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Commodity Market Overview 7_11_17

Bullion – Opens on negative Note Gold -29320-29340 Silver -39720-39740

Energy – Opens on positive Note Crude Oil -3712-3718 Natural Gas -202.50-203

Base Metals – Opens on negative Note Copper -450.50-450.80 Nickel -829-830 Lead -161-162 Zinc – 210.20-210.30 Aluminium -140-140.10

Precious Metals
Precious metals are likely to open flat after a bounce back yesterday as the dollar weakened amid hazy outlook for US monetary policy in 2018. The earlier than expected stepping down of New York Fed President William Dudley and other retirements due next year will leave a lot of voting positions open in the monetary policy committee. This has clouded the outlook for Fed policy next year.

Base Metals
Base metals traded firm yesterday and continues boosted by expectations of healthy demand from the electric vehicle sector, a pollution crackdown in China and signs of solid global economic growth. Copper production in the Congo, rose by 9.3% in the first nine months of this year.

Energy
Crude oil prices are likely to stay firm with both WTI and Brent trading near two-year highs. The crackdown on Saudi royals in last four days has created a sense of instability in the world’s largest oil producer. This has increased the geo-political risk premium in prices. Fundamentals have also supported this price rally as US rig count fell sharply last week with oil rigs down by 8 to 729, the lowest since May 2016. Optimism also remains high amid expectations that OPEC cuts could be extended for another nine months.