Gold prices fell as the dollar rebounded from over three-year lows hit last week- 21 Feb 2018

Gold prices fell as the dollar rebounded from over three-year lows hit last week - Gold on MCX settled down -0.68% at 30532 as the dollar remained strong on rising treasury yields, while investors awaited the minutes of the U.S. Federal Reserve’s last policy meeting for cues on the pace of interest rate hikes this year. The dollar continued its rebound from three-year lows as investors shrugged off worries about the U.S. budget deficit and focused on large U.S. government debt auctions this week. The Fed will release the minutes of its Jan. 30-31 policy meeting on Wednesday. The meeting was held during last month’s drop in equity markets and investors are interested in its response to the market gyrations as well as the rate outlook. The U.S. Treasury Department on Tuesday sold record amounts of three-month and six-month bills at the highest interest rates for these maturities at auctions in more than nine years, Treasury data showed.

Copper traded in the range largely prices remain unchanged in extremely light trading volumes as the Shanghai Futures Exchange is closed -  Copper on MCX settled down -0.02% at 457.20 traded in the range largely prices remain unchanged in extremely light trading volumes of less than 1000 lots as the Shanghai Futures Exchange is closed for the Lunar New Year. While upside was capped and sentiments remain weak as a firm dollar dictated direction in a thinly traded market, with holidays in top metals user China. The dollar steadied after pulling ahead from a three-year low against a currency basket the previous day, though it was dogged by growing concerns a ballooning fiscal deficit in the US could disrupt the economy. Copper registered falls from yesterday after reports that Indonesia had let Freeport start shipping copper concentrates from its Grasberg mine for another year. In the week ahead, investors will focus on minutes of the Fed’s latest policy meeting with hopes the central bank will give more hints 

on the pace of future rate hikes this year.

Oil dips as U.S. dollar firms, oil production is expected to rise - Oil prices fell on Wednesday, weighed down by the rebound of the U.S. dollar further away from three-year lows hit last week. An expected rise in U.S. oil production also weighed on prices, traders said.Traders said the declines were driven by a recovery in the dollar, which potentially hits fuel demand as it makes greenback-denominated oil imports more expensive for countries using other currencies. The dollar index, which measures the greenback against a basket of six major currencies, rose for a second day on Wednesday, moving further away from the three-year lows reached last week as traders shaved off some bearish bets against the U.S. currency. "The U.S. dollar continues to find firmer footing," said Stephen Innes, head of trading for Asia-Pacific at futures brokerage OANDA in Singapore.

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Gold Prices Gain In Asia As Fed Views On Economy Seen More Upbeat- 1 Feb 2018

Gold Prices Gain In Asia As Fed Views On Economy Seen More Upbeat - Gold prices gained in Asia on Thursday as investors parsed the Fed language for signs of a more hawkish view on rate hikes in 2018.The Federal Reserve left interest rates unchanged at the end of its two-day policy meeting on Wednesday, keeping them in a range between 1.25% - 1.50%. The Federal Reserve signaled that it would push ahead on its monetary policy tightening path as economic activity has been rising at a solid rate, while inflation remained low but is expected to "move up" in the coming months. "The Committee expects that, with further gradual adjustments in the stance of monetary policy, economic activity will expand at a moderate pace and labor market conditions will remain strong," The Federal Reserve noted in its monetary policy statement.

Copper prices dropped on profit booking after prices gained buoyed by the first acceleration in China's GDP growth in seven years - Copper on MCX settled down -0.5% at 450.45 on profit booking after prices gained buoyed by the first acceleration in China's GDP growth in seven years. BHP’s copper output jumped 20 percent to 429,000 tonnes in the quarter to end-December helped by a rise in production from its Escondida copper mine in Chile. China's economy grew faster than expected in the fourth quarter of 2017, as an export recovery helped the country post its first annual acceleration in growth in seven years, defying concerns that intensifying curbs on industry and credit would hurt expansion.

Oil extends gains on robust OPEC compliance - U.S. oil prices extended modest gains on Thursday as OPEC's strong compliance with a supply reduction pact offset news that U.S. production topped 10 million barrels per day for the first time in nearly half a century."As oil prices rise, higher shale output is definitely on the market's mind," said Tomomichi Akuta, senior economist at Mitsubishi UFJ Research and Consulting in Tokyo. Oil output by the Organization of the Petroleum Exporting Countries also rose in January from an eight-month low as higher output from Nigeria and Saudi Arabia offset a further decline in Venezuela and strong compliance with a supply reduction pact, a Reuters survey found. However, adherence by producers included in the deal to curb supply rose to 138 percent from 137 percent in December, the poll found, suggesting commitment is not wavering even as oil prices hit their highest level since 2014.

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Oil fell more than 1 percent on Monday as the market saw signs of continuing U.S. production increases - 5 Dec 2017

Oil fell more than 1 percent on Monday as the market saw signs of continuing U.S. production increases, though prices remained in sight of their recent two-year highs thanks to last week’s decision by OPEC and other producers to extend output cuts. Brent crude futures fell $1.00 a barrel to $62.73 by 10:40 a.m. EST (1540 GMT), while U.S. West Texas Intermediate futures were down 70 cents at $57.66. Brent hit a two-year high of $64.65 a month ago and has since attracted record investment by fund managers. The market is continuing to watch U.S. crude production,which is nearing a record high, according to data last week. Additionally, drillers in the United States added two oil rigs in the week to Dec. 1,bringing the total count to 749, the highest since September, energy Services Company Baker Hughes said on Friday .The U.S. rig count, an early indicator of future output, has risen sharply from 477 active rigs a year ago after energy companies boosted spending plans for 2017. U.S. producers were encouraged during 2017 to increase activity as crude prices started recovering from a multi-year price slump after the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC producers, including Russia, agreed to production cuts a year ago.Last week the producers agreed to extend those cuts of 1.8 million barrels per day (bpd) until the end of next year.

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Gold edged higher on Friday as the dollar eased as republicans’ tax reform drive hit by deficit projections - 4 Dec 2017

Gold edged higher on Friday as the dollar eased as republicans’ tax reform drive hit by deficit projections. The dollar index , which gauges the greenback against a basket of six major rivals, was down 0.22 per cent as the market endured the delay on a US tax reform bill. Senate Republicans’ effort to overhaul the US tax code hit an eleventh-hour hurdle on Thursday evening after a congressional watchdog determined the bill would send the budget deficit skyrocketing, sending party leaders scrambling to rework the legislation. In a further blow, the Senate’s parliamentarian, who rules on congressional procedure, barred the use of a “trigger” that would automatically raise taxes again if revenue targets were missed, a measure that leaders had hoped would placate Republican deficit hawks who are vital to the bill’s passage. Dollar index weakened and gold got a boost .

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Natural gas prices retreated on Monday as investors cashed in following last week’s sharp rally - 14 Nov 2017

Crude Oil Prices Dip as Focus Shifts to U.S. Supply Data - Oil prices edged lower on Tuesday, as investors looked ahead to weekly data from the U.S. on stockpiles of crude and refined products to gauge the strength of demand in the world’s largest energy consumer. Oil prices finished mixed on Monday as the prospect of further rises in U.S. output undermined ongoing OPEC-led production cuts aimed at tightening the market. The U.S. government said on Monday U.S. shale production for December would rise for a 12th consecutive month, increasing by 80,000 barrels per day (bpd). Despite the cautious sentiment, crude prices stayed within sight of their strongest level in more than two years amid optimism that oil producing countries will agree to extend an output cut at their meeting at the end of this month. Discussions are continuing in the run-up to the Nov. 30 meeting, which oil ministers from OPEC and the participating non-OPEC countries will attend. Oil's rally, which began in early October, has been largely driven by growing indications that the crude market was finally starting to rebalance. Brent is over 40% above June's 2017 lows, while WTI is one-third higher than its 2017 lows.

Gold Prices Slide To 1-Week Low Ahead of Central Banker Gathering - Gold prices were on the back foot on Tuesday, as market players turned their attention to a panel discussion including the heads of the European, U.S., British and Japanese central banks for further hints on future monetary policy moves. European Central Bank chief Mario Draghi, outgoing U.S. Federal Reserve Chair Janet Yellen, Bank of England head Mark Carney and Bank of Japan Governor Haruhiko Kurodawill form an all-star panel on Tuesday at an ECB-hosted conference in Frankfurt. The panel discussion, titled "At the heart of policy: challenges and opportunities of central bank communication", is set to start at around 5:00AM ET (1000GMT). Curve-flattening on both sides of the Atlantic, but more markedly in the United States, suggests investors have doubts over the future path of inflation and may be starting to price in a downturn just as the global economy picks up speed. Prices of the yellow metal ended modestly higher Monday as investors retreated somewhat from purchasing assets perceived as risky amid uncertainty over the outlook for tax reforms in the United States. The Senate Finance Committee is due to start working on the tax reform bill during the week. Republicans had initially hoped to hold a final vote on the bill by Thanksgiving next week, but analysts expressed some doubt at the timeline.

NATURAL GAS - Natural gas prices retreated on Monday as investors cashed in following last week’s sharp rally amid calls for average to above-average temperatures over the near-term. Natural gas prices retreated on Monday as investors cashed in following last week’s sharp rally amid calls for average to above-average temperatures over the near-term. As far as the weather is concerned, look for a mild weather system to track across the East the next few days. The central and southern U.S. should also see relatively warmer temperatures. A strong weather system with subfreezing temperatures will track across the Midwest and NE late this week and next weekend for another round of stronger demand. Looking ahead to Thursday’s storage report, traders are looking for a draw of about 9 billion cubic feet (bcf) in the week-ended November 10.

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Gold prices held onto gains early on Thursday after the U.S. Federal Reserve left interest rates unchanged on Wednesday - 2 Nov 2017

Gold prices held onto gains early on Thursday after the U.S. Federal Reserve left interest rates unchanged on Wednesday, and as investors awaited an announcement on a new chair for the central bank later in the day. The Federal Reserve kept interest rates unchanged on Wednesday and pointed to solid U.S. economic growth and a strengthening labour market while playing down the impact of recent hurricanes, a sign it is on track to lift borrowing costs again in December. Trump plans to nominate current Fed Governor Jerome Powell as the next chair of the U.S. central bank, a source familiar with the matter said on Wednesday. Rising expectations that President Trump will tap Powell, who is seen as more dovish on interest rates, have pressured U.S. Treasury yields and the dollar this week. The U.S. economy unexpectedly maintained a brisk pace of growth in the third quarter as an increase in inventory investment and a smaller trade deficit offset a hurricane-related slowdown in consumer spending and a decline in construction. The ADP national employment report for October that was released Wednesday morning showed a rise of 235,000. The number was expected to be up 190,000. The upbeat ADP report did back gold prices down a few dollars from its overnight high. 

Oil prices were steady in see-saw trade on Wednesday, hitting their highest since mid-2015 and then retreating after U.S. government data showed that the latest weekly draw in domestic crude stocks was not as big as an industry trade group had reported. The U.S. Energy Information Administration (EIA) said U.S. crude stocks decreased by 2.4 million barrels during the week of Oct. 27. That exceeded the 1.8 million barrel draw forecast but fell well short of the 5.1 million barrel decline reported late on Tuesday by the American Petroleum Institute. Brent futures were down 16 cents, or 0.3 percent, at $60.78, while U.S. West Texas Intermediate crude was down 3 cents, or 0.1 percent at $54.35. Before EIA reported the inventory data, Brent was trading at its highest since July 2015 on data showing OPEC had significantly improved compliance with its pledged supply cuts and Russia was widely expected to keep to the deal. Brent’s session high was $61.70, it’s highest since July 2015, and WTI rose as high as $55.22, putting it within a couple cents of its highest since July 2015. OPEC’s October output fell by 80,000 bpd to 32.78 million bpd. Adherence to its pledged supply curbs rose to 92 percent from September’s 86 percent. It is expected that Russia to stick to its agreement to curb oil output by 300,000 bpd from 11.247 million bpd reached in October 2016. Both Brent and U.S. crude notched strong monthly gains in October. 

Nickel prices rocketed nearly six percent on Wednesday to two-year highs on growing expectations of strong demand from manufacturers of rechargeable lithium-ion batteries used to power electric vehicles. Benchmark nickel on the London Metal Exchange traded up 3.2 percent at $12,690 a tonne in official rings from an earlier $13,030, its highest since June 2015. Prices of the metal used mostly to make stainless steel are up around 30 percent so far this year. The subject of electric cars is right now not just playing into cobalt and lithium, but also more into nickel, which is considered a laggard among the metals most likely to benefit. Nickel futures on ShFE hit their daily limit, which under the Shanghai bourse’s trading rules is 99,340 yuan a tonne, the highest in nearly 11 months. In other news, Philippines’ environment minister last week said he was hopeful a ban on open-pit mining would be lifted before year-end, enabling the world’s top nickel exporter to lift shipments. Stocks of nickel in LME  warehouses at around 381,000 tonnes account for nearly 20 percent of global consumption. However, cancelled warrants - metal earmarked for delivery - at 37 percent have fuelled worries about a tight market.

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DAILY COMMODITY MARKET STRATEGY- 13 Apr 2016

BULLION

Silver May future has declined more than half a percent this morning at $ 16.125.

Gold June contract has moved down 0.5 percent at $ 1,255.20 an ounce.

Platinum July delivery has jumped a percent at $ 1,001.15.

ENERGY

Crude Oil May expiry has shed almost a percent at $ 41.80 per barrel.

Brent Oil June future is quoted at 0.5 percent at $ 44.45.

Natural Gas May contract is witnessing strong gains, and is up 5.4 percent to $ 2.015.

BASE METAL

Copper May delivery has also rallied over 3 percent at $ 2.158.

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DAILY COMMODITY MARKET STRATEGY- 11 Apr 2016

BULLION

Gold June future has advanced more than 0.5 percent this morning at $ 1,252.10 an ounce.Silver May contract has gained 0.5 percent at $ 15.465.Platinum July delivery has spurted almost a percent at $ 977.85.

ENERGY

Both Crude Oil May and Brent Oil June series have added 0.4 percent each at $ 39.88 and $ 42.10, respectively.Natural Gas May expiry is witnessing seling pressure, and is down almost 3 percent at $ 1.933.

BASE METAL

Copper May delivery is trading with a gain of over 0.5 percent at $ 2.099.

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DAILY COMMODITY MARKET STRATEGY- 8 Apr 2016

Gold poised for best week in five on cautious Fed, softer dollar

Gold held near a two-week high on Friday and was set to post its strongest week in five as the Federal Reserve's caution over raising US interest rates and weakness in the dollar burnished the metal's appeal.

FUNDAMENTALS

Spot gold had eased 0.3 percent to USD 1,237.10 an ounce by 0048 GMT, but was not too far from a two-week high of USD 1,243.50 hit in the previous session. For the week, the metal has gained 1.3 percent.

Gold rose 16 percent in the first quarter of the year, its best quarterly performance in nearly 30 years, on speculation the Fed may delay hiking rates.

The US economy is on a solid course and still on track to warrant further interest rate hikes, Fed Chair Janet Yellen said on Thursday.

Markets were closely watching comments from Fed officials for clues about the timing of any rate hikes.

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