Oil Prices Rise On U.S. Crude Inventory Draw - 22 Mar 2018

Commodity Intraday Tips
Gold remains supported after the U.S. Federal Reserve increased interest rates and forecast at least two more hikes for 2018 -Gold on MCX settled up 0.61% at 30449 ahead of fed meet while Comex Gold settled at their highest levels in a week rose by 1.6 percent to settled at $1,333 per ounce as the dollar weakened further in the wake of the Federal Reserve’s decision to raise a key short-term interest rate. The central bank stuck to its December forecast for three rate increases this year, but pushed up their expected rate path in 2019 and 2020. Investors eyed Fed Chairman’s Jerome Powell’s press conference for clues on how aggressive the central bank panel will be with rates from here. Investors across financial markets had priced in expectations the Fed will raise its benchmark rate by a quarter-percentage point. The Fed did raise its economic forecasts, but Jaime said it was unclear whether the Fed really can reach that higher long run rate, which is where the Fed would stop raising interest rates. The dollar lost more ground as Powell briefed journalists, and he did speak about the trade concerns in response to a question.

SHFE zinc to remain weak in short term - SHFE zinc is likely to stay rangebound at lows with strong upward resistance in the short term, given high inventories and a slow recovery of consumption, SMM expects. The 1805 contract fell below the 24,500 yuan/mt level at the end of the day on Wednesday March 21. Overall momentum was weak as inventories were high. Despite production cuts from maintenance works at some smelters, China’s output of zinc is likely to rise 8.5% in the first quarter of 2018 from the same period in 2017,  given adequate supplies of ore in and beyond China. Downstream consumption did not recover significantly as the two political sessions and heavy air pollution limited orders in north China. 

Oil Prices Rise On U.S. Crude Inventory Draw - Oil prices rose on Thursday morning in Asia, lifted by an unexpected draw on U.S. crude inventories.The fall in U.S. crude inventories was due to a fall in imports by around 500,000 barrels per day (bpd) to an average of 7.08 million bpd last week, and a rise in exports by 86,000 bpd to an average of 1.57 million bpd. Also supporting prices is the ongoing dollar weakness which makes oil cheaper in global markets, spurring demand. Middle East tensions between Saudi Arabia and Iran, as well as concerns that the U.S. will reimpose sanctions on Iran, are also supporting oil markets. 

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