TODAY COMMODITY MARKET LEVELS & NEWS OUTLOOK 24 AUG 2017.

Commodity Opening Bell

Bullion - Opens on negative Note Gold -29130-29150 Silver -39060-39070

Energy - Opens on negative Note Crude Oil -3108-3106 Natural Gas -187.40-187.50

Base Metals - Opens on mixed Note Copper -423-423.20 Nickel -746-747 Lead -152.20-152.25 Zinc - 199.50-199.65 Aluminium -133.30-133.50

COMMODITY MARKET TIPS PROVIDERS

COMMODITY MARKET NEWS

Precious Metals

Precious metals are likely to open flat after a slight rebound yesterday as comments from Donald Trump hit US markets and the dollar. Trump is willing to see a government shutdown if the Mexico border wall is not funded. This has raised concerns about his fiscal plans. US debt ceiling is likely to be hit in early October and failure to raise it will lead to a government shutdown. Overall trading however is likely to be range bound ahead of key events this week.

Base Metals

Base metals are likely to open flat as markets await further triggers. Preliminary manufacturing PMI’s from across the globe were mixed with European PMI coming in better than expected at 57.4 while US PMI was lower than forecast at 52.5. Japanese manufacturing activity expanded at the fastest pace in three months in August. Aluminum prices continue to find support owing to prospects of capacity shutdowns in China.

Energy

Crude oil is likely to flat after a bounce yesterday as the EIA data showed a decline in US crude and gasoline inventories last week. Crude inventories fell by 3.3 million barrels while gasoline stocks were down by 1.2 million barrels. US inventories have declined swiftly in the past four months and are now at the lowest since January 2016. Libya’s Sharara oilfield has been shut again and has seen repeated disruptions since last week.