OPEC MAY EXTEND CUTS BY 3-6 MONTHS,CRUDE PRICES TO FURTHER GAIN | TODAY COMMODITY MARKET OUTLOOK 29 NOV 2017.


Commodity Opening Bell

Bullion - Opens on positive Note Gold -29430-29460 Silver -38700-38730 

Energy - Opens on negative Note Crude Oil -3715-3717 Natural Gas -203.80-204 

Base Metals - Opens on positive Note Copper -437-438 Nickel -733-735 Lead -155.90-156 Zinc - 205.50-205.20 Aluminium -134.50-134.60





Precious traded weak especially silver down by ~1.5%, while gold traded firm on Wednesday as the reaction to North Korea's latest missile test was muted, while palladium hovered near the 17-year peak touched in the previous session. North Korea fired what appeared to be an intercontinental ballistic missile (ICBM) that landed close to Japan.

Base metals traded weak, with iron and steel related metals – Nickel and zinc being beaten down the most. Copper found some floor after yesterday’s slide and is trading firm today, pulling away from its lowest in more than week, as US progressed with bill that would support tax cuts. The global copper market will be balanced for foreseeable future even as mine supplies tighten and demand from China, remains strong.

Crude Oil came under pressure as market continued to look ahead to OPEC meeting due tomorrow in which key decision on extension to production cuts is due. While rest of OPEC members has indicated support to deal, Russia has expressed doubt in recent days due to which prices have come under pressure.

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