COMMODITY OPENING BELL  

Bullion - Opens on mixed Note Gold -29630-29640 Silver -39750-39800 

Energy - Opens on mixed Note Crude Oil -2960-2970 Natural Gas -190.20-190.30 

Base Metals - Opens on mixed Note Copper -434.50-435 Nickel -745-746 Lead -151.10-151.30 Zinc - 199.50-199.80 Aluminium -132.50-132.60

Commodity Marekt News

Precious Metals 

Precious metals are likely to open flattish today as the dollar index rebounded slightly from the lowest since January 2015. A muted response from Donald Trump to North Korea’s missile test led to some easing in geo-political tensions. Concerns however will continue to underpin broader market sentiment as North Korea fired a missile which flew over Japan, the 18th test this year. There are reports of tightening sanctions on North Korea.

Base Metals 

Base metals traded firm, but are treading water from its high as a dollar rebound slowed a rally in prices based on China's robust housing and manufacturing growth. LME aluminium stocks have climbed by around 40,000 tonnes since mid-month, as traders deliver metal rather than hold it given a blow-out in spreads. The premium to roll aluminium for a day, seen in spreads, surged to $10 for four of the past five sessions

Energy 

Crude oil is likely to remain weak as markets grapple with the impact of Hurricane Harvey. A broader hit to risk sentiment also contributed to the weakness in oil prices. We have seen a decline in prices this week as the hurricane in the US led to more refinery outages compared to production outages. The hurricane forced refineries across the US Gulf Coast to shut down impacting at least 3.6 million bpd of refining capacity in Texas and Louisiana.