COMMODITY OPENING BELL

Bullion - Opens on negative Note Gold -29820-29840 Silver -40950-40980 

Energy - Opens on negative Note Crude Oil -3157-3160 Natural Gas -196.50-197 

Base Metals - Opens on mixed Note Copper -423.50-424.50 Nickel -730-730.50 Lead -146.10-146 Zinc - 194.40-194.60 Aluminium -134.75-134.50

COMMODITY MARKET NEWS

Gold fell to a 1-1/2-week low on Wednesday, erasing earlier gains as the dollar index jumped, though a retreat in global stocks after Tuesday's record high prevented deeper losses. A firmer dollar makes gold more expensive for holders of other currencies.

We expect silver prices to trade negative on the back of relief from North Korea’s Missile tests.

Crude oil prices rose on Wednesday after the International Energy Agency (IEA) said a global surplus of crude was starting to shrink, even though U.S. data showed another big increase in domestic inventories due to Hurricane Harvey. U.S. gasoline prices fell despite a record drawdown in fuel inventories. Analysts expect supply to increase as refineries return online after Harvey shut nearly a quarter of U.S. capacity. Demand is expected to slip due to the effects of Hurricane Irma on high-consuming states of Florida and Georgia.

We expect Natural gas prices to trade sideways on the back of profit booking after an up-move. 

Copper prices fell to three-week lows on Wednesday on profittaking, rising stocks in London Metal Exchange warehouses, nervousness about demand in China and a higher dollar. China's new property construction starts fell 7 percent in July yearon-year, the first fall since last September. Real estate investment in China rose 7.9 percent in January-July from the same period a year earlier, easing from 8.5 percent in the first half of this year.