TODAY COMMODITY MARKET NEWS & LEVELS REPORT 06 DEC 2017.

Bullion - Opens on positive Note Gold -28960-28970 Silver -37680-37700

Energy - Opens on mixed Note Crude Oil -3700-3705 Natural Gas -189-189.50

Base Metals - Opens on mixed Note Copper -425-426 Nickel -700-701 Lead -159.50-160 Zinc - 199.70-200 Aluminium -131.60-131.70

COMMODITY MARKET NEWS

Precious Metals

Precious metals are trading flat after a selloff yesterday as the dollar gained some strength ahead of the payrolls data this week. US yield curve however continues to flatten which might provide some support to gold prices. Progress on US tax bill will be watched as US House and Senate lawmakers are poised to begin working on compromise taxoverhaul legislation.

Base Metals

Base metals cracked hard yesterday, with nickel and copper down 4% each, and the spill over pulled other metals also along. This was the worst fall for copper since January 2015, as some investors took profits after data showed an inflow into LME warehouses after a series of drawdown over the last few months. Nickel was down 4%, to a 2 month low, and all gains built in on the Electric Vehicle theme has now faded.

Energy

Crude oil prices remain choppy as markets lack general direction after the OPEC meeting. Prices fell despite the API reporting a drawdown pf 5.4 million barrels in US inventories last week. US oil rig count increased by 2 last week to 749 and US oil output is at record 9.64 mbpd. Prices may find some support as OPEC oil output fell in November by 300,000 bpd to 32.48 mbpd, its lowest since May.