Wednesday, 15 March 2017

Today Commodity Market News - Ripples Advisory Pvt Ltd


Gold

Gold on MCX settled down -0.62% at 28076 as an expected U.S. interest rate hike boosted the dollar and weighed on the precious metal, but political risks in Europe provided safe-haven support. U.S. producer prices increased more than expected in February as the cost of services such as hotel accommodation pushed higher and the year-on-year gain was the largest in nearly five years, pointing to steadily rising inflation pressures.

Trading Ideas:

*Gold trading range for the day is 27913-28361.

*Gold dropped as an expected U.S. interest rate hike boosted the dollar and weighed on the precious metal, but political risks in Europe provided safe-haven support.

Silver

Silver on MCX settled down -0.83% at 40083 as investors prepared for a rate hike by the Federal Reserve while focusing on political developments in Europe. The Fed kicks off its two-day policy meeting on Tuesday, at which it is widely expected to raise the fed funds target range by a quarter point to a range between 0.75%-1%.The U.S. central bank will also release its latest forecasts for economic growth and interest rates, known as the dot-plot.

Trading Ideas:

*Silver trading range for the day is 39724-40646.

*Silver prices dropped as investors prepared for a rate hike by the Federal Reserve while focusing on political developments in Europe.

Crude oil

Crude oil on MCX settled down -2.09% at 3136 after OPEC reported that oil inventories rose in February while Saudi Arabia pushed oil production back above 10 million barrels a day, which deepened fears of a global supply glut. The Organization of the Petroleum Exporting Countries’ latest monthly report revealed that Saudi Arabian crude oil production rose to 10.011 million barrels a day, up from 9.748 million in January while the report also forecasts a rise in production from non-OPEC members in 2017.

Trading Ideas:

*Crude oil trading range for the day is 3034-3282.

*Crude oil dropped after OPEC reported that oil inventories rose in February while Saudi Arabia pushed oil production back above 10 million barrels a day.

*EIA: US shale-oil output to rise 109k bpd to 4.95 million in April.

Natural gas

Natural gas on MCX settled down -3.96% at 194 as trader booked there long positions on downgrading of blizzard warnings in New York City had some negative impact on natural gas prices. Natural gas prices rose on Monday with markets focusing on the winter storm which was expected to hit large parts of the US East Coast area during the day. Gains then reversed quickly with a further slide in crude prices undermining sentiment as WTI dipped to fresh 3-month lows near the $47.50 p/b level. Natural gas prices were then subjected to sharp selling pressure as the worst of potential blizzard conditions failed to hit New York.

Trading Ideas:

*Natural gas trading range for the day is 187.5-205.9.

*Natural gas prices dropped near to -4% as downgrading of blizzard warnings in US had negative impact on natural gas prices.

Copper

Copper on MCX settled up 0.01% at 385.50 little changed on Tuesday as an expected U.S. interest rate hike boosted the dollar and weighed on the base metals while overall sentiments will remain weak as update seen that the Escondida copper mine in Chile plans to restart operations after striking workers again rejected an invitation by controlling owner BHP Billiton, to return to negotiations.

Trading Ideas:

*Copper trading range for the day is 376.4-391.6.

*Copper recovered as Escondida copper mine in Chile plans to restart operations after workers again rejected an invitation.

Zinc

Zinc on MCX settled down -0.5% at 180.30 as pressure seen after higher dollar ahead of Wednesday's decision on U.S. interest rates by the Federal Reserve created pressure. The Fed's two-day meeting is expected to conclude on Wednesday with a rate rise, which could boost the U.S. currency, making dollar-denominated metals more expensive for non-U.S. firms and potentially weaken demand.

Trading Ideas:

*Zinc trading range for the day is 173.8-185.4.

*Zinc dropped as pressure seen after higher dollar ahead of Wednesday's decision on U.S. interest rates by the Federal Reserve created pressure.


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