COMMODITY MARKET NEWS UPDATES 08 SEPTEMBER 2016.

COMMODITY MARKET OUTLOOK

Gold prices dropped losing momentum due to profit-taking after gaining on economic data that weakened the case for an imminent U.S. rate hike.

Silver dropped on profit booking as investors pared expectations for how aggressively the Federal Reserve would move to increase interest rates.

Crude oil prices gained as Iran signaled it was prepared to work with Saudi Arabia and Russia to prop up oil prices.

Copper gained as disappointing U.S. economic data pushed the dollar lower, spurring demand for commodities.

Zinc prices continued its firm trend on expectations of a supply shortage after mine closures from Australia to Ireland.

Nickel gains after a string of softening economic reports pushed back U.S. rate hike expectations and undermined the dollar.

Natural gas declined as market players looked ahead to fresh weekly information on U.S. gas inventories to gauge the strength of demand for the fuel.

Commodity Market update:-

GOLD

PP-31340

R1- 31430                                    S1-31214

R2- 31556                                    S2-31124

        I.             

SILVER

PP-47159

R1- 47403                                    S1-46770

R2- 47790                                    S2-46526

CRUDE OIL

PP-3005

R1- 3048                                    S1-2978

R2- 3075                                    S2-2935

NATURAL GAS

PP-179.5

R1- 181.5                                    S1-176.5

R2- 184.5                                    S2-174.5

COPPER

PP-312.7

R1- 314.4                                    S1-311.0

R2- 316.1                                    S2-309.3

COMMODITY NEWS

A top Federal Reserve official repeated his call for gradual interest rate hikes, evidently unfazed by a slowdown in U.S. job gains and sluggishness in the services sector that now has traders betting against any rate hike at all this year. It "makes sense to get back to a pace of gradual rate increases, preferably sooner rather than later," San Francisco Fed President John Williams said in remarks prepared for delivery to the Hayek Group. In his prepared remarks Williams did not address the release of data on Tuesday that showed activity in the U.S. services sector had hit a six-and-a-half- year low, or government data last Friday that showed U.S. employers added fewer jobs than expected in August. Williams said the economy was in "good shape," and he forecast unemployment, now at 4.9 percent, to fall to 4.5 percent in the coming year and inflation to rise to the Fed's 2 percent target in the next year or two. Longer-term, however, Williams made it clear he is far from comfortable with the Fed's current approach to monetary policy. Targeting low inflation, as the Fed and many other central banks currently do, simply will not work well in a world where economic growth and interest rates are likely to be persistently lower than they were in the era before the Great Recession, he said. A low inflation target, he said, gives the Fed  too small a buffer to fend off future shocks.

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