BUY CRUDE & GOLD | TODAY COMMODITY MARKET NEWS REPORT 27 NOV 2017.
Bullion - Opens on positive Note Gold -29450-29500 Silver -39370-39400
Energy - Opens on mixed Note Crude Oil -3805-3810 Natural Gas -187-188
Base Metals - Opens on negative Note Copper -450.50-451 Nickel -766.50-767 Lead -159.80-159.90 Zinc - 209.50-209.70 Aluminium -136.40-136.50
Precious metals are trading flat after closing higher
last week as the dollar index slumped to two-month
lows amid strengthening outlook for the euro.
Consumer confidence in Germany hit a record high
and political concerns in Germany have eased as a
coalition government could be formed again. The
dollar fell after the Fed minutes showed several
policy makers were concerned about soft inflation.
While a December rate hike is already factored in,
concerns over low inflation have clouded the
possibilities of more rate hikes next year.
Base metals traded with positive bias with LME copper
hitting 1 month high above $7,000 tonne on Monday,
amid signs of resilience in China's industrial sector that
suggested cooling, but still healthy, appetite for
metals. Open interest in Shfe's January copper
contract is highest in 18 months, which as prices have
generally risen suggests bets that prices will scale new
heights early next year. Profits earned by China's
industrial companies in October rose 25.1% from a
year earlier, slowing from 27.7% gain in September.
Crude oil prices remain near two-year highs ahead of
OPEC decision this week. Speculation suggests that
Russia is onboard with extension of output cuts but
the duration of extension is still unknown. Oil markets
have been pricing in nine-month extension of deal.
WTI prices have also been supported after Keystone
pipeline was shut for repairs.
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