TODAY COMMODITY MARKET NEWS AND LEVELS OUTLOOK REPORT 08 FEB 2018.


Commodity Opening Bell 


Bullion - Opens on negative Note Gold -29850-29900 Silver -37625-37650

Energy - Opens on mixed Note Crude Oil - 3960-3965 Natural Gas -174.30-175

Base Metals - Opens on mixed Note Copper -441.50-442 Nickel -844-845 Lead -163.10-163.30 Zinc - 219.60-219.80 Aluminium -139.40-139.60





Precious metals are trading flat after a selloff yesterday as the dollar climbed sharply. US Congress reached a two-year budget deal to raise government spending by almost $300 billion. This would ward-off government shutdown concerns and help the dollar. However, increasing the funding would take the US budget deficit in excess of $1.1 trillion and weigh on bond prices. US 10 yr. 


Base metals traded negative with copper falling by over 3% and other base metals turning lower as stock markets resumed this week's volatile trading while concerns that fundamentals do not justify current price levels also weighed on the red metal.


Crude oil prices are under pressure after a sharp selloff yesterday as US production climbed sharply last week. EIA data showed that average daily production last week was 10.25 mbpd, the highest since 1970. 
 


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