Spot Copper Concentrate TCs Hold Stable, Appear to Have Peaked - 30 Jun 2017

Commodity Intraday Tips
Gold dips amid uptick in global bond yields.
Gold prices inched lower, as a flurry of comments from central banks bosses hinting at tapering ultra-loose monetary policy measures, pushed bond yields higher and lessened demand for the precious metal. Global bond yields have ticked higher during the week, after The European Central Bank, Bank of England, and Bank of Canada signaled that measures to tighten monetary policy could be adopted relatively soon. Comments concerning tighter monetary policy measures were expected from the Bank of Canada and the European Central Bank but it was the change in tone from Bank of England governor Mark Carney that caught investors off guard. Bank of England governor Mark Carney, appeared to reverse his recent assertion that there “was no need to raise rates soon”, after he said on Wednesday that “some removal of monetary stimulus is likely to become necessary”.  

In a rising interest rate environment, investor appetite for gold weakens as the opportunity cost of holding the precious metal increases relative to other interest-bearing assets such as bonds.
 
Why Zinc Imports Pushed Hard to Severe Losses? Will Import Window Reopen in Near Term? SMM Reports.
Import profit during April and May attracted influx of imported zinc in China. Imported resources thus increased in Shanghai, Guangdong and Tianjin. Consequently, spot premiums of domestic zinc shrank fast from 1,000 yuan per tonne, and inverted to discounts of 20 yuan per tonne on June 29. In contrast, zinc supplies overseas tightened further because of outflows to China and zinc ingot shortages.

Spot Copper Concentrate TCs Hold Stable, Appear to Have Peaked, SMM Reports.
TCs of spot imported copper concentrate were largely steady this past week. SMM quotes for spot TCs were $80-86 per tonne on Friday. Chile to Restart Copper Mine Projects, and See Massive Investment in 2018. Spot TCs appeared to have reached ceiling, SMM said. Quotes by some cargo holders fell below $85 per tonne.    

Crude oil prices firm, set for biggest weekly gain since mid-May.
sCrude oil futures on Friday were on track for their biggest weekly gain since midMay, ending five weeks of losses with prices underpinned by a decline in U.S. output."Oil prices received momentum from Wednesday's U.S. data and the market rejected the lows that we saw. It has been a bullish week for the oil market," said Michael McCarthy, chief market strategist at Sydney's CMC Markets. "There are two key drivers. One is U.S supply side response to low oil prices. We could see more gains if there is a further drop in oil output, and the other factor is a weaker U.S. dollar." Data indicating a fall in U.S. production bolstered markets this week after crude prices hit a 10-month low last week in the face of a mounting supply glut.

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