US Aluminum Imports and Exports Post Declines in February.- 6 Apr 2017

Commodity Intraday Tips

Gold, Silver Have Room To Rally Another 4% By Year End – ABN AMRO.  
Gold prices struggled Wednesday as the U.S. dollar continues to rally following positive U.S. labor data; however, one firm said in a report that it could be only a matter of time before the yellow metal pushes through resistance at $1,264 an ounce. In her report Wednesday, Georgette Boele, coordinator of FX and precious metals strategy at ABN AMRO, said that while she is not expecting to see a massive rally in gold, prices have enough momentum to push higher. Her comments come as June Comex gold futures settled Wednesday’s session at $1,248.50 an ounce, down 0.78% on the day.  The bank’s modest bullish outlook for gold, it has also upgraded its forecast for silver. The bank sees silver prices ending the year at $19 an ounce this year, rising to $21 by the end of 2018. According to the bank, silver has potential to move another 4% by the end of the year, as May Comex futures last traded at $18.187 an ounce.  

US Aluminum Imports and Exports Post Declines in February. 
US Commerce Department announced Tuesday the country’s aluminum imports slid to 223,927,550 kg in February. Total imports in the first two months of the year were 495,852,531 kg. US aluminum exports also dropped sharply in February to 6,523,612 kg, with total exports during January-February of 15,195,467 kg.  Huludao Zinc Industry Co.’s cathode zinc output topped its target in the first quarter of 2017, reported. The company produced 41,430 tones’ of cathode zinc in Q1, 560 tones’ above output plan. Hot-galvanizing output was 35,490 tones’, 340 tones’ higher than its output target.  Peruvian Energy & Mines minister said the country will step up copper production, and by the year 2021, copper production will reach 3.10 million tones’, reported. The country’s copper output is expected to be 2.35 million tones’ this year and next year. Peru outstripped China to be the world’s second largest copper producing country last year due mainly to big output growth at MMG’s Las Bambas mine and expansion at Freeport’s Cerro Verde mine.  

Oil prices fall on record U.S. crude stocks, rising production. 
Oil prices fell on Thursday as record U.S. crude inventories underscored that markets remain bloated by high production and brimming storage despite efforts led by OPEC to cut output and prop up prices. U.S. fuel inventories and oil production levels are key to determine whether the United States will remain the world's biggest oil importer, which is a price supporting indicator, or if its soaring production and bloated stocks lead to lower imports and trigger shipments to the rest of the world, which would weigh on oil markets. U.S. crude exports have soared to a record 1.1 million bpd, with most cargoes going to Asia, eroding efforts led by the Organization of the Petroleum Exporting Countries (OPEC) to cut output in an effort to prop up prices. Offsetting the bloated U.S. crude market, however, is strong demand. ANZ said that high refinery activity "negated some of that (crude) weakness," with refineries operating at 90.8 percent at capacity last week, up 1.5 percent from the previous week. 

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