TODAY COMMODITY MARKET OUTLOOK REPORT 22 JAN 2018.

Commodity Opening Bell

Bullion - Opens on positive Note Gold -29700-29750 Silver -38900-39000

Energy - Opens on positive Note Crude Oil -4063-4065 Natural Gas -205-206

Base Metals - Opens on positive Note Copper -452-453 Nickel -810.50-811 Lead -165.50-165.80 Zinc - 219.20-219.40 Aluminium -141.90-142.20

Commodity Market News

Gold prices have been traded in a tight range in the last week i.e $1335-1342/oz finally declined by 0.2% while MCX gold have risen by 0.62% in the same time frame. Stronger Euro and Weak dollar has been the story so far last week which is favouring the yellow metal.

The US dollar index touched its three year lows as as markets have grown more confident that a global recovery would outpace U.S. growth.

Spot silver prices fell 1.5 percent last week to close at $17 per ounce in line with decline in gold prices while weakness in base metals also exerted downside pressure.

Despite a drop in January due to extreme cold in North America, U.S. crude output is expected to soon break through 10 million barrels per day (bpd), challenging top producers Russia and Saudi Arabia. However, it could take time for this expected rise in output to have a substantial impact on global supplies.

Base metals traded mixed last week as recovery in the DX in the latter half weighed on the counter while strong economic data from China supported the space. MCX base metals traded mixed last week in line with international trends.