COMMODITY
MARKET OUTLOOK
Gold gained as disappointing U.S.
economic data reinforced speculation in the market that Fed will not raise
interest rates at its September policy meeting.
Silver gained amid reduced expectations
that the Federal Reserve will raise interest rates at its policy Meeting later this
month.
Crude oil dropped on receding hopes for imminent action to tackle
a global supply glut.
Copper prices settled flat as a rise in
inventories offset signs of a modest pick-up in buying.
Zinc prices ended with losses as some
investors closed out bullish bets on this year’s best-performing major commodity.
Nickel gains on fresh buying as nickel
market participants await the completion of the Philippine government’s examination
of its nickel mines.
Natural gas prices sank more than 2% on expectations that cooler
weather would reduce demand for the fuel.
Commodity
Market update:-
GOLD
PP-31238
R1- 31550 S1-31066
R2- 31720 S2-30760
SILVER
PP-47214
R1- 48087 S1-46740
R2- 48560 S2-45860
CRUDE OIL
PP-2973
R1- 3021 S1-2916
R2- 3078 S2-2868
NATURAL GAS
PP-181.8
R1- 183.6 S1-178.9
R2- 186.5 S2-177.1
COPPER
PP-311.3
R1- 312.8 S1-309.5
R2- 314.6 S2-308.0
COMMODITY NEWS
Saudi Arabia and Russia agreed to cooperate in oil markets, saying they
will not act immediately but could limit output in future, sending oil prices
higher on hopes the two top producers would work together to tackle a global
glut. The joint statement was signed by the country's energy ministers in China
on the sidelines of a G20 gathering and followed a meeting between Russian
President Vladimir Putin and Saudi Deputy Crown Prince Mohammed bin Salman.
Russian Energy Minister Alexander Novak said the two countries were moving to a
strategic energy partnership and that a high level of trust would allow them to
address global challenges. His Saudi counterpart Khalid al-Falih said the agreement
would encourage other producers to cooperate. The Organization of the Petroleum
Exporting Countries will hold informal talks in Algeria later this month, and
is scheduled to meet officially in Vienna in November. Several OPEC producers
have called for an output freeze to rein in the glut, which arose as supplies
from high-cost producers such as the United States soared. The price collapse
of the past two years has hit the budgets of major producers such as Russia and
Saudi Arabia while leading to unrest and social tensions is smaller producing
nations such as Venezuela and Nigeria. OPEC's de-facto leader Saudi Arabia has
also signalled willingness to cooperate as it faces budget pressures and seeks
to float a stake in state-owned producer Aramco.
U.S. employment growth slowed more than expected in August after two
straight months of robust gains and wages were tepid, which could effectively
rule out an interest rate increase from the Federal Reserve this month. Nonfarm
payrolls rose by 151,000 jobs last month after an upwardly revised 275,000
increase in July, with hiring in manufacturing and construction sectors
declining, the Labour Department said on Friday. The unemployment rate was
unchanged at 4.9 percent as more people flocked to the labour market. The
report came on the heels of news that the manufacturing sector contracted in
August for the first time in six months, which had already cast a shadow on a
rate hike at the Fed's Sept. 20-21 policy meeting. Last month's jobs gains,
however, could still be sufficient to push the U.S. central bank to tighten
policy in December. Rate hike probabilities for both the September and December
meetings rose after remarks last Friday by Fed Chair Janet Yellen that the case
for raising rates had strengthened in recent months.
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