Slight Rise in Gold, Crude Flattening | Today Commodity Market outlook 21 Dec 2017.
Bullion - Opens on positive Note Gold -28510-28520 Silver -37650-37660
Energy - Opens on positive Note Crude Oil -3722-3725 Natural Gas -169-169.50
Base Metals - Opens on mixed Note Copper -454-454.50 Nickel -764-765 Lead -161-161.20 Zinc - 205.50-205.80 Aluminium -134.80-134.90
Precious Metals
Precious metals are trading slightly higher despite the
US tax bill getting cleared as the dollar saw limited
reaction to the reform. The House of Representatives
gave final approval yesterday to the biggest overhaul
of the US tax code in 30 years and the bill would now
go to President Trump for signing. The tax cuts are
widely expected to add to growth in the next year.
Base Metals
Base metals traded lower with copper drifting from
near two-month high hit session before due to year end
profit-taking. For Copper, data released from ICSG
showed that global world refined copper market was
in deficit of 132,000 tonnes in Sep, compared with
94,000 tonnes surplus in Aug. For first 9 months,
market was in 181,000 tonnes deficit compared with a
167,000 tonnes deficit in same period year earlier.
Energy
Crude oil prices ended higher yesterday as US
inventories saw a large draw down. The EIA reported a
decline of 6.5 million barrels in oil inventories even as
gasoline and distillate stocks increased slightly. Crude
inventories in the US are now 50 million barrels lower
compared to last year.
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