Crude prices fell in Asia on Friday - 23 Sep 2016

Commodity Intraday Tips


Gold for December delivery on the Comex division of the New York Mercantile Exchange showed small gains and losses on Friday, last trading at $1,340.95 a troy ounce, up 0.02%.Overnight, gold prices extended overnight gains during North America's session on Thursday, touching a fresh two-week peak as the U.S. dollar sold off after the Federal Reserve held off on raising interest rates and scaled back the number of rate hikes it expects next year.The Fed left interest rates unchanged at the conclusion of its policy meeting on Wednesday, but hinted that a hike could come in December if the job market continued to improve.


LME copper should stabilize at USD 4,815-4,855/mt on Friday and SHFE 1611 copper will range between RMB 37,500-37,850/mt.Base metals should see diverging trend on Friday with focus on September flash manufacturing PMI from US and euro zone and France’s final annualized Q2 GDP.The flash reading of manufacturing PMI from euro zone should be stable in September. But the figure in euro-zone countries was soft in recent months, which may be affected by slowdown in new orders due to UK’s exit from EU. As such, there is possibility for the figure to slow future in September.


Crude prices fell in Asia on Friday, retracing recent gains built on a surprise stockpile drop and looking ahead to U.S. with rig count data slated.Crude oil for November delivery on the New York Mercantile Exchange fell 1.08% to $45.82 a barrel.Overnight, oil prices extended sharp overnight gains during North American hours on Thursday, as a broadly weaker U.S. dollar and easing concerns over a slowdown in U.S. crude demand boosted sentiment.Another supportive factor was an oil workers' strike in Norway, which threatened to cut North Sea crude output.

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1 comment:

  1. This is good for all traders and reliable for new investors. In time gold market has very fluctuated compare to silver. It fully depends on the economic condition of the market and its movements.

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