Gold prices were mostly steady in early Asia on Wednesday - 28 Sep 2016

PRECIOUS METALS

Gold prices were mostly steady in early Asia on Wednesday as investors navigated a mix of U.S. interest rate and presidential election views, prospects for an OPEC output freeze and an upbeat U.S. survey on consumer confidence.Gold for December delivery on the Comex division of the New York Mercantile Exchange inched up 0.01% to $1,330.55 a troy ounce. Earlier, Federal Reserve Vice Chair Stanley Fischer said Tuesday that the U.S. economy has started to generate better wages, but they need to go higher."Finally incomes of working people began to rise faster than incomes of people higher up" on the income scale, Fischer said while answering questions at Howard University after a speech.

BASE METALS

LME copper will range at USD 4,780-4,815/mt and test support at the 60-day moving average during Asian trading hours. SHFE 1611 copper is predicted to fluctuate between RMB 37,300-37,600/mt today.US August durable goods orders are expected to fall from July. ISM manufacturing PMI in August returned below 50 and fell far short of market expectations, with new order sub-indice falling below 50 for the first time since December 2015. Markit manufacturing PMI in August for the US also fell short of expectations and July’s final figures, with new order slowing further. The number of regions in which new order sub-indice weakened was larger than those in which new order sub-indice improved.

ENERGIES

Crude oil prices swayed in Asia on Wednesday as industry data showed a continued demand trend for crude and refined product stockpiles and an OPEC meeting later in the day looms with chances for a freeze on production seen slim. Crude oil for November delivery on the New York Mercantile Exchange was up 0.04% to $44.69 a barrel. The figures come ahead of more closely-watched data from the U.S. Department of Energy on Wednesday.Oil ministers from both countries said on Tuesday that talks among OPEC and non-OPEC oil producers in Algiers are "consultative," casting doubt on the chances of any policy decision during the meeting.

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Gold prices fell to a new two-month low for the second day in a row on Thursday - 2 Sep 2016

PRECIOUS METALS

Gold prices edged slightly higher in Asia on Friday with the focus on nonfarm payroll figures from the U.S. with the key indicator in Fed interest rate decision making particularly in the spotlight for chances of tipping a rate hike as early as the month.

Gold for December delivery on the Comex division of the New York Mercantile Exchange rose 0.08% to $1,318.15 a troy ounce. According to Investing.com's Fed Rate Monitor Tool, investors are pricing in a 24% chance of a rate hike by September.Overnight, gold prices fell to a new two-month low for the second day in a row on Thursday, as investors looked ahead to data on U.S. nonfarm payrolls on Friday to see if the economy is strong enough to withstand a rate hike in the coming weeks.

BASE METALS

LME copper should move at USD 4,620-4,660/mt today and SHFE 1610 copper will range between RMB 36,300-36,600/mt. Spot prices in China are expected to trade at premiums of RMB 50-100/mt.Diverging trend will continue on base metal market on Friday with eyes on US nonfarm payroll report.

US August ADP employment data beat forecast, which may indicate a positive reading of nonfarm payroll report. But employment sub-index of US August Markit manufacturing PMI recorded a 4-month low and that of ISM manufacturing index, Dallas Fed’s and Philadelphia Fed's manufacturing index all weakened. This raises uncertainties about the performance of US August nonfarm payroll report.

ENERGIES

Crude prices rose on Friday after losses of more than 3 percent a day earlier, with investors treading cautiously ahead of key U.S. employment data that will help gauge the health of the world's largest economy and oil consumer.Brent and West Texas Intermediate crude futures are on track for their biggest weekly losses since mid-January, hit by oil inventory builds and weak U.S. manufacturing data.

Investors are also skeptical that Organization of the Petroleum Exporting Countries (OPEC) and other producers such as Russia will agree to cut production at a meeting in Algeria later this month despite Saudi Arabia's efforts to boost prices.

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COMMODITY UPDATE - 1 Sep 2016

PRECIOUS METALS

Gold prices in Asia gained on Thursday as closely-watched manufacturing PMIs from China showed expansion, aiding sentiment on demand signals across the metals complex.Gold for December delivery on the Comex division of the New York Mercantile Exchange rose 0.23% to $1,314.45 a troy ounce. Silver futures on the Comex gained 0.53% to $18.807 a troy ounce.

In China, the semi-official CFLP PMI for August came in at 50.4, entering expansion territory and compared to the 49.9 level seen. The non-manufacturing PMI came in at 53.5, a tad weaker than the 53.9 previously. The Caixin manufacturing PMI for August came in at 50, just at expansion, but missing the expected 50.1 level seen and showing a dip from 50.6 the previous month.

BASE METALS

LME copper should range between USD 4,610~4,650/mt on Thursday and SHFE 1610 copper will fluctuate at RMB 36,200~36,550/mt. Diverging trend will strengthen on base metal market on Thursday with eyes on manufacturing PMI for August from China and the US and US July construction spending.

Overnight, US August ADP employment data was upbeat, raising bets for a rate hike by US Fed while market kept cautious attitudes towards the possibility of a rate hike in September.The mixed reading of China’s official and Caixin manufacturing PMI in July boosted confusion in market. Markets expect the official manufacturing PMI to be positive in August and the figure in July may be negatively affected by floods but the poor reading of it reflected poor demand both at home and abroad.

ENERGIES

Crude prices rebounded further in Asia on Thursday as China PMI manufacturing surveys bolstered sentiment on demand prospects.Crude oil for October delivery on the New York Mercantile Exchange rose 0.45% to $44.90 a barrel. On the ICE Futures Exchange in London, Brent oil for November delivery gained 0.17% to $47.09 a barrel.  In China, the semi-official CFLP manufacturing PMI for August came in at 50.4, entering expansion territory and compared to the 49.9 level seen. The non-manufacturing PMI came in at 53.5, a tad weaker than the 53.9 previously. The Caixin manufacturing PMI for August came in at 50, just at expansion, but missing the expected 50.1 level seen and showing a dip from 50.6 the previous month.

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Commodity Trading News- 11 Aug 2016

Gold gained marginally on Wednesday with prices ending above Rs 31,350 per 10 grams. The session on the day showed smart gains. Yellow metal closed at Rs 31,395 per 10 grams,up 0.4 percent.

The yellow metal support levels are at Rs 31,100 and 31,000 per 10 grams. On the higher side Rs 31,450 and 31,500 per 10 grams are the cap to watch out for.

Gold tested a high of Rs 31,565 per 10 grams and Rs 31,280 per 10 grams as low.

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