COMMODITY MARKET UPDATE NEWS - 15 Sep 2016

PRECIOUS METALS

Gold held mostly steady in Asia on Thursday with central bank meetings in the U.S. and Japan next week setting a high-stakes stage for markets. Gold for December delivery on the Comex division of the New York Mercantile Exchange edged between gains and losses and was last quoted flat at $1,326.05 a troy ounce. Also on the Comex, silver futures for December delivery fell 0.18% to $19.032 a troy ounce.The Bank of Japan's September 21 decision was bumped up a notch in market eyes on a report Wednesday suggesting a further move on negative interest rates could be announced on the same day the Federal Reserve decision on a rate hike takes place, possibly producing spillover effects.

BASE METALS

As was expected the prices of Copper had a bull run last evening after surpassing Rs 315 per kg on closing basis on 13 Sep 2016. The prices of Copper closed at Rs 322.45 per kg, up 1.98 percent.The upper cap of Rs 320 is also free now and prices can look forward to move towards Rs 327 per kg in medium term. The prices are expected to gain further if they manage to break Rs 315 per kg in the near term on closing basis.Copper prices tested a low of Rs 312 per kg. The high for Copper was at Rs 314.60 per kg. On Thursday, supports for Copper are expected to emerge at Rs 320 and 319 per kg, while resistances are expected at Rs 325 and 326 per kg.

ENERGIES

Crude prices held gains in Asia on Thursday as investors digested U.S. stockpiles data and looked for more cues from major producers on chances for an output freeze. Crude oil for October delivery on the New York Mercantile Exchange rose 0.21% to $43.67 a barrel.The U.S. Energy Information Administration said in its weekly report that crude oil inventories fell by 559,000 barrels in the week ended September 9. Market analysts' expected a crude-stock increase of 3.8 million barrels, while the American Petroleum Institute late Tuesday reported a supply increase of 1.4 million barrels.

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