COMMODITY MARKET NEWS REPORT 30 AUGUST 2016.

COMMODITY MARKET OUTLOOK

Gold rebounded as dollar dropped, shrugging off earlier pressure by Fed’s comments fuelling speculation that U.S. interest rates would rise sooner rather than later.

Base Metal Silver gains as prices recovered as investors looking for bargains stepped in to buy up the precious metal.

Crude oil dropped on renewed concerns about an oil glut and expectations that Nigerian rebels will stop hampering that country's crude output.

Copper prices traded in the range as a holiday in London market drained the market of direction.

Zinc prices ended with gains as speculators bid up metals with supply concerns.

Nickel gains rise in prices was mainly due to supply shortages after the suspension of operations at eight mines in the Philippines.

Natural gas dropped reversing earlier gains, on uncertainty about the potential for storms to reach the Gulf of Mexico.

Commodity Market update:-

GOLD

PP-31016

R1- 31155                                    S1-30940

R2- 31235                                    S2-30800

SILVER

PP-44135

R1- 44711                                    S1-43790

R2- 45055                                    S2-43214

CRUDE OIL

PP-3169

R1- 3195                                    S1-3148

R2- 3215                                    S2-3122

NATURAL GAS

PP-194.80

R1- 196.5                                    S1-192.0

R2- 199.3                                    S2-190.3

COPPER

PP-308.5

R1- 309.2                                    S1-307.7

R2- 310.0                                    S2-307.0

COMMODITY NEWS

Federal Reserve (Fed) Chair Janet Yellen attracted attention when she spoke at the Jackson Hole symposium on Friday, saying that she saw recent data supporting the case for further tightening. Yellen believes a rate-hike could be justified when looking at the recent data, adding to the belief that the Fed is getting closer to reaching both of its goals - the labour market and inflation. As for the economy, she sees it permanently expanding, albeit at a somewhat slower pace. One contributor to the pace is solid spending, while investment remains a laggard with lower foreign investment activity.

Despite her comments, the Fed remains strictly data dependent, with monetary policy not on a preset course, Yellen stated. As for actual monetary policy, Yellen said it's worth looking at a broader range of asset purchases in the future. Nevertheless, the idea of cutting rates if the economy worsened is limited, with Yellen only seeing very limited scope for rate cuts under such conditions.

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