Tuesday, 31 July 2018

Zinc Dropped As Investors Focused Instead On A Raft Of Economic Reports

Zinc trading range for the day is 175-181.2.

Zinc dropped as investors focused instead on a raft of economic reports that may indicate slowing growth in top metals consumer China.

Zinc social inventory in Shanghai, Guangdong, and Tianjin rose as arrivals from smelters and downstream consumers’ weak buying interest.

Profits at China’s industrial companies in June rose 20% from a year earlier, slightly retreating from the 21.1% gain in May.

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Copper Slipped As Investors Shrugged Off A Potential Strike At The World’s Largest Copper Mine

Copper trading range for the day is 418.7-430.1.

Copper slipped as investors shrugged off a potential strike at the world’s largest copper mine.

Workers at Codelco's copper mine in Chile, the state miner's second largest by output, walked off the job on Monday morning and blocked access to the mine.

Copper inventory in Shanghai bonded areas fell further, down 10,100 mt on the week to 476,700 mt.

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Silver Remained In Range As Immediate Global Trade Tension Eased U.S. President

Silver remained in range as immediate global trade tension eased U.S. President and European Commission’s Juncker agreed to work towards eliminating trade barriers. 

The Bank of Japan is expected to trim its inflation forecasts on Tuesday and consider changes to its massive stimulus programme to make it more sustainable, reflecting a growing recognition it will take longer than expected to meet its elusive price goal. 

China offered Britain talks on a post-Brexit free trade deal on Monday, reaching out to London as Beijing remains mired in an increasingly bitter trade war with Washington, even as a senior Chinese diplomat reiterated its door remained open for dialogue.

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Gold Prices Settled Flat As Investors Wait For A Flurry Of Central Bank Policy Decisions

Gold prices settled flat as investors wait for a flurry of central bank policy decisions this week. U.S. President Donald Trump threatened to shut down the government if he does not get funding for a border wall. 

The Bank of Japan is expected to trim its inflation forecasts on Tuesday and consider changes to its massive stimulus programme to make it more sustainable, reflecting a growing recognition it will take longer than expected to meet its elusive price goal.

Japan's jobless rate rose in June while the availability of jobs improved to the highest in more than four decades, figures from the Internal Affairs ministry showed.

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Monday, 30 July 2018

Natural Gas Rose After Data Showed That Supplies In Storage Rose Much Less

Natural gas trading range for the day is 189.7-194.3.

Natural gas rose after data showed that supplies in storage rose much less than forecast last week.

The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. rose by 24 billion cubic feet.

Total natural gas in storage currently stands at 2.273 trillion cubic feet, according to the U.S. Energy Information Administration.

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Crude Oil Gained After Saudi Arabia Suspended Its Oil Shipments

Crude oil trading range for the day is 4634-4836.

Crude oil gained after Saudi Arabia suspended its oil shipments through a key Red Sea strait in response to an attack on two of its tankers.

Saudi Arabia, said that it was "temporarily halting" all oil shipments through the strategic Red Sea shipping lane of Bab al-Mandeb.

Kuwait Oil Official says Kuwait are studying whether to halt oil exports through Bab El-Mandeb Strait, however no decision has been taken yet.

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Silver Edged Lower In Response To An Easing Of Trade Tensions

Silver trading range for the day is 37843-38647.

Silver edged lower in response to an easing of trade tensions after the United States agreed to refrain from imposing tariffs on cars from the European Union.

The two sides will also begin talks to cut other trade barriers, they announced following a meeting at the White House.

The ECB offered little in the way of surprises over its planned timing to move away from its accommodative monetary policy.

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Gold Edged Lower Amid Stronger Dollar And In Response To An Easing

Gold trading range for the day is 29579-29925.

Gold edged lower amid stronger dollar and in response to an easing of trade tensions after the US agreed to refrain from imposing tariffs on cars from EU.

New orders for key U.S made capital goods increased more than expected in June and shipments surged, pointing to solid growth in business spending on equipment.

The U.S. economy is growing at a 3.8 percent annualized rate in the second quarter following the latest data on domestic durable goods orders and advance trade balance.

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Friday, 27 July 2018

Natural Gas Rose After Data Showed That Supplies In Storage Rose Much Less

Natural gas trading range for the day is 188.8-192.6.

Natural gas rose after data showed that supplies in storage rose much less than forecast last week.

The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. rose by 24 billion cubic feet.

Total natural gas in storage currently stands at 2.273 trillion cubic feet (tcf), according to the U.S. Energy Information Administration.

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Crude Oil Gained After Saudi Arabia Suspended Its Oil Shipments

Crude oil trading range for the day is 4713-4855.

Crude oil gained after Saudi Arabia suspended its oil shipments through a key Red Sea strait in response to an attack on two of its tankers.

Saudi Arabia, said that it was "temporarily halting" all oil shipments through the strategic Red Sea shipping lane of Bab al-Mandeb.

Kuwait Oil Official says Kuwait are studying whether to halt oil exports through Bab El-Mandeb Strait, however no decision has been taken yet.

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Silver On MCX Settled Down -0.74% At 38275 In Response To An Easing Of Trade

Silver on MCX settled down -0.74% at 38275 in response to an easing of trade tensions after the United States agreed to refrain from imposing tariffs on cars from the European Union. 

The two sides will also begin talks to cut other trade barriers, they announced following a meeting at the White House. 

The ECB decided on its governing council meeting that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0%, 0.25% and -0.40% respectively.

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Gold On MCX Settled Down -0.42% At 29788 Amid Stronger Dollar

Gold on MCX settled down -0.42% at 29788 amid stronger dollar and in response to an easing of trade tensions after the US agreed to refrain from imposing tariffs on cars from EU. 

The dollar stood tall against its peers on Friday, having regained traction as the euro slid sharply after the European Central Bank offered little in the way of surprises over its planned timing to move away from its accommodative monetary policy. 

New orders for key U.S.-made capital goods increased more than expected in June and shipments surged, pointing to solid growth in business spending on equipment in the second quarter.

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Thursday, 26 July 2018

Zinc Dropped As Prices Failed To Hold Gains Amid Pressure From Concerns Over

Zinc trading range for the day is 177.1-183.7.

Zinc dropped as prices failed to hold gains amid pressure from concerns over the trade spats between the US and EU.

social inventory in Shanghai, Guangdong and Tianjin inched up nearly 700 mt from last week to 99,900 mt

Shanghai Futures Exchange zinc stocks dropped to 58,016 tonnes, their lowest since February 2008.

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Copper Gained As Threats Of A Strike At The Escondida Mine In Chile Provided Support

Copper trading range for the day is 424.1-435.5.

Copper gained as threats of a strike at the Escondida mine in Chile provided support to prices.

China June scrap copper imports dropped 39.8 pct year-on-year to 200,000 tonnes China’s General Administration of Customs said.

Short holdings in Comex copper surged in the latest week, data from the U.S. regulator showed.

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Silver Prices Traded In Range As Investors Awaited U.S. Economic Growth Data

Silver prices traded in range as investors awaited U.S. economic growth data due later this week. 

The office of the US Trade Representatives is holding an official hearing on Tuesday and Wednesday on proposed tariffs on Chinese products worth $16 billion, before presenting policy suggestions to the US President. 

The dollar came under pressure, prompting a bid in safe-havens ahead of a meeting on trade between President Donald Trump and European Commission President Jean-Claude Juncker. 

Threats from both sides ahead of the meeting has dented expectations that the talks could mend the rift between the United States and the European Union.

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Gold Prices Traded In Range Lack Of Clarity Over Where A Brewing Trade Spat

Gold prices traded in range lack of clarity over where a brewing trade spat between the United States and Europe. 

U.S. President Donald Trump and European Commission President Jean-Claude Juncker agreed to work towards eliminating trade barriers. 

The European Central Bank is all but certain to keep policy on hold, arguing that the risks from an amplifying global trade conflict don't warrant a deviation from its plan to gently exit its easy-money policy of the last few years. 

The Bank of Japan will consider at next week's rate review changing the composition of exchange-traded funds it buys as part of is massive stimulus programme, the Nikkei newspaper reported.

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Wednesday, 25 July 2018

Aluminium Pared Most Of Its Gains As LME Inventory Increased

Aluminium trading range for the day is 139.5-145.9.

Aluminium pared most of its gains as LME inventory increased and the probability for the US to lift its sanction against Rusal increases leading to rise in inventories.

China exported 118,000 mt of alumina last month, surpassing May's export of 89,999 mt and marking the highest level since 2002.

China's inventory of primary aluminium across eight major markets, including SHFE warrants, lost 16,000 mt to stand at 1.81 million mt.

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Nickel Gained Amid Continued Concerns About Tight Supplies Over More Stringent

Nickel trading range for the day is 906.9-957.3.

Nickel gained amid continued concerns about tight supplies over more stringent environmental measures.

China will adopt a more vigorous fiscal policy to help tackle external uncertainties without resorting to strong policy stimulus.

Inventories across all Chinese ports increased by 360,000 wmt from a week ago to 9.85 million wmt.

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Silver On MCX Settled Up 0.44% At 38450 As The U.S. Dollar Slipped

Silver on MCX settled up 0.44% at 38450 as the U.S. dollar slipped and market watchers anticipated U.S. economic growth data on Friday. 

Treasury Secretary Steve Mnuchin tried to ease fears of a currency war at the G-20 meeting, confirming the Fed’s independence, and saying that the government would not intrude. 

Trump insisted on Tuesday that the U.S. is “doing great” with the “best financial numbers on the planet”. Stronger-than-expected economic growth would support the Fed’s plans to continue with gradual rate hikes. 

The economic data agenda will get underway again on Thursday with weekly jobless claims and durable goods orders for June.

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Gold Prices Settled Flat Despite A Broad Bounce In Metal Prices As The Dollar

Gold prices settled flat despite a broad bounce in metal prices as the dollar rally paused. 

The Trump administration on Tuesday said it will use a Great Depression-era programme to pay up to $12 billion to help U.S. farmers weather a growing trade war with China, the European Union and others that the president began. 

The revamp of the North American Free Trade Agreement (NAFTA) between the United States, Mexico and Canada ought to be concluded in the next few months, a top adviser in the incoming Mexican administration said.

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Tuesday, 24 July 2018

Zinc Prices Ended With Losses Tracking Weakness In LME Prices

Zinc trading range for the day is 174.1-183.7.

Zinc prices ended with losses tracking weakness in LME prices after surge in LME inventories.

LME data showed a large short holding in the futures report, while lending guidance is enforced with a single holder of more than half LME metal.

The International Monetary Fund warned world economic leaders that a recent wave of trade tariffs would significantly harm global growth.

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Copper Eased On Mounting Concerns That Escalating Trade Tariff Spats

Copper trading range for the day is 415.6-426.2.

Copper eased on mounting concerns that escalating trade tariff spats could dent demand, although a weaker dollar cushioned losses.

The global world refined copper market showed a 98,000 tonnes deficit in April, compared with a 66,000 tonnes surplus in March, the ICSG said.

Labor negotiations at Chile’s Escondida copper mine, are frozen without signs of progress toward an agreement just over a week before the current contract expires.

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Silver Dropped As Traders Turned Their Attention Towards The Latest U.S. Growth Figures

Silver trading range for the day is 37992-38682.

Silver dropped as traders turned their attention towards the latest U.S. growth figures to be released at the end of the week.

President Trump dug in on his criticism of the Federal Reserve's policy on raising interest rates, saying it takes away from the United States' "big competitive edge."

President Trump said he was ready to impose tariffs on all $500 billion of imported goods from China, threatening to escalate a clash over trade policy.

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Gold Prices Fell As The U.S. Dollar Held On To Strength Against The Currencies Of Key

Gold trading range for the day is 29735-30053.

Gold prices fell as the U.S. dollar held on to strength against the currencies of key bullion consumers China and India.

Trump reinforced his criticism of the Federal Reserve's policy on raising interest rates, saying it takes away from the US’s 'big competitive edge' and could hurt U.S. economy.

Fed's Bullard he doubts Trump's comments on the Fed will have any inflation on monetary policy.

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Monday, 23 July 2018

Natural Gas Prices Traded In Range As Heat Waves Driving Up Power Demand

Natural gas trading range for the day is 188.8-192.4.

Natural gas prices traded in range as heat waves driving up power demand in California and Texas offset forecasts for less hot weather elsewhere in the country.

Meteorologists forecast temperatures, which have been higher than normal since the start of June, would remain at above-normal levels through early August.

In recent months, the biggest factor affecting the U.S. gas market has been speculation on whether production, which is at record levels.

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Crude Oil Prices Gained By A Weaker Dollar And Signs Of Tightening In U.S.

Crude oil trading range for the day is 4620-4800.

Crude oil prices gained by a weaker dollar and signs of tightening in U.S. output.

Oil prices were also boosted on forecasts that inventories at the U.S. oil delivery hub in Cushing, Oklahoma fell 1.8 million barrels.

Saudi Arabia's OPEC Governor Adeeb Al-Aama said in a statement that the kingdom expects crude exports to fall by about 100,000 barrels per day in August.

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Dollar Advisory MCX Silver Update Of 23 July 2018

Silver on MCX settled up 0.43% at 38457 as U.S. President Donald Trump criticized the Federal Reserve for increasing interest rates. 

Trump said in an interview that he does not approve of how the Fed is approaching monetary policy. The Fed raised rates twice this year and is expected to raise rates at least once more before the end of the year. 

St. Louis Federal Reserve Bank President James Bullard responded to Trump’s comments, saying the Fed would not be impacted. 

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Gold On MCX Settled Up 0.12% At 29920 After U.S. President Donald Trump


Gold on MCX settled up 0.12% at 29920 after U.S. President Donald Trump criticised the strength of the dollar and interest rate increases by the Federal Reserve, pushing the greenback sharply lower. 

Fed Chairman Jerome Powell did nothing to counter expectations of two more rate rises this year and said the United States was poised for several more years of growth. 

In other news, the European Union is expected to retaliate against the U.S. after the latter imposed tariffs on European steel and aluminum in June.

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Friday, 20 July 2018

Zinc Prices Dropped As Another Broad Sell Off In Industrial Metals Took Hold

Zinc trading range for the day is 170.8-185.4.

Zinc prices dropped as another broad sell-off in industrial metals took hold.

Prices earlier seen supported amid report that China plans to boost liquidity in the banking sector, and was underpinned by falling inventories and a weaker yuan.

China June zinc output -5 pct y/y at 475,000 tonnes, the National Bureau of Statistics said.

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Copper Dropped As Worries Over Slower Growth Of China’s Economy

Copper trading range for the day is 403.3-426.7.

Copper dropped as worries over slower growth of China’s economy and uncertainties over trade war continued to depress market sentiment.

The People's Bank of China plans to introduce incentives that will boost the liquidity of commercial banks, helping them to expand lending.

China's June refined copper output rose by 11.7 pct year-on-year to 776,000 tonnes, the National Bureau of Statistics said.

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Silver On MCX Settled Down -0.37% At 38294 Amid A Wider Selloff In Metals Fueled

Silver on MCX settled down -0.37% at 38294 amid a wider selloff in metals fueled by the stronger dollar and building trade tensions. 

Fed Chairman Jerome Powell in a two-day congressional testimony said he believed the United States was on course for years more of steady growth and reaffirmed expectations for more interest rate rises in the world's largest economy. 

Trump criticized Federal Reserve policy even though most economists believe the highest inflation in seven years and lowest unemployment in 40 years justify recent interest rate rises and a strong U.S. dollar.

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Gold Recovered On Short Covering After Prices Seen Under Pressure As The Dollar Rose

Gold recovered on short covering after prices seen under pressure as the dollar rose after comments from Fed Chairman that reaffirmed expectations more U.S. interest rate increases are on the way this year. 

The Fed raised rates in June and policymakers have indicated they expect two more increases this year. 

Powell said nothing in two days of congressional testimony this week to suggest otherwise. U.S. President Donald Trump told he is "not thrilled" about interest rate increases because they strengthened the dollar, making U.S. exports more expensive overseas.

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Thursday, 19 July 2018

Aluminium Settled Flat As The Market Was Cautious As The US-China Trade Tensions

Aluminium trading range for the day is 137.4-140.6.

Aluminium settled flat as the market was cautious as the US-China trade tensions remained in the spotlight.

China’s aluminium producers are responding to tighter supply conditions by boosting output, data showed.

China’s June output rose by 0.8 percent to 2.83 million tonnes, which on daily basis was the highest since June 2017.

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Nickel Ended With Gains On Short Covering Amid Tight Supply Despite The Trade

Nickel trading range for the day is 902-951.2.

Nickel ended with gains on short covering amid tight supply despite the trade war threat depressed market sentiment.

Vale Indonesia Q2 nickel in matte output down 6 pct y/y.

The Philippines' nickel ore exports could drop by up to 17 percent this year as weaker prices curb output.

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Silver Recovered From Some Of Its Losses As The Dollar Treated

Silver recovered from some of its losses as the dollar treated from near 52-week highs, pressured by data showing a wobble in the U.S. housing market. 

Expectations for further rate hikes were strengthened, when Powell said "the best way forward" is to continue raising rates, as the job market has strengthened and inflation has met the Fed's 2% target.

Manufacturers in every one of the Federal Reserve's 12 districts worried about the impact of tariffs, a Federal Reserve report said, even as the U.S. economy continued to expand at a moderate to modest pace.

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Gold On MCX Settled Up 0.12% At 29766 As A Retreat In The Dollar

Gold on MCX settled up 0.12% at 29766 as a retreat in the dollar from highs supported metal prices despite renewed focus on U.S.-China trade tensions. 

In a closely watched two-day congressional testimony, Federal Reserve Chairman Jerome Powell said he believed the United States was on course for years more of steady growth, and carefully played down the risks to the U.S. economy of an escalating trade conflict. 

A prolonged U.S. trade war with China and Europe would dent global economic growth and force investors to reassess the profitability of U.S. companies, some of the biggest hedge funds and private equity investors in the United States warned at an investment conference.

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Wednesday, 18 July 2018

Zinc Recovered On Short Covering After Prices Remained Under Pressure

Zinc trading range for the day is 169.1-176.7.

Zinc recovered on short covering after prices remained under pressure amid worries over Washington-Beijing trade war curbing demand.

China's economy expanded at a slower pace in the second quarter as Beijing's efforts to contain debt hurt activity.

Zinc social inventory in Shanghai, Guangdong and Tianjin fell 1,400 mt over the weekend to 97,900 mt amid limited arrivals.

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Copper Prices Edged Lower Pushed Down By A Stronger Dollar

Copper trading range for the day is 411.9-428.3.

Copper prices edged lower pushed down by a stronger dollar and fears that demand will be damaged by a global trade war and weaker economic growth in China.

Headline stocks of copper in LME-registered warehouses gained 2,525 tonnes, but were still at their lowest since January.

Copper speculators switched to a net short position of 12,919 contracts, the CFTC said last week, the weakest position since December 2016.

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Silver On MCX Settled Down -1.34% At 38520 Pressured By A Rally In The Greenback

Silver on MCX settled down -1.34% at 38520 pressured by a rally in the greenback as Federal Reserve Chairman Jay Powell said gradual rate hikes would continue. 

In his semi-annual testimony to Congress, Powell said the "best way forward" is to continue raising rates, as the job market has strengthened and inflation has met the Fed's 2% target. 

That reaffirmed investor expectations that the Federal Reserve will increased interest rates twice more this year, prompting investors to pile into the dollar, reducing demand for the metal.

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Gold On MCX Settled Down -1.17% At 29729 As The U.S. Dollar

Gold on MCX settled down -1.17% at 29729 as the U.S. dollar strengthened during testimony by U.S. Federal Reserve Chairman Jerome Powell to the U.S. Congress. 

Powell offered an upbeat view of the U.S. economy in an appearance before the Senate Banking Committee, with markets expecting two more interest rate increases this year amid a continued economic expansion. 

The Fed's Powell said on Tuesday he sees the United States on course for years more of steady growth, but was challenged in a congressional hearing by senators worried the Trump administration's trade policies were already damaging businesses in their districts.

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Tuesday, 17 July 2018

Natural Gas Prices Settled Flat On Forecasts Calling For Steady Weather

Natural gas trading range for the day is 186.8-192.4.

Natural gas prices settled flat on forecasts calling for steady weather and demand over the next two weeks.

Current inventories are below the 5-year average but above the lower end of the 5-year average range.

The EIA reports that total U.S. consumption of natural gas fell by 1% compared with the previous report week.

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Crude Oil Fell As Concerns About Supply Disruptions Eased

Crude oil trading range for the day is 4483-4937.

Crude oil fell as concerns about supply disruptions eased and Libyan ports resumed export activities.

The focus shifted toward possible supply increases, even as a Norwegian union for workers on offshore oil and gas drilling rigs stepped up a six-day strike.

Russia and other major oil producers may increase output further should supply shortages hit the global oil market, Russian Energy Minister Alexander Novak said.

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Silver Traded In Range Amid Expectations That Higher U.S. Interest Rates Would Continue

Silver trading range for the day is 38742-39388.

Silver traded in range amid expectations that higher U.S. interest rates would continue to support an uptick in the dollar, weighing on demand.

The precious metal was under pressure in recent weeks by investors’ favour of the dollar over gold surrounding the impact of a U.S.-China trade war.

Continued trade war concerns and a strong U.S. inflation report were cited as tailwind for the dollar last week.

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Gold Steadied As Weak Physical Demand In Top Consuming Regions

Gold trading range for the day is 29957-30287.

Gold steadied as weak physical demand in top-consuming regions and the expectation of higher U.S. interest rates weigh

The Federal Reserve pointed to “solid” U.S. economic growth during the first half of the year in its semi-annual report to Congress.

Meanwhile, investors are looking to June U.S. retail sales data, due later in the day, to assess the state of global growth.

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Monday, 16 July 2018

Natural Gas Dropped As The Market Ignored The Storage Deficit

Natural gas trading range for the day is 186.8-194.4.

Natural gas dropped as the market ignored the storage deficit and focused instead on growing, record production.

The Energy Information Administration’s weekly natural gas storage report showing a miss to the low side of most estimates.

According to the EIA, producers injected 51 Bcf into Lower 48 gas stocks for the week-ended July 6, lower than the 59 Bcf injected last year.

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Crude Oil Prices Rose As Strike Actions In Norway And Iraq Hit Supplies

Crude oil trading range for the day is 4734-4982.

Crude oil prices rose as strike actions in Norway and Iraq hit supplies, but prices ended the second straight week of decline after Libyan ports reopened.

Energy minister Alexander Novak said that Russia this month has restored 80 percent of the oil production it cut under a pact with other producers.

OPEC and non-OPEC oil producers will act in the event developments in Venezuela and Libya cause an oil market deficit, Russian Energy Minister told.

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Silver On MCX Settled Down -0.73% At 39046 As The Dollar Rose

Silver on MCX settled down -0.73% at 39046 as the dollar rose to a two-week peak, buoyed by safe-haven purchases made in an ongoing U.S.-China tariff trade war. 

Demand for the precious metals also waned on expectations of higher U.S. interest rates. 

The U.S. dollar was little changed after peaking at a two-week high against a basket of currencies after data showing a record Chinese trade surplus, which may add fuel to U.S.-China trade tensions, spurred more investors to pile into the safety of the greenback.

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Gold On MCX Settled Down -0.14% At 30105 As The Dollar Rose

Gold on MCX settled down -0.14% at 30105 as the dollar rose due to easing trade tensions and weak demand for the precious metal due to expectations of higher interest rates in the United States.

Tensions between the United States and China eased after U.S. Treasury Secretary Steven Mnuchin said on Thursday talks between the world's two largest economies could be reopened if Beijing is willing to make significant changes. 

The Federal Reserve last month raised its benchmark overnight lending rate 25 basis points to 1.75-2.0 percent.

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Wednesday, 11 July 2018

Aluminium Dropped As Pressure Seen After Rise In LME Stocks Despite Amid Expectations

Aluminium trading range for the day is 141-147.4.

Aluminium dropped as pressure seen after rise in LME stocks despite amid expectations for a decline in output

Chinese alumina producer Luoyang Heungkong Wanji Aluminium Co Ltd said it has cut output of alumina by 680,000 tonnes on an annual basis.

United Company Rusal, in May increased aluminium exports to 197,000 tonnes, up almost threefold from April.

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Nickel Gained On Short Covering Bolstered By Upbeat Chinese Economic Data

Nickel trading range for the day is 955.3-984.5.

Nickel gained on short covering bolstered by upbeat Chinese economic data.

The Philippines' nickel ore exports may drop to 30-35 million tonnes this year from 36 million tonnes in 2017 amid weaker prices.

The Philippines is the world's No. 2 nickel ore supplier after Indonesia, shipping the bulk of its output to top buyer China where it is used to make stainless steel.

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