Oil Prices Stay Near High on Strong U.S. Refinery Runs | Today Commodity Market Outlook Report 29 Dec 2017.
Commodity Opening Bell
Bullion - Opens on mixed Note Gold -29020-29030 Silver -38850-38880
Energy - Opens on positive Note Crude Oil -3840-3850 Natural Gas -189-190
Base Metals - Opens on mixed Note Copper -468.50-469 Nickel -782.50-783 Lead -161.60-161.80 Zinc - 211.40-211.80 Aluminium -144.60-144.80
Energy - Opens on positive Note Crude Oil -3840-3850 Natural Gas -189-190
Base Metals - Opens on mixed Note Copper -468.50-469 Nickel -782.50-783 Lead -161.60-161.80 Zinc - 211.40-211.80 Aluminium -144.60-144.80
Precious Metals
Precious metals are expected to open flat but closed
higher yet again yesterday as the dollar continued to
weaken. Gold is headed for nearly 12% gains this year
despite global equities trading at record highs as the
dollar has weakened by around 9% in 2017.
Base Metals
Base metals continue to trade firm with some of them
trading at the highest point of the year adding over
30% YTD gains. Copper prices jumped to a four year
peak as funds bet on strong demand in China and
supply disruptions in top producer Chile leaving the
market short of the metal used widely in power and
construction. Funds are on a buying spree, but the
timing and strength is surprising.
Energy
Crude oil prices are trading slightly higher with WTI
prices surpassing $60 in early trade. The EIA inventory
data provided some support as it reported a
drawdown of 4.6 million barrels in US inventories. US
oil production also saw a surprise downtick last week
to 9.75 million bpd compared to 9.78 mbpd in the
previous week.
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