OIL PRICES WEIGHED DOWN BY RISING US SUPPLIES BUT OPEC CUTS PREVENT FALLS | TODAY MCX MARKET NEWS 16 NOV 2017.

Bullion - Opens on mixed Note Gold -29510-29530 Silver -39700-39720

Energy - Opens on mixed Note Crude Oil -3618-3620 Natural Gas -203-202

Base Metals - Opens on positive Note Copper -441-442 Nickel -763-762 Lead -158.50-158.60 Zinc - 207.75-208 Aluminium -137.40-137.50

COMMODITY MARKET NEWS

Precious metals are likely to open flat after a choppy session yesterday. US economic data came in better than expected and capped price rallies for both gold and silver. The CPI rose 0.2% m/m while core CPI inched 1.8% higher y/y. December rate hike odds remain near 96% as the inflation data provided no real surprise. The US treasury yield curve however is at its flattest in a decade as near term rate hike possibilities are keeping 2-yr.

Base metals continued to be under pressure yesterday as data from China stoked fears of a slowdown in China, with falls in oil and global stocks indicating broad-based caution among investors. Stocks were set for their longest losing streak in eight months while oil prices slipped for fourth day, though there was some reprieve for the dollar after U.S. data surprised on the upside, leading to risk off environment.

Crude oil is likely to remain under pressure as US oil production edged higher again last week. EIA data show that US output touched a record 9.64 mbpd. The inventory data was also not supportive for oil prices as headline inventories rose by 1.8 million barrels and gasoline stocks increased by 0.89 million.