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

Tuesday, 16 October 2018


BULLION:-

There Gold prices held steady on Wednesday despite a rise in equities, with investors waiting for minutes from the US Federal Reserve's latest policy meeting for any fresh clues on the pace of interest rate hikes. Spot gold was up 0.1 per cent at $1,224.70 an ounce at 0100 GMT. On Monday, it touched its highest since July 26 at $1,233.26 an ounce. US President Donald Trump heaped more criticism on the Fed in an interview with Fox Business Network on Tuesday, extending his discontent beyond its chairman, Jerome Powell, whom he has frequently critiqued in public. Past US presidents have been reticent to criticize the central bank because its independence is seen as important for economic stability. But Trump in the past week has called the Fed "crazy," "loco," "ridiculous," and "too cute". Asian equities got some much needed relief on Wednesday after upbeat US earnings reports drove a rebound on Wall Street and helped restore a little confidence in emerging market stocks and currencies. 

METALS:-

On Tuesday, bargain-seekers pushed up LME copper to the daily moving average from early lows before a rally in US stocks rally that was fuelled by earnings and weighed on the dollar further bolstered LME copper to a high of $6,252.5/mt. The contract fell back to the daily moving average by close. The SHFE 1811 contract traded range bound in negative territory overnight. China factory prices slowed in September, indicating a potential slowdown in profit growth across Chinese manufacturers in the fourth quarter amid the ongoing trade war with the US. This is set to weigh on copper prices. LME copper is likely to trade at $6,200-6,250/mt today with SHFE copper at 50,000-50,500 yuan/mt. In the physical market, sellers are keen to cash in under the pressure from cash flows and existing stocks while downstream consumers hold back from purchases. While sellers lowered offers, trades remain sluggish. Spot discounts are seen at 60-20 yuan/mt today.


ENERGY:-

Oil prices extended gains into a fourth session on Wednesday, buoyed as industry data showed a surprise decline in U.S. crude inventories and as geopolitical tensions over the disappearance of a prominent Saudi journalist stoked supply worries. U.S. West Texas Intermediate crude CLc1 was up 15 cents, or 0.2 percent, at $72.07 a barrel by 0255 GMT on Wednesday, having settled up 14 cents. U.S. crude inventories fell by 2.1 million barrels last week, compared with analyst expectations for a build of 2.2 million barrels, American Petroleum Institute data showed after Tuesday's settlement. U.S. gasoline stocks dropped by a larger-than-expected 3.4 million barrels, while distillate fuel stockpiles declined by a smaller-than-expected 246,000 barrels, the API data showed.




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Thursday, 11 October 2018


BULLION:-
Gold edged down on Friday but held near an over two-month high hit in the previous session, when prices surged over 2 percent as a rout in global stock markets boosted the metal's safe-haven appeal. Spot gold was down 0.2 percent at $1,221.06 an ounce at the time of writing. On Thursday, it jumped about 2.5 percent after marking its highest since July 31 at $1,226.27. That was also the metal's best one-day percentage gain since June 2016. U.S. gold futures were down 0.3 percent at $1,224.50 an ounce. Worries about the economic impact of the Sino-U.S. trade war, a spike in U.S. bond yields this week and caution ahead of earnings seasons have all been cited as potential reasons behind the selloff, the biggest market rout since February.

METALS:-
London aluminium steadied on Friday after metals were caught in a widespread market sell-off this week, but it was set for its biggest weekly drop since June as concerns over raw material costs eased. LME aluminium had edged up 0.3 percent to $2,027 a tonne at the time of writing - still holding above the $2,000 level that has been its base since April. Prices were on course for a loss of nearly 4 percent this week, extending 2018's drop to 11 percent. Putting downward pressure on raw material costs, aluminium maker Norsk Hydro said it would resume half production at its giant Brazilian alumina plant, just days after declaring it would shut down completely. Shanghai Futures Exchange copper rose half a percent to 50,450 yuan ($7,312) a tonne. Open interest in China's copper contract is the lowest in 15 months. U.S. President Donald Trump warned on Thursday there was much more he could do that would hurt China's economy further, showing no signs of backing off an escalating trade war with Beijing.  

ENERGY:-

Oil prices steadied on Friday after a market rout driven by sharp falls in equity markets and indications that supply concerns have been overblown, but were still on track for a fall or more than 4 percent for the week. U.S. West Texas Intermediate (WTI) crude futures were up 11 cents at $71.08 a barrel, after falling 3 percent in the previous session to the lowest since Sept. 21. U.S. crude inventories rose by 6 million barrels last week, the Energy Information Administration said, more than double analysts' expectations of a 2.6 million-barrel increase. The Organization of the Petroleum Exporting Countries cut its forecast of global demand growth for oil next year for a third straight month, citing headwinds facing the broader economy from trade disputes and volatile emerging markets. OPEC sees the oil market as well supplied and is wary of creating a glut next year, the group's secretary-general said on Thursday.


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Wednesday, 10 October 2018


BULLION:-

Gold prices edged higher in the morning session as some investors sought refuge in the precious metal after the global stocks tumbled and the U.S. dollar weakened. Spot gold rose 0.4 percent to $1,194.12 per ounce at the time of writing. U.S. gold futures settled up $1.9, or 0.16 percent, at $1,193.4. Stocks on major world markets fell to a three-month low, with the benchmark S&P500 stock index falling more than 3 percent, in its biggest one-day fall since February. The U.S. dollar index retreated from a seven-week peak hit in the previous session. Gold, however, has fallen over 13 percent since hitting a peak in April, with investors increasingly opting for the safety of the greenback as the U.S.-China trade war unfolded against a backdrop of rising U.S. interest rates. Rising bond yields have also dampened the appeal of gold, which pays no interest. Higher U.S. Treasury yields can translate into more demand for the dollar, making bullion more expensive for holders of other currencies. U.S. Treasury yields held near multi-year highs after government data showed the U.S. producer price index (PPI) climbed in September, which reinforced expectations that the Federal Reserve would continue raising interest rates.  

METALS:-

Zinc fell in the previous session on trade and inflation worries, although it had earlier risen back towards a 3-month high reached last week on shrinking inventories and smelter cuts in China. Zinc inventories in LME-registered warehouses fell to 194,575 tonnes from more than 250,000 tonnes in August and are nearing 10-year lows. Stockpiles in Shanghai Futures Exchange storehouses at 29,204 tonnes are the smallest since 2007. Also weighing on zinc were lingering worries that trade tensions will sap growth. The worries, coupled with rising U.S. bond yields, pushed world shares down to a three month low. Demand for refined zinc will exceed supply by 322,000 tonnes this year, but the gap will narrow to 72,000 tonnes in 2019, industry data showed on Monday. The premium of cash zinc over the three-month contract rose to $41.50, reversing recent falls and signaling a lack of nearby supply.  

ENERGY:-

Oil dropped on Thursday to extend big losses from the previous session as global stock markets suffered a rout, with crude prices also taking a hit from a weekly industry report showing U.S. crude inventories had risen more than expected. Supply worries also eased as Hurricane Michael likely spared oil assets from significant damage as it smashed into Florida, even as it caused injuries and widespread destruction. U.S. West Texas Intermediate (WTI) crude futures were down 57 cents, or 0.8 percent, at $72.60 after dropping 2.4 percent in the previous session. U.S. crude stockpiles rose more than expected last week, while gasoline inventories increased and distillate stocks drew, industry group the American Petroleum Institute said on Wednesday. Crude inventories climbed by 9.7 million barrels in the week to Oct. 5 to 410.7 million, compared with analyst expectations for an increase of 2.6 million barrels. Crude stocks at the Cushing, Oklahoma delivery hub rose by 2.2 million barrels, API said. The U.S. Energy Information Administration (EIA) is due to release official government inventory data today at 08.30 PM IST. In the U.S. Gulf of Mexico, producers have cut daily oil production by roughly 42 percent due to the storm, the Bureau of Safety and Environmental Enforcement said.  


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Tuesday, 9 October 2018


BULLION:-
Gold The dollar index, which measures the greenback against a basket of six major currencies, was down 0.1 per cent. Stocks on major world markets edged lower on Tuesday, with a decline in the materials sector offsetting rising energy shares. US long-dated Treasury yields fell on Tuesday in choppy trading, as investors took a respite from selling bonds that took rates to multi-year highs following recent economic data and on interest rate prospects over the next year and a half. Risks to the global financial system have risen over the past six months and could increase sharply if pressures in emerging markets escalate or global trade relations deteriorate further, the IMF said on Wednesday

METALS:-
The SHFE 1811 contract also performed strongly overnight. It jumped past 107,000 yuan/mt to the highest since September and ended at 106,950 yuan/mt. The metal was voted as the most promising base metal for 2019 at this year's LME week in London, which might account for the recent increases in prices of futures. We expect LME nickel to hover at $12,800/mt today with the SHFE 1811 contract trading at 105,500-107,500 yuan/mt. Spot prices are seen at 105,000-112,000 yuan/mt. London copper rebounded above the daily moving average to a high of $6,303.5/mt and settled at $6,295/mt on Tuesday after the dollar dipped when US bond yields fell. On the technical front, LME copper managed to stand firmly above the five- and 10-day moving averages and approached the upper Bollinger band. Its MACD red line extended, reflecting the strength of longs. The SHFE 1811 contract soared to a high of 51,140 yuan/mt after it hovered at the daily moving average overnight.

ENERGY:-
Oil prices edged lower on Wednesday after the IMF lowered its global growth forecasts but prices were supported as Hurricane Michael churned towards Florida, causing the shutdown of nearly 40 percent of U.S. Gulf of Mexico crude output. Trade tensions and rising import tariffs were taking a toll on commerce, while emerging markets struggle with tighter financial conditions and capital outflows, the IMF said are peaking at the most opportunistic time given waning global growth narrative," said Stephen Innes, head of trading APAC at OANDA in Singapore. In the United States, nearly 40 percent of daily crude oil production was lost from offshore U.S. Gulf of Mexico wells on Tuesday because of platform evacuations and shut-ins ahead of Hurricane Michael



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Monday, 8 October 2018


BULLION:-

Gold fell to its lowest level in a week on Monday as investors sought safety in the U.S. dollar on concerns about a selloff in global stocks worsened by worries over economic growth in China. "The strong U.S. dollar and expectations of more interest rate hikes are pushing gold down and scaring gold investors. Even the Italian risk and a weakness in equities is not pushing investors to buy gold," said Carlo Alberto De Casa, chief analyst at Active Trades. Despite the losses, gold has held in a $34 range for the last 1-1/2 months, which some analysts say suggests resilience, worries over the damage to emerging market economies from higher U.S. interest rates has spurred safe-haven bidding.

METALS:-

London copper rebounded to a high of $6,224.5/mt from a low of $6,126/mt on Monday. This helped it stand firmly above the 20-day moving average. The SHFE 1811 contract reversed some gains overnight after hitting a high of 50,320 yuan/mt, which was near the five-day moving average. China’s actions, including a steep cut in the amount of cash that banks must hold as reserves, quickening special bond issuance for shanty-town redevelopment, an increase in export tax rebates from November 1, supported copper prices in the domestic market. Stocks at home and abroad continued their declines. We expect LME copper to trade at $6,170-6,230/mt with the SHFE 1811 contract at 50,000-50,500 yuan/mt. Spot premiums are seen at 40-80 yuan/mt.

ENERGY:-

Oil prices rose on Tuesday as more evidence emerged that crude exports from Iran, OPEC's third-largest producer, are declining in the run-up to the re-imposition of U.S. sanctions and as a hurricane moved across the Gulf of Mexico. Iran's crude exports fell further in the first week of October, according to tanker data and an industry source, as buyers are seeking alternatives ahead of the start of the U.S. sanctions on Nov. 4 and creating a challenge to other OPEC oil producers as they seek to cover the shortfall. The Islamic Republic exported 1.1 million barrels per day (bpd) of crude in that seven-day period, Definitive Eikon data showed. An industry source who also tracks exports said October shipments were so far below 1 million bpd.


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Sunday, 7 October 2018


BULLION:-

Gold edged higher on Friday, on track for its biggest weekly gain in six, as the dollar softened after data showed U.S. job growth slowed more than expected last month and a slide in stock markets burnished the appeal of bullion as a safe haven. "The weaker-than-expected jobs data is supporting the overall current mood but the numbers were not disappointing enough to trigger fresh buying," said Heraeus precious metals trader Alexander Zumpfe. However, the Labor Department's monthly employment report also showed a steady rise in wages, suggesting moderate inflation pressures, which could allow the Federal Reserve to maintain a path of gradual interest rate increases. A weaker dollar makes bullion less expensive for buyers using other currencies. But rising interest rates increase the opportunity cost of holding bullion

METALS:-

Last week, LME fell after it gained 3% on Wednesday with resistance at the 40-day moving average and support at $12,000/mt. Stocks across LME inventories continued to decline but on a smaller scale. We expect LME nickel to hover around $12,600/mt today with the SHFE 1811 contract trading at 103,500-105,000 yuan/mt. Spot prices are seen at 103,500-110,000 yuan/mt. London copper lost 0.67% to end at $6,186.5/mt on Friday. SHFE copper faces pressure from a strong US dollar and firm US economy. The recent US-Mexico-Canada Agreement will also put China’s exports under pressure. China’s central bank, however, provided some support. The reserve requirement ratios (RRRs) cut of 100 basis points announced on Sunday is set to bolster the stock market and grow anticipation of investment growth in infrastructure construction in the fourth quarter of the year. We expect LME copper to trade at $6,140-6,210/mt today with the SHFE 1811 contract at 49,000-50,100 yuan/mt. Spot premiums are seen at 20-70 yuan/mt as traders might clean up their stocks and downstream consumers would restock after the week-long break.

ENERGY:-


Oil has rallied to trade near four-year highs on concerns that the looming U.S. restrictions on the Islamic republic will squeeze shipments and spur a global crunch at a time when supplies are already being disrupted in Venezuela and Libya. Investors remain concerned the Organization of Petroleum Exporting Countries and its allies aren’t raising output quickly enough and that they may not have the capacity to fully cover disappearing volumes. Brent for December settlement fell as much as 96 cents to $83.20 a barrel on the London-based ICE Futures Europe exchange and was at $83.30 at 10:28 a.m. in Singapore. The contract slipped 0.5 percent to $84.16 on Friday. The global benchmark crude traded at a $9.66 premium to U.S. West Texas Intermediate for the same month.

 


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Wednesday, 3 October 2018


BULLION:-

Gold eased on Wednesday after the Italian government indicated it was open to trimming its budget deficit and debt, soothing investors' nerves and prompting a wider move back into stocks and other higher-risk assets. Bullion was also pressured by a stronger dollar as economic data supported the view that the U.S. economy is strong. "With U.S. equities hitting record highs here, the stickiness in equity prices will continue and the dollar strength will continue to materialize with what the U.S. Federal Reserve is doing," said David Song, a currency analyst at DailyFX. A stronger greenback makes dollar-denominated gold more expensive for holders of other currencies, while rising interest rates increase the opportunity cost of holding non-yielding bullion.

METALS:-

Declining shorts pulled up the SHFE 1811 contract above the 20- and 10- day moving averages, to a high of 104,580 yuan/mt. The contract settled at 104,550 yuan/mt with capitals of some 213 million yuan flowing out of all SHFE nickel contracts. Open interests of the 1811 contract lost 20,000 lots to 184,000 lots. Data to watch tonight include the US August personal consumption expenditures (PCE) inflation, personal income and spending and September consumer confidence. The SHFE 1811 contract once fell below the 50,000 yuan/mt level with pressure at the five-day moving average. As shorts exited near closing, the contract inched up to an intraday high of 50,240 yuan/mt and settled at 50,170 yuan/mt. The October contract traded some 230 yuan/mt higher than the November one today. The SHFE will be closed tonight and reopen on Monday October 8 after the week-long National Day holiday. 

ENERGY:-

Oil prices on Thursday fell from four-year highs reached the previous session, pressured by rising U.S. inventories and after sources said Russia and Saudi Arabia struck a private deal in September to raise crude output. "Data for last week showed a much more significant than expected ... build in U.S. commercial crude (inventories), which generally suggests that oil prices should tumble," said Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore. U.S. weekly Midwest refinery utilization rates dropped to 78.9 percent, their lowest since October 2015, according to the data. U.S. crude oil production C-OUT-T-EIA remained at a record-high of 11.1 million barrels per day (bpd). Russia and Saudi Arabia struck a private deal in September to raise oil output to cool rising prices, Reuters reported on Wednesday, before consulting with other producers, including the rest of the Organization of the Petroleum Exporting Countries (OPEC). and Saudi Arabia's actions come as markets have heated up ahead of U.S. sanctions against Iran's oil sector, which are set to kick in from Nov. 4, and which many analysts expect to knock around 1.5 million bpd of supply out of markets.




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BULLION:-

Gold prices edged up on Wednesday after gaining over 1 percent in the previous session, buoyed by safe-haven demand as Italy’s budget plan sets it on course for a potential clash with the European Union. Risk appetite was hit after EU officials expressed concerns about Italy’s budget plan, which would widen the deficit significantly. The deficit blowout revived fears of the eurozone debt crisis and put pressure on the euro. Italy’s government has no intention of leaving the euro, Claudio Borghi, the economics spokesman of the right-wing League, said on Tuesday, clarifying earlier remarks which had roiled financial markets. Italy is totally committed to the euro and any critical comments about the single currency are individual opinions which have nothing to do with the government’s policies, Prime Minister Giuseppe Conte said on Tuesday. In other development, China’s hopes of negotiating a free trade pact with Canada or Mexico were dealt a sharp setback by a provision deep in the new U.S.- Mexico-Canada trade agreement that aims to forbid such deals with “non-market” countries, trade experts said on Tuesday. U.S. Federal Reserve Chairman Jerome Powell on Tuesday hailed a “remarkably positive outlook” for the U.S. economy that he feels is on the verge of a “historically rare” era of ultra-low unemployment and tame prices for the foreseeable future.  

METALS:-

Copper prices advanced on Wednesday as President Trump touted the renegotiated NAFTA deal between the US, Mexico, and Canada as "truly historic news for our nation and indeed for the world." Trump, who has long railed against NAFTA, said the new agreement will be a boon for the US economy. Trump said the new deal would be the "most balanced trade agreement in the history of our country with the most advanced protection for workers." Copper inventories in LME warehouses at 199,125 tonnes have nearly halved since late March and are at their lowest since December last year. Canceled warrants - material earmarked for delivery - at more than 50 percent of total LME stock and a concentration of warrants in the hands of a single entity is also worrying for users of the exchange. One party currently holds between 50 and 79 percent of copper warrants, data showed.  

ENERGY:-


Oil prices were firm on Wednesday on expectations of tighter markets once U.S. sanctions target Iran’s petroleum industry from next month, although a strong dollar and rising U.S. crude supply curbed gains. U.S. West Texas Intermediate (WTI) crude futures were up just 1 cent at $75.24 a barrel. Global oil markets remained tense because of the looming U.S. sanctions against Iran’s oil exports, which kick in from Nov. 4. Brent and WTI earlier this week both reached levels last seen in November 2014, and the two contracts have risen by around 20 and 17 percent respectively since mid-August. Despite this, prices were held back by a strong dollar which makes oil imports more expensive for countries using other currencies domestically, as well as by climbing supply in the United States. U.S. commercial crude inventories rose by 907,000 barrels in the week to Sept. 28 to 400.9 million, the private American Petroleum Institute (API) said on Tuesday.  


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Sunday, 30 September 2018


BULLION:-
 Gold prices dipped in the morning session, with the dollar holding steady after marking a near three-week high in the previous session in the wake of the U.S. Federal Reserve’s plans last week for multiple interest rate hikes by 2020. Spot gold was down 0.2 percent at $1,189.22 at the time of writing. The metal fell 0.8 percent in September, marking its sixth straight monthly decline and longest monthly losing streak since January 1997. On Friday, gold touched its lowest since Aug. 17 at $1,180.34 an ounce. U.S. gold futures were down 0.3 percent at $1,193.0 an ounce. The dollar index was steady against a basket of major currencies, having touched its highest since Sept. 10 in the previous session. The Fed raised interest rates last week and said it planned four more increases by the end of 2019 and another in 2020. U.S. consumer spending increased steadily in August, supporting expectations of solid economic growth in the third quarter, while a measure of underlying inflation remained at the Fed’s 2 percent target for a fourth straight month. China will cut import tariffs on textile products and metals, including steel products, to 8.4 percent from 11.5 percent, effective Nov. 1, the finance ministry said on Sunday.  

METALS:-
 London metal prices eased on Monday amid evidence that the Sino-U.S. trade dispute impacted China’s manufacturing activity last month and as a week-long holiday got underway in the country. Growth in China’s manufacturing sector sputtered in September as both external and domestic demand weakened, two surveys showed on Sunday, raising the pressure on policymakers as U.S. tariffs appear to be inflicting a heavier toll on the Chinese economy. A private survey showed growth in the factory sector stalled after 15 months of expansion, with export orders falling the fastest in over two years, while an official survey confirmed a further manufacturing weakening. London Metal Exchange copper had eased 0.3 percent to $6,242 a tonne by 0219 GMT, following a gain of 1.2 percent on Friday. Copper prices climbed 4.7 percent in September, the largest monthly gain in a year when prices have dropped a total of nearly 14 percent.  

ENERGY:-
Brent crude oil prices rose to their highest since November 2014 on Monday ahead of U.S. sanctions against Iran, the third-largest producer in the Organization of the Petroleum Exporting Countries (OPEC), that kick in next month. U.S. West Texas Intermediate (WTI) crude futures were up 32 cents, or 0.4 percent, at $73.57 a barrel. WTI prices were supported by a report on Friday of a stagnant rig count in the United States, which points to a slowdown in U.S. crude production, which now rivals top producers Russia and Saudi Arabia. Brent was pushed up by looming sanctions against Iran, which will start targeting its oil sector from Nov. 4. In a sign that the financial market is positioning itself for further price rises, hedge funds increased their bullish wagers on U.S. crude in the week to Sept. 25, data from the U.S. Commodity Futures Trading Commission (CFTC) showed on Friday, increasing futures and options positions in New York and London by 3,728 contracts to 346,566 during the period.  



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Saturday, 29 September 2018

BULLION:-

Gold hit a fresh six-week low on Friday as the dollar firmed after upbeat U.S. economic data supported the Federal Reserve's resolve for steady interest rate hikes, putting the metal on track for its longest monthly losing streak since January 1997. The dollar gained against its peers on Friday as data showed U.S. economic growth accelerated in the second quarter at its fastest pace in nearly four years. Another report showed durable goods rose 4.5 percent in August, rebounding from a revised 1.2 percent drop the month before. USD/ short-term outlook is bearish for gold as the dollar may see some upside due to an ongoing trade war between China and the U.S. and the Federal Reserve interest rate hike outlook, according to Argonaut Securities analyst Helen Lau. The Fed raised interest rates on Wednesday and said it planned four more increases by the end of 2019 and another in 2020.  


ENERGY:-

Oil prices steadied on Friday as U.S. sanctions on Tehran squeezed Iranian crude exports, tightening supply even as other key exporters increased production. "The fall in Iranian production is set to intensify once the second round of U.S. sanctions come into effect in November," said Abhishek Kumar, senior analyst at Interfax Europe Ltd. A new round of U.S. sanctions on Iran, the third-largest producer in the Organization of the Petroleum Exporting Countries, kick in on Nov. 4. Washington is demanding that buyers of Iranian oil cut imports to zero to force Tehran to negotiate a new nuclear agreement and to curb its influence in the Middle East. Saudi Arabia is expected to add extra oil to the market over the next couple of months to offset the drop in Iranian production. sources familiar with OPEC policy told Reuters Saudi Arabia and other producers had discussed a possible production increase of about 500,000 barrels per day (bpd) among OPEC and non-OPEC producers. 


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Thursday, 27 September 2018



BULLION:-

Gold prices held close early Friday to near six-week lows hit in the previous session, as the dollar firmed after upbeat U.S. economic data supported the Federal Reserve’s resolve for steady interest rate hikes over the next year. Spot gold was up 0.1 percent to $1,183.58 at the time of writing. On Thursday, the metal fell about 1 percent and touched its lowest since Aug. 17 at $1,181.61 an ounce. Spot gold is down about 1.3 percent for the week, on track for its fourth weekly decline in five. The dollar stood tall against its peers on Friday, and hovered near a nine-month high versus the yen. U.S. economic growth accelerated in the second quarter at its fastest pace in nearly four years as previously estimated, putting the economy on track to hit the Trump administration’s goal of 3 percent annual growth. The U.S. economy does not face a large chance of a recession in the next two years and the Fed plans to keep gradually raising interest rates, Fed Chairman Jerome Powell said on Thursday.  

METALS:-

Shanghai aluminium prices dropped for a fourth session on Friday and were on course for their steepest monthly drop since March after China decided not impose blanket cuts on industrial output in 28 northern cities this winter. The production cuts are to be determined by local authorities, which the market expects to mean less restrictions on aluminium supply. Shanghai aluminium fell as much as 1.5 percent to 14,275 yuan ($2,073.02) a tonne, the lowest since July 23. The metal is heading for a 4.3 percent drop in September. London Metal Exchange aluminium nudged up 0.1 percent to $2,031.50 a tonne. Three-month copper on the London Metal Exchange was up 0.5 to $6,214 a tonne, at the time of writing, snapping four straight sessions of declines. It has fallen 2.6 percent this week, putting it on course for its steepest weekly fall in six, although it is also heading for a 3.7 percent gain over September, which would be its best month since December 2017.  

ENERGY:-

Oil prices inched up on Friday, with investors trying to gauge the potential impact on supply from looming U.S. sanctions on Iran’s crude exports. The most-active Brent crude futures contract, for DecemberLCOZ8, had risen 18 cents, or 0.22 percent, to $81.56 per barrel at the time of writing. That was close to a four-year high of $82.55 struck on Tuesday. With the expiration of the Brent November futures contract later on Friday, the front-month contract will become the December contract. U.S futures were up 21 cents, or 0.29 percent, at $72.33 per barrel, on track for a weekly gain. The sanctions kick in on Nov. 4, with Washington asking buyers of Iranian oil to cut imports to zero to force Tehran to negotiate a new nuclear agreement and to curb its influence in the Middle East. Saudi Arabia is expected to quietly add extra oil to the market over the next couple of months to offset the drop in Iranian production, but is worried it might need to limit output next year to balance global supply and demand as the United States pumps more crude.  




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