CUTS IN PRODUCTION AGREED, BRENT CRUDE BEYOND $56 | TODAY COMMODITY MARKET REPORT 12 DEC 2016.

COMMODITY MARKET OUTLOOK

SPDR Gold Trust GLD, the world's largest gold backed exchange traded fund, said its holdings stood at 857.45 tonnes, remain unchanged from previous business day.

Precious metals are trading lower on COMEX today. We expect prices to trade lower for the day, dragged down by expectations that a possible U.S. rate hike this week would curb demand for the safe haven asset

Non-OPEC countries to cut crude oil production by OPEC countries have agreed. Brent crude rose by 56 per cent, followed by the dollar has slipped through. Non-OPEC countries have agreed to reduce production. Production will decline 5.58 million barrels per day to reduce supply

                     

Commodity Market update:-

GOLD

PP-27750

R1- 27950                                   S1-27650

R2- 28050                                   S2-27500

SILVER

PP-41560

R1- 41900                                    S1-41100

R2- 42300                                    S2-40800

CRUDE OIL

PP-3450

R1- 3500                                       S1-3410

R2- 3540                                       S2-3350

NATURAL GAS

PP-251.8

R1- 254                                          S1-247

R2- 257.                                         S2-244

COPPER

PP-395.2

R1- 399                                         S1-393

R2- 403                                         S2-389