OIL PRICES DROP ON INCREASED US DRILLING ACTIVITY | TODAY COMMODITY MARKET NEWS REPORT 11 DEC 2017.
Commodity Opening Bell Bullion - Opens on mixed Note Gold -28500-28530 Silver -37060-37100
Energy - Opens on mixed Note Crude Oil -3675-3678 Natural Gas -182.30-182.50
Base Metals - Opens on mixed Note Copper -426.50-426.70 Nickel -700-701 Lead -158-158.25 Zinc - 199.80-200 Aluminium -129.10-129.20
Precious Metals
Gold remained under pressure for fourth consecutive
session following strength in the dollar against its
major crosses. Last week, the yellow metal was
weighed down after Senate Republicans approved a
rewrite of the U.S. tax code, stoking optimism over
President Donald Trump’s stimulus plans. Economic
numbers released from the US also came in better than-expected
that supported the dollar on lower
levels.
Base Metals
Base Metals traded marginally higher but downside
threat still continues to prevail in the market. Weaker
imports for base metals for second month could imply
a stubbornly weak economy and bring renewed short selling interest in base metals complex. Zinc rallied on
data that China's zinc production fell by 1.1% YoY in
Nov to 423,000 tonnes.
Energy
Crude oil prices were pulled down as the latest rise in
the U.S. rig count pointed to a further increase in
American production, potentially undermining efforts
led by OPEC to tighten markets. The amount of rigs
drilling for new oil production in the U.S. rose by two
in the week to Dec.8, to 751, the highest level since
September and close to levels from top producers
Russia and Saudi Arabia.
Share story
0 comments: