Holi Sparkling Offer

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Gold Prices Fall As Dollar Strengthens Ahead of Powell’s Second Appearance - 1 Mar 2018

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Commodity Intraday Tips

Gold Prices Fall As Dollar Strengthens Ahead of Powell’s Second Appearance - Gold prices dipped on Thursday as the dollar remained strong following Federal Reserve Chairman Jerome Powell’s comments that spurred concerns of faster-than-expected rate hikes, while investors await his second appearance this week later in the day. Gold suffered its first monthly loss last month since October. Buying interest in the precious metal has been limited as concerns over rising interest rates put pressure on the metal because bullion pays no interest. Meanwhile, the dollar continued its bullish trend amid improving sentiment on the pace of rate hikes.

U.S. steel, aluminum executives invited to White House for possible announcement - Several top U.S. steel and aluminum executives have been invited to the White House on Thursday for what could be a major trade announcement, according to two people familiar with the meeting. U.S. President Donald Trump has vowed to take steps to crack down on imports of steel and aluminum and has been considering imposing hefty tariffs on imports of the metals from China and other countries. The possible announcement comes as top aides to Trump meet with a senior envoy of Chinese President Xi Jinping at the White House. The U.S. Commerce Department on Feb. 16 recommended that Trump impose stiff curbs on steel imports from China and other countries and offered the president several options ranging from global and country-specific tariffs to broad import quotas.

Copper dropped as China's manufacturing growth slowed more than expected - Copper on MCX settled down -1.33% at 457.2 as China's manufacturing growth slowed more than expected. Growth in China’s manufacturing sector in February slowed more than expected to the weakest in over 1-1/2 years as Lunar New Year holidays disrupted business activity and tougher pollution rules curtailed factory output. China is the world’s top metals consumer and its manufacturing sector is often seen as the main bellwether for base metals demand. Chile produced slightly less copper in January than it did in December, the government said. The National Development and Reform Commission (NDRC) said the rail project is designed to carry 50 million passengers a year and will involve the construction of five new stations and the laying of 92.4 kilometers (57 miles) of new track.

Oil Prices Flat In Asia Morning, Capped By Growing U.S. Production - Oil prices were mostly flat Thursday morning in Asia, rising and dipping only marginally amid larger-than-expected U.S. crude build-up.U.S. crude inventories increased by 3 million barrels last week, surpassing analyst expectations for a build of 2.1 million barrels, according to weekly data by the Energy Information Administration (EIA). Oil output from the Organization of the Petroleum Exporting Countries (OPEC) fell to a 10-month low in February, but soaring oil production in the U.S. has simply filled the gap in supply created by OPEC, putting a lid on prices. OPEC has been reducing output by around 1.2 million barrels per day (bpd) since January 2017, and the pact will run until the end of 2018. Continued increase in oil production in the U.S. has, however, hampered OPEC attempts to ease the global oversupply.

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Copper fell on Tuesday as the dollar edged higher after Federal Reserve Chair Jerome Powell’s debut testimony before Congress- 28 Feb 2018

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Commodity Intraday Tips
Could Have Enough Downside Momentum to Challenge $1309.00 then $1306.60.
Gold markets went sideways initially during the trading session on Tuesday, but as Federal Reserve Chairman Jerome Powell suggested that the central bank was willing to continue interest rate hikes, the US dollar picked up a bit of steam. Gold markets fell significantly after, is coming from Federal Reserve Chairman Jerome Powell, suggesting that the interest rate hikes would continue, and that of course moves the value of the US dollar higher. However, this should not be much of a surprise, so I think it’s only a matter of time before the buyers come in and pick up value.

Copper fell on Tuesday as the dollar edged higher after Federal Reserve Chair Jerome Powell’s debut testimony before Congress.
Copper fell on Tuesday as the dollar edged higher after Federal Reserve Chair Jerome Powell’s debut testimony before Congress, weighing on assets priced in the U.S. currency. Markets expect the Fed to hike interest rates three times this year, and Powell's remarks seemed to indicate the central bank remains on a tightening path. He also said the economy remains strong. This is Powell's first speech to Congress since taking over as chairman in early February. He succeeded Janet Yellen, who served one full term but was not reappointed by President Donald Trump. London Metal Exchange copper was down 0.9 percent at $7,049 a tonne. The cost to roll aluminium for a day hit its highest since late 2016 on Monday at $11 and remains highly elevated at $10 a tonne. On-warrant aluminium stocks, or those not earmarked for delivery, in London Metal Exchange warehouses fell by 23,425 tonnes to 1,085,175 tonnes, exchange data showed, pulling back from a recent 11-month high. 

Oil prices Down in Asia Morning, Under Pressure From U.S. Production. 
Oil prices were down Wednesday morning in Asia due to growing U.S. production and a strengthening dollar.Expectations for a weekly build-up in U.S. crude inventories and continued increase in U.S. oil production have brought oil prices down. Crude stockpiles rose by 933,000 barrels last week to 421.2 million barrels. U.S production has surpassed 10 million barrels per day (bpd), an increase of more than 20% since mid- 2016. International Energy Agency Executive Director Fatih Birol said on Tuesday that the U.S. will overtake Russia as the world’s largest oil producer by 2019. In an effort to stabilize oil markets, OPEC has been curbing output by around 1.2 million bpd since January 2017, and the deal will run until the end of 2018. While the effort has helped somewhat to support oil prices, the U.S. has continued to increase its oil production, filling the gap in supply created by OPEC and thus pushing prices down. In effect, the surging production in the U.S. is hampering OPEC attempts to ease the global
oversupply. 

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Oil prices were flat Tuesday morning in Asia due to mixed cues from the Middle East - 27 Feb 2018

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Clawing Back Some of Last Week’s Loss - We could be witnessing aggressive short-covering today ahead of an event-packed week headlined by U.S. inflation data and the first Congressional testimony by the new head of the Federal Reserve on Tuesday and Thursday. A steady U.S. Dollar and oversold conditions are helping to boost gold prices shortly before the regular session opening on Monday. Investors are trying to claw back some of last week’s more than 1 percent loss. In other news, hedge funds and money managers raised their net long positions in COMEX gold and copper contracts in the week to February 20, U.S. Commodity Futures Trading Commission data showed on Friday. On Friday, the Fed also said that it sees steady growth continuing and no serious risks on the horizon that might pause its planned pace of rate hikes.

Zinc prices to stay supported on low inventory - While not all downstream customers have resumed operations post-Chinese New Year, SMM believes zinc prices would stay firm due to the huge decline in LME inventory. Sources at Chinese miners and smelters were mostly bullish about zinc prices as they believe the domestic zinc concentrate output addition would be limited due to still strict environmental protection policy. Supply tightness remains as some miners have yet to come back from the Chinese New Year holiday and treatment charges (TCs) were low. Traders also expect zinc to stay firm as LME inventory continues to decline and as downstream consumption recovers gradually and leads to destocking in China.

Oil Prices Flat Amid Mixed Signals - Oil prices were flat Tuesday morning in Asia due to mixed cues from the Middle East, Asia and the U.S.Oil prices have zigzagged between mild gains and losses over the past weeks due to mixed cues. Saudi Arabia’s oil minister said on Saturday that the Kingdom hoped the Organization of the Petroleum Exporting Countries (OPEC) would ease production restraints next year after the current supply cut deal ends this year. In an effort to stabilize oil markets, OPEC has been curbing output by around 1.2 million barrels per day (bpd) since January 2017, and the pact would run until the end of 2018. While the effort has helped somewhat to support oil prices, the U.S. has continued to increase its oil production, filling the gap in supply created by OPEC and thus pushing prices down. The U.S has increased its production by more than 20% since mid-2016 to more than 10 million bpd. At this rate of production increase, the U.S. is set to overtake Russia in crude oil output by late 2018, making it the largest global supplier.

Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.
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Gold eased as the dollar climbed further from last week’s three-year low on the back of higher Treasury yields - 26 Feb 2018

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Gold eased as the dollar climbed further from last week’s three-year low on the back of higher Treasury yields - Gold on MCX settled down -0.21% at 30509 as the dollar climbed further from last week’s three-year low on the back of higher Treasury yields. Volatility has jumped across financial markets this month as investors worried about the pace of U.S. rates hikes in the wake of data showing a pick-up in inflation. St Louis Fed President James Bullard tried to tamp down expectations of four rate hikes in 2018. Three increases are widely anticipated. Stocks have steadied after recent sharp losses, while the dollar has found its feet after last week falling to its lowest since the end of 2014. Rising U.S. yields have put the currency on track for its second biggest weekly gain of the year. In addition to their impact on currencies, higher yields can also weigh on gold in their own right, as they increase the opportunity cost of holding non-interest bearing bullion. Meanwhile, demand for the yellow metal in other major hubs in Asia remained dull as most markets were shut for the week-long Lunar New Year holidays. 

Copper prices fell as investors locked in profits and the dollar firmed amid uncertainty over demand in top metals consumer China - Copper on MCX settled down -1.07% at 459.7 as investors locked in profits and the dollar firmed amid uncertainty over demand in top metals consumer China. Copper inventories in warehouses monitored by the Shanghai Futures Exchange rose 10.5 percent from last Friday, the exchange said. Record high stocks of copper in land-locked Arizona and Utah are a reflection of soaring transport costs in the United States and weak demand for the industrial metal produced in the Americas, copper industry sources say. Sources added that stocks in these two locations are likely to keep rising until prices are high enough to offset costs of transporting the copper. U.S. premiums are up more than 10 percent since November, but they are still not high enough to cover the costs of transporting the copper to the country's industrial heartland in the Midwest or to consumers in Asia.

Oil Prices Climb On Monday As Asia’s Oil Production Drops - Oil prices are up Monday morning in Asia, boosted by a new report from Rystad Energy forecasting oil production in East and Southeast Asia will drop by 20 percent between 2017 and 2025.Oil production in Asia is eroding sharply due to natural depletion in mature oil fields. Total oil production in East and Southeast Asia is set to decline from 13.1 million barrels of oil equivalent per day (boe/d) to 10.4 million boe/d by 2025, according to Rystad Energy. Underpinning the decline in output is the diminishing volume of new oil discoveries in East and Southeast Asia. The past decade and a half has seen fewer and fewer new sources of oil, while the limited volume of new oil discovered may not translate into production. China’s oil production will decline the least, with the giant Changqing field continuing to support stable output and likely to contribute over 1 million boe/d over the next five years.
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Global primary aluminium output grows to 5.56 million mt in Jan- 23 Feb 2018

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Commodity Intraday Tips
Gold remained under pressure as investors awaited Federal Reserve policy meeting minutes for clues on the outlook for U.S. interest rates - Gold on MCX settled down -0.18% at 30476 as investors awaited Federal Reserve policy meeting minutes for clues on the outlook for U.S. interest rates. The minutes from the last U.S. Federal Reserve meeting showed policymakers confident in the need to keep raising interest rates. The more upbeat take on inflation in the minutes of the Jan. 30-31 policy meeting released on Wednesday will likely further cement expectations that new Fed chief Jerome Powell will lead his colleagues in raising interest rates next month. The “best hope” for the impact of the Trump administration’s $1.5 trillion tax overhaul on the U.S. economy is that it boosts investment and thus productivity, Minneapolis Federal Reserve Bank President Neel Kashkari said. But whether it will do so and deliver faster economic growth in the process is unclear, he said at a dinner hosted by Bloomberg News and broadcast on the regional Fed bank’s website.

Global primary aluminium output grows to 5.56 million mt in Jan - Global primary aluminium output grew to 5.56 million mt in January, compared with 5.4 million mt in December, according to data from International Aluminium Institute (IAI) released on Thursday February 22. China’s production last month rose to 2.88 million mt, from 2.71 million mt in December. Unreported output was estimated at 310,000 mt in January, in line with the level seen in December, IAI data showed.

Oil Prices Climb In Asia Morning Amid Sudden Drop In U.S. Crude Stockpiles - Oil prices were up Friday morning in Asia, boosted by an unexpected decline in U.S. crude inventories.The drop at Cushing was because prompt crude prices were higher than forward prices, discouraging storage as it makes more sense to liquidate on-hand inventories.The largest privately owned crude terminal in the U.S., the Louisiana Offshore Oil Port (LOOP), recently completed the first very large crude carrier (VLCC) crude oil loading operation. The super carriers can ship around 2 million barrels of oil. This timely development comes as demand for oil continues to surge in Asia, especially China. A drop in the U.S. currency from an eight-day peak also supported oil prices, as dollar-denominated oil is now cheaper for other countries to import. Strengthened by healthy demand growth in Asia, oil prices are slowly inching closer to the highs of the beginning of February. WTI started February at $65.80 and Brent started at $69.65.

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Gold Prices Fall As Dollar Rises Following Release Of Fed Minutes- 22 Feb 2018

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Commodity Intraday Tips
Gold Prices Fall As Dollar Rises Following Release Of Fed Minutes - Gold prices were trading lower on Thursday, weighed down from fresh gains in the dollar as it traded near a one-week high against a basket of major currencies. The dollar extended its recovery and rose to an over one-week peak on Thursday, as the Federal Reserve’s latest comment solidified expectations of interest rate hike ahead after showing a more upbeat take on inflation and increasing confidence that economic growth would pick up steam. Fed policy makers would next meet on 20 March. Both the dollar and U.S. treasury yields rose after the Fed minutes. In a rising interest rate environment, investor appetite for gold weakens as the opportunity cost of holding the precious metal increases relative to interest-bearing assets such as bonds.

Copper prices recovered on expectations that labour strife at copper mines this year would reduce supplies -  Copper on MCX settled up 0.71% at 460.45 rallied on short covering in late session while in morning session prices traded in the range with volumes remain light as Chinese markets where closed on account of Spring Festival holiday. Prices got support after the update that the International Copper Study Group (ICSG) released preliminary data for November 2017. Also World mine production is estimated to have declined by 2.4% in the first eleven months of 2017, with concentrate production declining by 2% and solvent extraction-electrowinning declining by 3.5%. The decline in world mine production was mainly due to 1.6% decline in production in Chile, the worlds biggest copper mine producing country which was negatively affected by the strike at the Escondida mine and lower output from Codelco mines. Reductions in concentrate production in Argentina, Canada and Mongolia of 57%, 15.5% and 15% respectively were mainly due to lower grades in planned mining sequencing and Argentinas Alumbrera mine approaching end of life. While level like 462-464 will act as strong resistance as dollar hit a one-week high to a bouyant two-year Treasury note yield, which hit a nine-year high as traders awaited the release of the Fed minutes.

Oil Prices Down Again In Asia Morning As U.S. Dollar Continues To Recover - Oil prices are down again Thursday morning in Asia, driven by a stronger dollar which outweighed the effects of a decrease in U.S. crude oil inventories.The dollar rose beyond a one-week peak against other currencies on Wednesday, extending its recovery from three-year lows set last week as traders cut back on some of the bearish bets against the U.S. dollar. The strengthening dollar makes greenback-denominated oil imports more expensive for other countries, thus curbing demand and dragging prices down.The U.S. is still expected to continue increasing its production, as it has done by more than 20% since mid-2016 to more than 10 million barrels per day (bpd). At this rate of production increase, the U.S. is set to overtake Russia in crude oil output by late 2018, making it the largest global supplier.

Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.
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