MCX TIPS | COMMODITY MARKET NEWS REPORT 01 SEPTEMBER 2016.

COMMODITY MARKET OUTLOOK

Gold dropped after forecast-beating U.S. jobs data stoked speculation that the Federal Reserve would move ahead with plans to raise interest rates.

Base Metal Silver settled flat as upbeat U.S. employment data added to speculation that the Federal Reserve is gearing up to hike interest rates as soon as next month.

Crude oil prices ended with losses after data showed that oil supplies in the U.S. rose for the second week in a row.

Copper settle flat but prices remained under pressure after rising inventories in Asia signalled muted demand from top consumer China.

Zinc settled flat with markets waiting for a swathe of data that could shed fresh light on China's appetite for metals.

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

Natural gas gained reversing course after two days of losses as a storm brewing in the Gulf of Mexico continued to strengthen.

Commodity Market update:-

GOLD

PP-30759

R1- 30848                                    S1-30634

R2- 30975                                    S2-30545

SILVER

PP-44957

R1- 45187                                    S1-44571

R2- 45575                                    S2-44341

CRUDE OIL

PP-3043

R1- 3090                                    S1-2957

R2- 3176                                    S2-2910

NATURAL GAS

PP-193.20

R1- 197.4                                    S1-190.3

R2- 200.3                                    S2-186.1

COPPER

PP-313.4

R1- 314.3                                    S1-312.0

R2- 315.7                                    S2-311.1

COMMODITY NEWS

Japanese Chief Cabinet Secretary Yoshihide Suga said the government is watching market moves carefully and is ready to respond "appropriately", when asked whether Tokyo could intervene in the currency market to stem excessive yen rises. Suga, the government's top spokesman, also defended the Bank of Japan's controversial negative interest rate policy, saying that such steps would benefit financial institutions if they help improve the economy. "The Ministry of Finance, the Financial Services Agency and the BOJ now hold regular meetings on markets," Suga told in an interview. "Through the meetings, the government will closely watch market moves and respond appropriately," he said when asked whether Japanese authorities could intervene in the currency market if the yen spikes abruptly. Japan's economy ground to a halt in April-June and analysts expect any rebound in the current quarter to be modest, as weak global growth and the yen's 20 percent rise against the dollar this year have hurt exports and capital spending. The BO J's decision in January to adopt negative interest rates has failed to arrest unwelcome yen gains and instead drew market criticism for hurting financial institutions' profits. Suga said the BO J's policies will give financial institutions "huge" Benefits if they successfully boost the economy, adding that it was up to the central bank to decide on specific monetary policy steps.

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