COMMODITY MARKET UPDATES FOR NOVEMBER 09, 2016
Gold trading range for the day is 29356-30630.Gold prices dropped as investors remained cautious ahead of the outcome of the U.S. presidential elections.Markets also remained cautious of the implications of U.S. election outcome on an anticipated interest rate hike by the Federal Reserve next month.Falling consumer demand and a halving of central bank purchases resulted in a 10 percent drop in gold buying in the third quarter, data from WGC showed.
Silver trading range for the day is 42132-44764.Silver gained as dollar dropped and financial markets awaited the outcome of the U.S. presidential election.Inflation stuck below the goal is one of the larger risks facing the U.S. central bank, Chicago Fed President Charles Evans said.Chinas central bank said that it will maintain ample liquidity and achieve reasonable growth in money supply and credit.
Crudeoil trading range for the day is 2937-3059.Crude oil gained supported by a rebound in other asset classes after news that U.S. presidential candidate Hillary Clinton will not face charges.OPECs Secretary-General Mohammed Barkindo reiterated the cartels commitment to a deal to cut output made in Algiers late September.OPEC has also sought cooperation from non-member producers, including Russia, but many doubt its ability to coordinate a cut sufficient to balance the market.
Copper trading range for the day is 333.6-356.8.Copper gained as expectations of stronger demand in China and optimism that Democrat Clinton will win the U.S. presidential election boosted sentiment.Data showed Chinas imports of copper fell 14.7 percent in October to the lowest since February 2015, also weighed on the prices.Much of the focus is on China, where the outlook for economic and demand growth is perceived to have improved.
Zinc trading range for the day is 160.6-168.6.Zinc dropped as pressure seen after Chinese data disappointed and ahead of the outcome of the US presidential election.LME Zinc stocks and cancelled warrants were both 475 tonnes lower at 448,575 tonnes and 61,525 tonnes respectively.Chinas central bank said that it will maintain ample liquidity and achieve reasonable growth in money supply and credit.