Oil Prices Dip On Stronger Dollar | Today Commodity Market News 08 DEC 2017.
Bullion - Opens on negative Note Gold -28570-28600 Silver -36980-37000
Energy - Opens on mixed Note Crude Oil -3655-3660 Natural Gas -180.30-180.50
Base Metals - Opens on positive Note Copper -428.50-428.70 Nickel -714-715 Lead -158.50-159 Zinc - 200-200.10 Aluminium -130-130.10
Precious Metals
Precious metals are trading flat after a selloff
yesterday as the dollar maintained strength and is
headed for its best weekly gain this year. The passage
of the tax bill earlier this week has underpinned
dollar strength and better economic data has kept
precious metals under pressure. The private sector
ADP payrolls came in better than expected at 190k in
November. The monthly payrolls data is due today
and will provide further cues to prices.
Base Metals
Base metals tried to gain some lost ground as bargain
hunters took advantage of recent losses. Metals rally
was driven by fundamentals and hence the general
tendency is still to buy the dips, as there is still some
optimism there.
Energy
Crude oil prices bounced back slightly yesterday but
are likely to remain choppy as markets look for
direction. Prices fell this week as the EIA data reported
an increase in both gasoline and distillate inventories.
Headline crude stocks fell by 5.6 million barrels but
gasoline inventories increased by 6.8 million.
Share story
0 comments: