TODAY COMMODITY MARKET NEWS AND LEVELS OUTLOOK REPORT 19 SEPT 2017.



Bullion - Opens on positive Note Gold -29555-29565 Silver -39820-39860

Energy - Opens on negative Note Crude Oil -3202-3205 Natural Gas -202-202.20 

Base Metals - Opens on mixed Note Copper -423-423.30 Nickel -707-708 Lead -151.80-152 Zinc - 200.20-200.40 Aluminium -133.50-133

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Precious Metals
Precious Metals are likely to open flattish after a steep selloff yesterday as equities advanced globally owing to better risk sentiment. Donald Trump is due to make his first speech at the UN today and his comments will be closely watched in the current geopolitical environment. Apart from that, Central bank policies are back into focus as geo-political tensions have eased in the past few days. The BOE last week hinted that a rate hike may happen sooner than markets expect. Earlier, the ECB indicated that its stimulus unwinding plan could be out by October. The Fed meeting this week will be equally important for hints about the balance sheet trimming. The Fed is likely to provide a timeline of its start and keep the possibility of a December rate hike open. 

Base Metals 
Base metals retraced some of last week’s losses, with zinc gaining the most backed by tighter Cash-3M spread and prices have also heated up given expectations that tighter mine supply will impede production of refined metal. China’s August zinc production fell 4.6%. China’s new home prices rose in August at the slowest pace in seven months and fell in more cities as government cooling measures dampened speculation.

Energy 
Crude oil is likely to open flat with WTI holding near $50 levels. Some support to prices was seen as Shell declared force majeure on exports of Nigeria’s Bonny Light crude. US oil rig count fell for yet another week and helped prices rally further. The number of active rigs drilling for oil dropped by 7 to 749 last week, a second straight decline. The rig count has fallen by 7 in Q3 so far after increasing sharply in the first half of this year.

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