Friday, 31 August 2018

Zinc Dropped As The US Dollar Rebounded On Its Robust Personal Consumption

Zinc trading range for the day is 170.4-180.6.

Zinc dropped as the US dollar rebounded on its robust personal consumption expenditures price index for July

Available products in Guangdong were also tight, with limited arrivals from smelters.

In anticipation of higher zinc prices, smelters did not hurry to destock, given current low inventories of zinc ingots.

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Silver Prices Dropped Undermined By A Firmer Dollar Following Strong U.S. Economic Data

Silver prices dropped undermined by a firmer dollar following strong U.S. economic data. The dollar was boosted by data that showed U.S. consumer spending increased in July. 

The greenback, which also tends to attract safe haven bids in times of market turmoil and political tensions, drew its latest swell of support as investors braced for the next round of the U.S.-China trade conflict. 

U.S. President Donald Trump is prepared to quickly ramp up a trade war with China and has told aides he is ready to impose tariffs on $200 billion more in Chinese imports as soon as a public comment period on the plan ends next week.

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Gold Prices Dropped On Expectations Of A Higher Interest Rate

Gold prices dropped on expectations of a higher interest rate, while the dollar also edged lower. 

Gold prices, which are on track to resume their weekly decline, after snapping a six-week losing streak last week, came under pressure following a rise in the dollar on data showing inflation continued to meet the Federal Reserve's target and consumer spending remained firm. 

The Federal Reserve's preferred inflation measure -- the personal consumption expenditures price index excluding food and energy -- rose 2% in the 12 months through July. Consumer spending, which accounts for more than two-thirds of U.S. economic activity, rose 0.4% last month, the Commerce Department said.

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Thursday, 30 August 2018

Silver Prices Remained Under Pressure As Sino U.S. Trade Tensions

Silver trading range for the day is 36835-37365.

Silver prices remained under pressure as Sino-U.S. trade tensions continued.

Gross domestic product grew at a 4.2 percent annualized rate, the Commerce Department data showed in its second estimate of GDP growth for the second quarter.

Chinese state planning official stoked fears of slowdown in China, warning there were increasing risks to growth in the second half of the year.

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Gold Prices Gained As Funds Bet Prices Would Find Short Term Support

Gold trading range for the day is 29933-30327.

Gold prices gained as funds bet prices would find short-term support at $1,200 but a stronger dollar and expectations for increases in U.S interest rates limited gains.

The dollar rose as relief about a U.S.-Mexico trade deal gave way to concern among investors that the conflict over trade between the United States and China was not about to end soon.

Adding to gold’s woes are expectations for further U.S. interest rate increases this year, record bets on prices falling and liquidations in exchange-traded funds.

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Tuesday, 28 August 2018

Natural Gas Fell Weighed Down By Strong U.S. Gas Production And Expectations

Natural gas trading range for the day is 199.7-205.5.

Natural gas fell weighed down by strong U.S. gas production and expectations of easing demand due to moderating weather forecasts.

Production in the lower 48 U.S. states averaged a record 82.4 billion cubic feet per day over the past 30 days.

Net injections are lower than the five-year average for the eighth week in a row, according to the EIA.

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Crude Oil Gains Supported By A Strengthening Equities Market And News

Crude oil trading range for the day is 4779-4861.

Crude oil gains supported by a strengthening equities market and news that the United States and Mexico agreed to overhaul the NAFTA.

Despite these worries, the crude market will likely draw support from U.S. sanctions against Iran, which from November will include oil exports.

U.S. energy companies cut nine oil drilling rigs last week, dropping to 860, the biggest reduction since May 2016, energy services firm Baker Hughes said.

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Silver Settled Up 0.39% At 37150 Boosted By Short Covering And As Comments

Silver settled up 0.39% at 37150 boosted by short-covering and as comments from the head of Fed signalling a gradual approach to interest rate hikes weighed on dollar. 

Fed chairman Jerome Powell’s remarks did not change market expectations for further monetary tightening despite opposition from President Donald Trump. 

But the market interpreted Powell’s speech as dovish after he said a gradual approach to raising rates remained appropriate to protect the U.S. economy, keep job growth strong and inflation under control. 

The German second-quarter GDP came in at 0.5%. It met market expectations and remained unchanged from the previous quarter.

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Gold On MCX Settled Up 0.33% At 30002 As A Weaker U.S. Dollar

Gold on MCX settled up 0.33% at 30002 as a weaker U.S. dollar and trade tensions boosted the precious metal. 

The dollar also eased on comments from the Federal Reserve chairman in support of a gradual approach to raising rates. Meanwhile, officials from China and the U.S. are expected to meet later this month to resume trade negotiations, after the last round of trade talks ended with little progress. 

The U.S. imposed tariffs on $16 billion of Chinese goods on Aug. 24, with China issuing reciprocal tariffs and threatening to file a complaint with the World Trade Organization. Powell said during a speech at the Jackson Hole Symposium in Wyoming last Friday that "further, gradual" rate hikes were likely in the future, noting the economy is "strong" and able to withstand tighter monetary policy.

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Monday, 27 August 2018

Zinc Prices Gained Supported By Given Current 10-Year Lows Of Warehouse

Zinc trading range for the day is 172.5-181.7.

Zinc prices gained supported by given current 10-year lows of warehouse warrants at SHFE warehouses.

The global zinc market saw a surplus of 3,000 tonnes in June from a deficit of 26,000 tonnes in May, data from ILZSG showed.

Deliverable zinc inventories in warehouses monitored by the Shanghai Futures Exchange fell 29.1 percent from the previous week, according to exchange data.

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Copper Gained On A Softer Dollar, Though Worries About Chinese Demand Capped

Copper trading range for the day is 408.9-422.5.

Copper gained on a softer dollar, though worries about Chinese demand capped gains as the country’s trade dispute with the United States drags on.

The global world refined copper market showed a 31,000-tonne deficit in May, compared with a 105,000-tonne deficit in April, ICSG said.

China's copper producers and traders are riding an unexpected surge of business that has pushed physical prices to their highest in nearly two years.

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Silver Prices Gained After A Plunge In The Dollar Supported A Broad Based Rally

Silver trading range for the day is 36293-37485.

Silver prices gained after a plunge in the dollar supported a broad-based rally in metals following a dovish speech from Fed Chairman Jerome Powell.

The dollar was also knocked by ongoing political uncertainty in Washington as traders assess the impact of President Donald Trump's growing legal concerns.

The plunging dollar helped to overshadow concerns over the U.S.-China trade war after talks in the week led to little progress, though this outcome was widely expected.

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Gold Prices Rose As The Dollar Came Under Pressure From Clues

Gold trading range for the day is 29416-30210.

Gold prices rose as the dollar came under pressure from clues about the direction of U.S. monetary policy from Federal Reserve Chairman Jerome Powell.

Prices remained supported as dollar slipped amid U.S.-China trade talks and as U.S. President Trump criticized the U.S. Fed’s plan to raise interest rates.

Demand for physical gold was modest in India while interest for the metal remained lacklustre elsewhere in Asia as buyers awaited a dip in prices.

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Friday, 24 August 2018

Natural Gas Edged Higher, Following The Release Of A Federal Report

Natural gas trading range for the day is 204.3-211.5.

Natural gas edged higher, following the release of a federal report, which showed the weekly storage build was below normal for the seventh consecutive week.

The U.S. Energy Information Administration said utilities added 48 billion cubic feet of gas into storage in the week of Aug. 17.

Production in the Lower 48 U.S. states averaged a record-high 82.1 billion cubic feet per day over the past 30 days.

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Crude Oil Gained Recovering From Lows As Washington's Sanctions On Iran Signaled

Crude oil trading range for the day is 4711-4819.

Crude oil gained recovering from lows as Washington's sanctions on Iran signaled tightening supplies.

U.S. commercial crude oil inventories fell by 5.8 million barrels in the week to Aug. 17 to 408.36 million barrels, the EIA said in its weekly report.

Kuwait is likely to sign deals with Saudi Arabia and Iraq to develop shared oil fields by the end of this year and start producing oil soon.

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Silver On MCX Settled Down -0.79% At 36608 Pressured Lower By The Stronger Dollar

Silver on MCX settled down -0.79% at 36608 pressured lower by the stronger dollar, which bounced on expectations for higher U.S. interest rates and rising trade tensions. 

The dollar was boosted after the latest Federal Reserve meeting minutes indicated that further interest rate hikes are in the pipeline. 

Fed policymakers said they continued to expect the U.S. economy to expand at an above-trend pace. The minutes also showed that officials discussed how global trade disputes could affect businesses and households.

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Gold On MCX Settled Down -0.24% At 29608 As Fears Of Another Round Of U.S. Tariffs

Gold on MCX settled down -0.24% at 29608 as fears of another round of U.S. tariffs on China and expectations of higher interest rates lifted the dollar. 

Federal Reserve policymakers broadly agree that U.S. interest rates should rise further this year and next, despite U.S. President Donald Trump’s displeasure with such a plan, two policymakers’ comments underscored. 

The Fed’s latest policy meeting minutes suggested it is on course to raise interest rates further after two hikes this year, denting demand for non-interest-yielding gold.

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Thursday, 23 August 2018

Natural Gas Inched Down On Forecasts For Hotter Than Normal Weather

Natural gas trading range for the day is 205-209.6.

Natural gas inched down on forecasts for hotter-than-normal weather and worries surrounding low inventories in storage.

Early estimates showed utilities were likely to inject 41 bcf of gas into storage in the week of Aug. 17.

The increase would also boost stockpiles to 2.428 tcf, leaving inventories about 20 percent below the five-year average.

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Crude Oil Gained As Weekly Data Showed That Oil Supplies In The U.S. Registered

Crude oil trading range for the day is 4583-4863.

Crude oil gained as weekly data showed that oil supplies in the U.S. registered a much larger-than-expected draw.

The U.S. Energy Information Administration said in its weekly report that crude oil inventories fell by 5.836 million barrels in the week.

OPEC and other oil exporting producers are expected to agree on a mechanism to monitor their crude production before the end of the year, Kuwaiti Oil Minister said.

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Silver Traded In Range As Political Uncertainty Weighed On The U.S. Dollar

Silver trading range for the day is 36627-37309.

Silver traded in range as political uncertainty weighed on the U.S. dollar and investors looked ahead to meeting minutes from the Federal Reserve.

The latest comment by the Chinese Foreign Ministry cites that it hopes the trade talks with the US can produce a good outcome.

However, news of planned U.S.-China trade talks and a partial recovery in Turkey’s lira have steadied investor nerves slightly.

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Gold Gained As The Dollar Eased Ahead Of Minutes From The U.S. Federal

Gold trading range for the day is 29544-29862.

Gold gained as the dollar eased ahead of minutes from the U.S. Federal Reserve's August policy meeting and trade talks between Chinese and U.S. officials.

The central bank held interest rates unchanged at its last meeting, giving an upbeat assessment of the economy, as it stays on course to gradually lift interest rates.

Holdings of gold backed exchange traded funds, meanwhile, have fallen by 4.1 million ounces, or 7 percent, since late May as investors exited positions.

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Tuesday, 21 August 2018

Silver Prices Traded In Range As Traders Waited For References From The Federal Reserve

Silver trading range for the day is 36541-37155.

Silver prices traded in range as traders waited for references from the Federal Reserve later this week.

Also lending support to prices was a retreat in the greenback as reports surfaced Monday that Trump criticized Fed chairman Powell for ongoing increases in interest rates.

However, news of planned U.S.-China trade talks and a partial recovery in Turkey’s lira have steadied investor nerves slightly.

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Gold Gained As A Strengthening Currency In China Made The Metal Cheaper

Gold trading range for the day is 29380-29584.

Gold gained as a strengthening currency in China made the metal cheaper for buyers in the world’s biggest gold consumer.

Investors seeking a safe place to store assets amid trade disputes and a Turkish currency crisis have preferred the dollar to gold, undermining the reputation of bullion as a safe-haven.

Physical gold demand in India regained momentum last week as jewellers stocked up after prices dipped to their lowest in over seven months.

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Friday, 17 August 2018

Nickel Dropped As Investors Remain Concerned Over A Slowdown In The Economy

Nickel trading range for the day is 900.8-960.8.

Nickel dropped as investors remain concerned over a slowdown in the economy of top metals consumer China.

Fixed-asset investment expanded by a below consensus 5.5 percent in January-July, a result of Beijing’s crackdown on lavish local government borrowing.

Industrial output, which has a strong correlation with industrial metals demand growth, rising 6 percent year-on-year in July was also below forecast.

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Silver On MCX Settled Down -2.41% At 36889 As The Broadly Strong Dollar

Silver on MCX settled down -2.41% at 36889 as the broadly strong dollar continued to weigh on demand for bullion. 

Prices remained under pressure as fears over contagion effects from Turkey's financial crisis saw investors continue to seek safety in the U.S. dollar. 

China and the United States will hold lower-level trade talks this month, the two governments said on Thursday, offering hope that they might resolve an escalating tariff war that threatens to engulf all trade between the world’s two largest economies.

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Gold On MCX Settled Down -1.36% At 29330 Despite News

Gold on MCX settled down -1.36% at 29330 despite news that China and the United States will hold trade talks this month. 

The meeting between a Chinese delegation and U.S. representatives offers hope for progress in resolving the trade conflict that has unnerved financial and commodity markets in recent weeks. 

China and the United States will hold lower-level trade talks this month, the two governments said on Thursday, offering hope that they might resolve an escalating tariff war that threatens to engulf all trade between the world’s two largest economies.

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Thursday, 16 August 2018

Zinc Dropped On Concerns About The Hit To Global Growth And Demand

Zinc trading range for the day is 169.4-176.

Zinc dropped on concerns about the hit to global growth and demand from trade disputes and political tensions, as well as a stronger dollar.

The premium of cash zinc over the three-month contract meanwhile plummeted to $3 from more than $50 a week ago, signalling greater availability of nearby metal.

But ongoing concerns over tight supply have been bolstered by data showing one entity controls 50-79 percent of LME zinc warrants.

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Copper Fell Pressured By Concerns That The Collapse Of The Turkish Lira

Copper trading range for the day is 410.5-425.5.

Copper fell pressured by concerns that the collapse of the Turkish lira could infect emerging markets and as data showed the Chinese economy was cooling.

Chile’s copper industry braced for the announcement of a potential strike at as government-led mediation was expected to close by the end of Monday.

The main union at Chile’s Caserones copper mine said both sides had agreed to extend government mediation of labour talks until Thursday.

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Silver Prices Dropped As The US Dollar Held Onto Its Crisis Inspired Gains

Silver prices dropped as the US Dollar held onto its crisis-inspired gains while Treasury bond yields recovered. 

The dollar rose to its highest level since June 2017 on worries over President Tayyip Erdogan’s calls for lower interest rates and fraying ties between US and Turkey. 

Turkey’s central bank announced an emergency liquidity boost, calming investors’ frazzled nerves. 

Bullion has declined about 9 percent this year, pressured by rising U.S. interest rates, a soaring dollar and failure to capitalize on its traditional role as a hedge against global uncertainties.

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Gold Remained Weak As Dollar Climbed Towards Its Highest In Over A Year

Gold remained weak as dollar climbed towards its highest in over a year on concerns about global market contagion triggered by recent declines in the Turkish lira. 

The U.S. dollar holding steady near a recent peak as concerns about a Turkey crisis and China’s economic health weighed on emerging market currencies. 

The United States ruled out removing steel tariffs that have contributed to a currency crisis in Turkey even if Ankara frees a U.S. pastor, as Qatar pledged $15 billion in investment to Turkey, supporting a rise in the Turkish lira.

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Tuesday, 14 August 2018

Natural Gas Gained Due To Weakness In Rupee Despite Of Forecasts For Cooler

Natural gas trading range for the day is 201.3-208.3.

Natural gas gained due to weakness in Rupee despite of forecasts for cooler temperatures over the next two weeks.

The warmer weather pattern appears to be changing with a cool front making its way into the middle of the United States.

The EIA reported that working gas stocks are below the five-year range for the second week.

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Crude Oil Dropped After Data Suggested Inventories At The U.S. Crude Delivery

Crude oil trading range for the day is 4539-4789.

Crude oil dropped after data suggested inventories at the U.S. crude delivery hub rose in the latest week.

OPEC forecast lower demand for its crude next year as rivals pump more and said top oil exporter Saudi Arabia, eager to avoid a return of oversupply, had cut production.

In a monthly report, the OPEC said the world will need 32.05 Mbpd of crude from its 15 members in 2019, down 130,000 bpd from last month's forecast.

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Silver Prices Ended Lower Amid Economic Turmoil In Turkey Left Markets Uncertain

Silver trading range for the day is 37338-38346.

Silver prices ended lower amid economic turmoil in Turkey left markets uncertain about direction.

The U.S. imposed sanctions and doubled tariffs on the Turkey’s steel and aluminum to 50% and 20% respectively.

Tensions between the U.S. and Turkey continued on Monday, with Turkey’s central bank pledging to provide liquidity and cut reserve requirements for Turkish banks.

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Gold Prices Dropped Losing Out To U.S. Treasuries And A Strong Dollar

Gold trading range for the day is 29586-29962.

Gold prices dropped losing out to U.S. Treasuries and a strong dollar as investors sought refuge from a financial market rout triggered by a crashing Turkish lira.

U.S. economic growth will probably accelerate this year before slowing in 2019 to well below the Trump administration’s 3 percent target as a fiscal stimulus fades.

Gold last week was sold at a discount in India for the first time in six weeks on subdued demand.

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Monday, 13 August 2018

Nickel Dropped As Investors Bet Global Trade Tensions And A Robust US Economy

Nickel trading range for the day is 929.6-969.6.

Nickel dropped as investors bet global trade tensions and a robust US economy would continue to support the dollar.

Nickel production rose 4.7% on the month and stood at 12,400 mt in July, this is down 9.7% year on year.

Discounts of high-grade nickel pig iron to refined nickel prices are expected to widen this month due to an increasing supply of the former.

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Copper Prices Gained Supported By Higher Than Expected Chinese Consumer Price

Copper trading range for the day is 414.6-424.6.

Copper prices gained supported by higher-than-expected Chinese consumer price index and producer price index for July.

China’s exports growth unexpectedly accelerated in July despite fresh U.S. tariffs, while its trade surplus with the United States remained near record highs.

China’s imports of copper concentrate rose to an all-time high last month as Chinese smelters ramped up purchases to feed their growing capacity.

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Silver Gained As Softer Than Expected Inflation Indicators Eased Concerns Over

Silver trading range for the day is 37780-38224.

Silver gained as softer-than-expected inflation indicators eased concerns over an acceleration of rate hikes from the Federal Reserve ahead of the consumer price index.

Producer price inflation for July was unchanged from the previous month, with the annualized increase easing from 3.4% to 3.3%, according to data.

Still, market participants were likely to remain cautious as they await the release of the more widely followed consumer price index for July.

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Gold Prices Seen Supported Drawing Some Support From Global Political Tensions

Gold trading range for the day is 29520-29946.

Gold prices seen supported drawing some support from global political tensions and a slightly weaker dollar against the yen.

The number of Americans filing for unemployment benefits unexpectedly fell last week, suggesting that a strong economy was helping the labour market.

China warned that duties imposed by President Donald Trump’s administration on some $50 billion of Chinese imports set to be enacted on Aug. 23.

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Friday, 10 August 2018

Zinc Dropped Tracking Weakness In LME Prices Due To A Rapid Rise In The Dollar

Zinc trading range for the day is 176-187.

Zinc dropped tracking weakness in LME prices due to a rapid rise in the dollar.

The U.S. Trade Representative’s office said the U.S. would begin collecting 25 percent tariffs on another $16 billion in Chinese goods later this month.

China's foreign exchange reserves increased in July, figures from People's Bank of China showed.

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Aluminium Dropped On Profit Booking As The Impact Of Strikes

Aluminium trading range for the day is 139.2-148.6.

Aluminium dropped on profit booking as the impact of strikes at Alcoa’s alumina refinery in Western Australia was smaller than expected.

Alcoa workers in Western Australia have walked out indefinitely over an enterprise agreement dispute with the aluminium maker, the Australian Workers’ Union said.

The Alcoa plants account for around 9.3 million tonnes of capacity or some 8 percent of the world’s supply of alumina.

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Silver Gained As Softer Than Expected Inflation Indicators Eased Concerns

Silver trading range for the day is 37754-38372.

Silver gained as softer-than-expected inflation indicators eased concerns over an acceleration of rate hikes from the Federal Reserve ahead of the consumer price index.

Producer price inflation for July was unchanged from the previous month, with the annualized increase easing from 3.4% to 3.3%, according to data.

Still, market participants were likely to remain cautious as they await the release of the more widely followed consumer price index for July.

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Gold Prices Seen Supported Drawing Some Support From Global Political Tensions

Gold trading range for the day is 29513-29811.

Gold prices seen supported drawing some support from global political tensions and a slightly weaker dollar against the yen.

The number of Americans filing for unemployment benefits unexpectedly fell last week, suggesting that a strong economy was helping the labour market.

China warned that duties imposed by President Donald Trump’s administration on some $50 billion of Chinese imports set to be enacted on Aug. 23.

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Thursday, 9 August 2018

Natural Gas Rose As Worries About Low Inventories Offset Forecasts For Cooler Weather

Natural gas trading range for the day is 196.8-205.6.

Natural gas rose as worries about low inventories offset forecasts for cooler weather next week than previously expected.

The amount of gas in storage was at its lowest in 15 years for the time of year, after four consecutive weeks of lower-than-normal storage builds.

Production in the Lower 48 U.S. states averaged a record high 81.0 billion cubic feet per day over the past 30 days.

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Crude Oil Prices Dropped After Data Showed U.S. Crude Stockpiles Fell Less

Crude oil trading range for the day is 4420-4842.

Crude oil prices dropped after data showed U.S. crude stockpiles fell less than expected and U.S.-China trade tensions intensified.

Crude inventories fell by 1.4 million barrels in the last week, compared with expectations for a decrease of 3.3 million barrels.

China’s July crude oil imports recovered slightly in July after falling for the previous two months.

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Silver Traded In Range As A Federal Reserve Policymaker Reiterated The Need

Silver trading range for the day is 37628-38238.

Silver traded in range as a Federal Reserve policymaker reiterated the need for rate hikes and a stronger dollar weakened demand for the precious metal.

The U.S. Trade Representative’s office said the U.S. would begin collecting 25 percent tariffs on another $16 billion in Chinese goods later this month.

US job openings held near record highs in June amid a modest decline in hiring, pointing to further tightening labour market conditions.

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Gold Traded In Range Due To Rising U.S. Interest Rates And Strong Demand

Gold trading range for the day is 29469-29765.

Gold traded in range due to rising U.S. interest rates and strong demand for U.S. Treasury bonds seen as a refuge from trade tensions are expected to weigh.

The United States will begin collecting 25 percent tariffs on another $16 billion in Chinese goods on Aug. 23, the U.S. Trade Representative’s office said.

Gold-backed ETFs saw outflows in North America, Europe and Asia in July as a strong U.S. dollar helped weaken gold prices, WGC said.

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Wednesday, 8 August 2018

Zinc Gained As A Rising Yuan Kept The Dollar On The Back Foot

Zinc trading range for the day is 177.7-182.7.

Zinc gained as a rising yuan kept the dollar on the back foot and easing U.S.-China trade war concerns supported sentiment.

China’s social inventory of zinc across Shanghai, Tianjin and Guangdong edged down as limited import arrivals failed to drive up overall stocks.

pot zinc trades in the Shanghai market slowed from last Friday as buyers hesitated and sellers hardly lowered offers.

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Copper Prices Seen Support On Fears A Wage Dispute At The World’s Largest Copper

Copper trading range for the day is 414.2-422.6.

Copper prices seen support on fears a wage dispute at the world’s largest copper mine could result in a strike if an agreement isn’t reached.

China's $60 billion tariffs on US goods see little impact on copper.

Miner BHP said requested government mediation with union at its Escondida copper mine, prompting union to postpone the start of a strike.

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Silver Prices Settled Flat As A Weaker Dollar Boosted Demand For The Precious Metal

Silver trading range for the day is 37648-38296.

Silver prices settled flat as a weaker dollar boosted demand for the precious metal.

Expectations that the Federal Reserve will push forward with rate hikes, with markets pricing in moves in both September and December, have supported the dollar.

U.S. job openings held near record highs in June amid a modest decline in hiring, pointing to a further tightening of labour market conditions.

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Gold Prices Settled Flat As The U.S. Dollar Fell Versus China’s Yuan Against A Backdrop

Gold trading range for the day is 29490-29788.

Gold prices settled flat as the U.S. dollar fell versus China’s yuan against a backdrop of U.S.-China trade tensions.

Expectations for increased Chinese stimulus helped take the edge off wider concerns about the worsening Sino-U.S. trade dispute.

Gold prices have declined nearly 12 percent since mid-April, pressured by a stronger U.S. dollar from an ongoing U.S.-China trade dispute.

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