Commodity Markets Update Report 31 august 2016.

COMMODITY MARKET OUTLOOK

Gold fell after Federal Reserve officials sounded a hawkish note on interest rates, boosting the dollar.

Base Metal Silver dropped as investors focused on the next set of U.S. data to see whether it supports expectations that Fed will raise interest rates soon.

Crude dropped on dollar gains and fading hopes of a production freeze while concerns about additional output weighed on sentiment.

Copper dropped Copper dropped as inventories rose and the market focused on U.S. non-farm payrolls data later this week.

Zinc dropped on profit booking tracking weakness in LME prices, but prices eyed monthly advances on worries about shortages due to mine closures.

Nickel prices dropped as continued strength in the U.S. dollar is working to keep pressure on prices.

Natural gas fell erasing earlier gains on expectations that storms in the Atlantic Ocean wouldn’t disrupt production.

Commodity Market update:-

GOLD

PP-30892

R1- 30989                                    S1-30735

R2- 31131                                    S2-30648

SILVER

PP-44065

R1- 44214                                    S1-43831

R2- 44448                                    S2-43682

CRUDE OIL

PP-3144

R1- 3174                                     S1-3095

R2- 3223                                     S2-3065

NATURAL GAS

PP-192.8

R1- 195.7                                    S1-187.7

R2- 200.7                                    S2-184.9

COPPER

PP-307.6

R1- 308.9                                    S1-305.7

R2- 310.8                                    S2-304.4

COMMODITY NEWS

Personal income and spending in the U.S. rose in line with economist estimates in the month of July, according to a report released by the Commerce Department. The Commerce Department said personal income climbed by 0.4 percent in July after rising by 0.3 percent in June. The increase in income matched economist estimates. Disposable personal income, or personal income less personal current taxes, also increased by 0.4 percent in July after climbing by 0.3 percent in the previous month. The report also said personal spending rose by 0.3 percent in July following a 0.5 percent increase in June. The spending growth also met expectations. Real spending, which is adjusted to remove price changes, also climbed by 0.3 percent in July after rising by 0.4 percent in June? With income increasing by slightly more than spending, personal saving as a percentage of disposable personal income ticked up to 5.7 percent in July from 5.5 percent in the previous month. The Commerce Department also said its personal consumption expenditures price index was unchanged in July after inching up by 0.1 percent in June. The annual rate of growth slowed to 0.8 percent from 0.9 percent.

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