TODAY COMMODITY MARKET LEVEL AND NEWS OUTLOOK 30 NOV 2017.
Bullion - Opens on positive Note Gold -29230-29260 Silver -38050-38080
Energy - Opens on mixed Note Crude Oil -3715-3710 Natural Gas -207.80-207.10
Base Metals - Opens on mixed Note Copper -432.60-433 Nickel -727.60-728 Lead -156.30-156.40 Zinc - 203-204 Aluminium -130.90-131
Precious metals traded choppy yesterday, with silver
prices under pressure and gold prices trading at
lowest in 1 week, as dollar firmed amid upbeat U.S.
growth data and as a likely vote neared on U.S. tax
legislation. U.S. Senate took step toward passage of
tax legislation that is a top White House priority,
setting up a likely decisive vote later this week even
though it was unclear if bill has enough Republican
support to become law. U.S. economy grew faster
than initially thought in Q3, quickest pace in three
years, buoyed by robust business spending on
equipment and accumulation of inventories. U.S
Base metals sagged for much of week in line with
retreat in Asian stocks, shrugging off encouraging
manufacturing reports from China and Japan as
investors locked in profits ahead of year end. Growth
in China's mfg. sector unexpectedly picked up in Nov,
despite a crackdown on air pollution and a cooling
property market.
Crude Oil traded weak as investors remained cautious
ahead of outcome of an OPEC meeting in Vienna later
in the day, with members set to debate the path for an
extension of the group's supply-cut agreement.
Uncertainty about OPEC and Russia agreement to
prolong oil supply cuts has kept prices under pressure
from past few trading sessions.
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Gold prices fell in Asian trade on Monday, as the dollar gained on expectations that the United States' economy will expand further after the Senate passed a bill to overhaul the country's tax system.
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