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Showing posts with label Best Commodity Tips. Show all posts
Showing posts with label Best Commodity Tips. Show all posts

Friday, 24 November 2017

Best Commodity Tips
Gold prices dipped on Friday as some investors locked in profits at the end of the week, and risk appetite strengthened, but expectations hovered that gold prices could move higher next week.Spot gold XAU= was down 0.3 percent at $1,287.70 an ounce by 1:46 p.m. EST (1846 GMT), on track for a 0.5 percent weekly decline.U.S. gold futures GCcv1 for December delivery settled down $4.90, or 0.4 percent, at $1,287.30 per ounce.x"There's some liquidation of gold taking place, but light volume," said Bill O'Neill, partner at Logic Advisors in Upper Saddle River, New Jersey."Next week will be important, because we are close to that $1,300 level and the market has the potential to break through and establish a slightly higher range," O'Neill added.A key area of resistance remains at the $1,300 level, traders said.U.S. Federal Reserve's minutes released Wednesday, regarded as "dovish," supported gold and slightly lowered market expectations of a March rate hike, said Georgette Boele, commodity strategist at ABN AMRO (AS:ABNd) in Amsterdam.

Higher interest rates tend to boost the U.S. dollar and push bond yields up, pressuring gold prices by increasing the opportunity cost of holding non-yielding bullion.The U.S. dollar index .DXY on Thursday hit its lowest since Sept. 26 against a basket of major currencies.Dollar-priced gold typically rises when the U.S. dollar index dips. Though gold prices were down Thursday, the weaker U.S. dollar kept gold supported and within a range, said Bart Melek, head of commodity strategy at TD Securities in Toronto.Technology stocks led the S&P 500 and Nasdaq to record high closes during a strong start to holiday shopping in the United States, signaling investor risk appetite returning, traders said. Among other precious metals, silver XAG= dipped 0.3 percent at $16.99 an ounce, while platinum XPT= gained 0.8 percent at $940.50 an ounce.

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Thursday, 23 November 2017

Best Commodity Tips
Gold Gains Slightly In Asia As China Market Concerns Ease, US Tax Cuts Eyed

Gold prices gained slightly in Asia on Friday as concerns over a sharp selloff in China overnight eased and investors turned focus to the U.S. and next week's Senate review of proposed tax cuts.Comex gold futures gained 0.06% to $1,292.98 a troy ounce. On Thursday, China CSI 300 Index sank 52 points in the final 45 minutes of trading, the steepest afternoon decline since the depths of China’s stock market crash in January 2016.

Overnight, gold prices held steady in holiday-thinned trade on Thursday, after the minutes of the Federal Reserve's most recent policy meeting pushed the U.S. dollar, lending support to the precious metal.Trade volumes were expected to remain light on Thursday, with Comex floor trading scheduled to remain closed for Thanksgiving. An abbreviated session was slated for Friday.The greenback weakened after the minutes of the Fed's latest meeting showed that some policymakers remain concerned over persistently low inflation.

The report also showed that the Fed expects to raise interest rates in the "near term", adding to expectations for a December rate hike. However, the central bank added that economic data will determine the timing of future rate hikes, which could mean a slower pace than expected for 2018.
Gold is sensitive to moves in both U.S. rates and the dollar. A weaker dollar makes gold less expensive for holders of foreign currency, while a rise in U.S. rates lifts the opportunity cost of holding non-yielding assets such as bullion.Another factor for rate hikes is whether the US Congress manages to pass a tax package this year, with a U.S. House of Representatives version and one in the Senate at odds on key points.

Crude Oil Mixed In Asia Following Holiday In US, Focus On OPEC

Crude oil prices were narrowly mixed in Asia on Friday coming off a US holiday and cautious ahead of a key OPEC review of oil output curbs next week.The U.S. West Texas Intermediate crude January contract eased 0.26% at $58.38 a barrel, while Brent oil for January delivery on the ICE Futures Exchange in London gained 0.05% to $63.45 a barrel.The US rig count rose by nine to 747 in the week ended Nov. 22, Baker Hughes said in an early release of weekly figures ahead of the Thanksgiving holidays, with the monthly rig count rising for the first time since July as crude prices traded near their highest levels since the summer of 2015. A total of 10 rigs were added for the month.

Overnight, crude oil prices bounced higher on Thursday, erasing earlier losses as optimism that the market is rebalancing resurfaced in holiday-thinned trade. Also adding to positive sentiment on oil prices was an announcement by TransCanada revealing that it would slash oil deliveries to the United States by 85% or more on its keystone crude pipeline.

Crude prices climbed after after the EIA reported on Wednesday that crude oil inventories fell by 1.9 million barrels last week, marking the first decline in three weeks. That was compared with analysts' expectations for a decline of 1.5 million barrels.

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Best Commodity Tips
Gold Dips In Asia As Fed Views Point To Steady Path On Rates In 2018.
Gold dipped in Asia on Thursday with the latest minutes weighing as they expressed optimism about the economy and concern about financial markets, hinting at a steady rate hike view for 2018. Federal Reserve officials expressed largely optimistic views of economic growth at their most recent meeting but also started to worry that market prices are getting out of hand and posing a danger to the economy. Minutes from the November Federal Open Market Committee meeting indicated solid views on growth – the labor market, consumer spending and manufacturing all were showing solid gains. While there were disagreements on the pace of inflation, sentiment otherwise was largely positive. “In their discussion of the economic situation and the outlook, meeting participants agreed that information received since the FOMC met in September indicated that the labor market had continued to strengthen and that economic activity had been rising at a solid rate despite hurricane-related disruptions,” the minutes stated. 

SMM Analysis: LME Copper Inventory Slumping by Transfer, Weak Demand Encumbers Copper Price.
LME Inventory continued to drop over 7,000 tonnes last night. LME Copper rebounded under this influence. SHFE Copper followed with LME with less strength. LME Copper has broken top of downward channel since mid-October but SHFE Copper finished at top of the channel today. With regard to total number of global three dominant inventory, the inventory is still in rise. SMM learned that the drop in inventory of LME Copper is not driven by better global demand but inventory’s transfer to China. 
 
Downstream Stocking up, Weekly Aluminium Ingot Inventory Slightly Drops by 1,000 Tons.
On Nov.23rd, as per SMM statistics, the domestic refined aluminium social inventory (SHFE warrants included) is listed as follows (Unit: tone): Shanghai 348,000, Wuxi 568,000, Hangzhou 100,000, Gongyi 122,000, Nanhai 437,000, Tianjin 54,000, Chongqing 30,000. Total inventory in seven places reaches 1.749 million tons, down 1,000 tons compared with last Thursday. 

Crude Oil Dips In Asia As US Heads For Holiday, All Eyes On OPEC Next Week.
Crude oil dipped in Asia on Thursday as the US heads to a long weekend and traders await word from OPEC on a widely expected extension of crude oil output curbs.Overnight, crude oil prices settled higher on Wednesday after data showed crude stockpiles fell for the first time in three weeks, while a disruption to a major pipeline in Canada lifted sentiment. Crude oil prices settled at two-and-a-half year highs as investors cheered a report showing crude supplies fell more-than-estimated. Inventories of U.S. crude fell by roughly 1.9 million barrels for the week ended Nov. 18, beating expectations of a draw of 1.6 million barrels. Crude oil stockpiles fell for the first time in three weeks. The rally in oil prices comes as the Opec meeting slated for Nov. 30 draws closer amid expectations that Opec will agree to extend its production cuts beyond March, when the current phase of output curbs is set to expire.

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Tuesday, 21 November 2017

Best Commodity Tips
Oil prices firm on expected OPEC cut extension

Oil prices firmed on Wednesday after a reported fall in U.S. crude inventories and on expectations that an OPEC-led production cut aimed at tightening the market will be extended beyond March 2018.Brent crude futures LCOc1 , the international benchmark for oil prices, were at $62.81 per barrel at 0112 GMT, up 24 cents, or 0.4 percent, from their last close.U.S. West Texas Intermediate (WTI) crude futures were at $57.31 a barrel, up 48 cents, or 0.8 percent.Traders said markets were generally well supported by an effort led by the Organization of the Petroleum Exporting Countries (OPEC) and a group of non-OPEC producers led by Russia to restrain output in a bid to end a global supply overhang.The deal to curb output is due to expire in March 2018, but OPEC will meet on Nov. 30 to discuss the outlook for the policy."All eyes remain focused on the OPEC's flux and reflux heading to Vienna as the meeting's outcome will ultimately determine oil prices' near-term fate,"

Traders said there was also some price support from a weekly report on Tuesday by the American Petroleum Institute which said U.S. crude inventories fell by 6.4 million barrels in the week to Nov. 17. this, traders said crude markets were somewhat capped by rising production in the United States, which has jumped by almost 15 percent since mid-2016 to 9.65 million barrels per day.Outside North America, markets have been supported by an effort led by the Organization of the Petroleum Exporting Countries (OPEC) to restrain output in a bid to end a global supply overhang.The deal to curb production is due to expire in March, but OPEC will meet on Nov. 30 in Vienna to discuss the outlook for the policy."The meeting's outcome will ultimately determine oil prices' near-term fate," 

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Monday, 20 November 2017

Best Commodity Tips
Gold Gains In Asia As North Korea Tensions Heighten Risk

Gold prices gained in Asia on Tuesday with risk heightened as President Donald Trump declared North Korea a state sponsor of terrorism, using more stick in dealings with Pyongyang even as contacts are said to be underway to lead to talks.Gold futures for December delivery on the Comex division of the New York Mercantile Exchange rose 0.36% to $1,279.92 a troy ounce.xOvernight, gold prices fell on Monday as a slump in the euro amid rising political uncertainty in Germany pushed the dollar to a nearly one-week high dampening demand for the precious metal.Chancellor Angela Merkel said on Monday that she would prefer new elections rather than lead a minority government after talks to form the country's next government collapsed overnight.That sparked concerns over the future leadership position of chancellor Merkel, pressuring the euro to lows, while supporting an uptick in the dollar to trade higher against a basket of global currencies.

The U.S. dollar index, which measures the greenback’s strength against Also adding to gold weakness was the prospect of higher interest rates as the Federal Reserve’s December 12-13 meeting draws closer amid strong expectations the central bank will raise rates.According to investing.com’s fed rate monitor tool 100% traders expect the Federal Reserve to raise rates.Gold is sensitive to moves higher in both bond yields and the U.S. dollar – A stronger dollar makes gold more expensive for holders of foreign currency while a rise in U.S. rates, lift the opportunity cost of holding non-yielding assets such as bullion.

Crude Oil Rebounds In Asia With API Estimates Ahead

Crude oil prices rebounded in Asia on Tuesday ahead of weekly industry estimates on U.S. supplies.On the New York Mercantile Exchange crude futures for December delivery rose 0.16% to $56.51 a barrel, while on London's Intercontinental Exchange, Brent gained 0.21% to $62.35 a barrel.The American Petroleum Institute (API) will release its estimates of crude and refined product stocks in the U.S. last week. Analysts expect crude oil supplies fell by 2.167 million barrels, while distillate stocks are seen down by 1.833 million barrels and gasoline inventories are expected up by 900,000 barrels.The estimates will be followed by official data from the Energy Information Administration (EIA) on Wednesday.Overnight, crude oil prices settled lower on Monday as traders opted for caution ahead of the OPEC meeting in Vienna, where it’s widely expected that OPEC and non-OPEC producers will agree to extend output curbs.

Oil futures added to losses sustained last week as traders opted against initiating bullish bets on oil prices ahead of the Organization of the Petroleum Exporting Countries (OPEC) on Nov. 30.In May, Opec producers agreed to extend production cuts for a period of nine months until March, but stuck to production cuts of 1.2 million bpd agreed in November last year.With a little over a week to go until the Opec meeting, investor expectations of an extension to the deal to curb outputs remained elevated following several weeks of positive comments from OPEC producers."We're expecting a potential extension of the deal, that's the general market consensus, OPEC knows that it needs to continue doing what it's doing because its targets haven't been reached,"

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Sunday, 19 November 2017

Best Commodity Tips
Oil markets tepid ahead of Nov. 30 OPEC meeting

Oil markets were tepid on Monday as traders were reluctant to take on big new positions ahead of an OPEC meeting at the end of the month, when the producer club is expected to decide whether to continue output cuts aimed at propping up prices.

Brent crude futures LCOc1 , the international benchmark for oil prices, were at $62.56 per barrel at 0439 GMT, down 16 cents, or 0.3 percent, from their last close.U.S. West Texas Intermediate (WTI) crude futures were at $56.59 a barrel, up 4 cents, or 0.1 percent, from their last settlement.Traders said they were avoiding taking on large new positions due to uncertainty in markets.

The Organization of the Petroleum Exporting Countries (OPEC), together with a group of non-OPEC producers led by Russia, has been restraining output since the start of this year in a bid to end a global supply overhang and prop up prices.

The deal to curb output is due to expire in March 2018, but OPEC will meet on Nov. 30 to discuss the outlook for the policy.

OPEC is expected to agree an extension of the cut as storage levels remain high despite recent drawdowns, although there are doubts about the willingness of some participants to continue to restrain output.

"(The) OPEC meeting remains the key sector catalyst into year-end ... The market expectation is for an extension through 2018, created by OPEC comments early this fall ... (but) there is increased risk that OPEC delays the extension decision," U.S. bank Morgan Stanley (NYSE:MS) said on Monday in a note to clients.Morgan Stanley said that the question over extended cuts "has shifted to non-OPEC participants'

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