COMMODITY MARKET LEVELS AND NEWS OUTLOOK REPORT 19 DEC 2017.



Bullion - Opens on negative Note Gold -28450-28460 Silver -37480-37500 

Energy - Opens on mixed Note Crude Oil -3685-3688 Natural Gas -176.10-176.50 

Base Metals - Opens on negative Note Copper -445.50-446 Nickel -748-751 Lead -163.80-164 Zinc - 204.10-204.50 Aluminium -132.10-132.30



Precious Metals 
Precious metals have been trading positive after the recent slide last month, amid a steady dollar with investors monitoring the progress of the U.S. tax reform bill. U.S. Congress certain to pass sweeping tax legislation this week to support a tax overhaul backed by President Donald Trump. 


Base Metals 
Base metals have been trading firm over the last few sessions, with copper and nickel at 3 weeks highs after China boosted expectations of higher demand by pledging to cut export taxes on some steel products, but sizeable inventories capped gains. Nickel stocks are huge, about 70 days' consumption, as compared to 1-2 weeks consumption for other metals.


Energy Crude oil traded flat as markets lack decisive triggers towards the end of this year with unplanned outages and voluntary production restraint led by OPEC supporting prices, while soaring output in US capped prices. Hedge fund managers have boosted their bullish positions in response to the shutdown of Forties oil pipeline. Last week, IEA reported that global oil market is likely to show surplus in first half of 2018, as rising US supply offsets OPEC's discipline in maintaining its production cuts for whole of next year.

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