2018

Zinc Prices Gained Tracking Rise In LME Prices As The US Dollar Came Off

Zinc trading range for the day is 215.1-220.9.

Zinc prices gained tracking rise in LME prices as the US dollar came off.

The output of refined zinc to increase in June, up by 4.07% from May to 440,300 tons, as some smelters have completed their maintenance checks.

China's output of refined zinc was 423,000 tons in May, down 4.92% from April. Warehouse stock for Zinc at LME was at 245150mt that is down by -1750mt.

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Copper Settled Flat As Worries About Demand In China Undermined Sentiment

Copper trading range for the day is 478.9-490.3.

Copper settled flat as worries about demand in China undermined sentiment before a lower dollar helped prices to recover.

China's total social financing, a broad measure of credit and liquidity in the economy, dropped sharply to 760.8 billion yuan in May from 1.56 trillion yuan in April.

Global copper concentrate output to grow at a slower pace and unable to meet the demand from additional smelting capacities.

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Silver On MCX Settled Up 0.18% At 40766 On Dollar Weakness

Silver on MCX settled up 0.18% at 40766 on dollar weakness but gains were limited ahead of a meeting of the U.S. Federal Reserve and on clues of future interest rate hikes this year. 

The Federal Reserve raised interest rates, a move that was widely expected but still marked a milestone in the U.S. central bank's shift from policies used to battle the 2007-2009 financial crisis and recession. 

The central bank saw two more rate hikes in 2018 for a total of four and three increases in 2019.

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Gold Prices Remained Steady As Investors Waited For Clues On The Pace Of Future Interest

Gold prices remained steady as investors waited for clues on the pace of future interest rate hikes by the U.S. Federal Reserve when its policy meeting. 

The Federal Reserve forecast two more U.S. rate increases this year after raising rates, although lingering worries over trade tensions between Washington and Beijing prevented steeper losses. 

The Federal Reserve raised interest rates, a move that was widely expected but still marked a milestone in the U.S. central bank's shift from policies used to battle the 2007-2009 financial crisis and recession.

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Wednesday, 13 June 2018

Natural Gas Prices Dropped On Forecasts For Less Demand Next Week

Natural gas trading range for the day is 194.7-203.7.

Natural gas prices dropped on forecasts for less demand next week than previously expected.

Investors reduced their forecast for gas demand in the Lower 48 U.S. states for next week to 75.8 billion cubic feet per day from 76.6 bcfd.

That compares with a projected 73.3 bcfd this week and 71.8 bcfd last week when the weather was milder.

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Crude Oil Prices Settled Higher After A Monthly Report Showed The Organization

Crude oil trading range for the day is 4403-4561.

Crude oil prices settled higher after a monthly report showed the Organization of the Petroleum Exporting Countries increased output last month.

OPEC said the oil market outlook in the second half of the year is highly uncertain even though the oil producers group's figures show a global glut is gone.

Russian production has reportedly climbed from below 11 million barrels per day to 11.1 million bpd in early June.

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Silver Dropped Amid Expectations For A Positive Outcome From The Summit

Silver trading range for the day is 40252-41048.

Silver dropped amid expectations for a positive outcome from the summit between U.S. President Donald Trump and North Korean leader Kim Jong Un.

Prices were also held back by a rising dollar following upbeat inflation data, reaffirming investor expectations the Federal Reserve will continue on its rate hike path.

Holdings at ishares silver trust dropped by 0.62% i.e. 61.48 tonnes to 9868.83 tonnes from 9930.31 tonnes.

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Gold Prices Edged Lower As The Dollar Strengthened Following A Positive U.S.

Gold trading range for the day is 31013-31279.

Gold prices edged lower as the dollar strengthened following a positive U.S.-North Korea summit, with markets now waiting for a likely interest rate hike by the Fed.

U.S. President Trump and North Korean leader Kim Jong Un signed a “comprehensive” deal at a historic summit aimed at the denuclearisation of the Korean peninsula.

Easing geopolitical worries are bearish for gold as the metal is seen as a safe investment during times of political uncertainty.

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Tuesday, 12 June 2018

Aluminium Settled Flat As The Market Remained Cautious Ahead Of Fed’s Widely

Aluminium trading range for the day is 154.7-158.5.

Aluminium settled flat as the market remained cautious ahead of Fed’s widely expected meet to increase interest rate.

China's inventory of primary aluminium, including SHFE warrants, shrank 30,000 mt from last Thursday to stand at 1.95 million mt.

China's trade surplus in May narrowed from April and came in at $24.9 billion, smaller than the expected $33.8 billion.

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Nickel Dropped As The US Dollar Seen Supported From The US North Korea Smmit

Nickel trading range for the day is 1017.8-1046.4.

Nickel dropped as the US dollar seen supported from the US-North Korea summit and the Federal Reserve’s resolution on interest rate.

China's nickel production rose 2.5% month-on-month in May to 12,200 mt, with more working days in May than April.

With fewer working days in June than May, nickel production in June is likely to fall 2.5% from May to stand at 11,900 mt.

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