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Commodity Important Updates for 10 August 2016

Commodity Important Updates for 10 August 2016

Nickel trading range for the day is 709.5-729.3.Nickel settled unchanged recovering from lows as the Philippines, started auditing miners and ordered small-scale producers to stop operations. Japanese machinery orders rose more than expected in June in a sign that companies are gradually becoming more willing to increase capital expenditure. Output of primary nickel in China dropped with falling output of refined nickel and NPI in July Warehouse stock for Nickel at LME was at 371154mt that is up by 1926mt.

Zinc trading range for the day is 150.5-153.3.Zinc prices dropped on profit booking as improving producer prices in China suggested it may not need to ease policy soon. Chinese producer price deflation moderated further, adding to views that the central bank may be in no hurry to cut interest rates. Zinc daily stocks at Shanghai exchange came down by 224 tonnes. Warehouse stock for Zinc at LME was at 429275mt that is down by -150mt.

Copper trading range for the day is 315.9-321.5.Copper suffered another down day with prices settled at 318.15 despite indications of continued strong Chinese demand. Goldman Sachs came out with a bearish forecast predicts double digit declines to a low of $1.80 per pound 12 months. The total net long position of funds trading copper on the LME fell to 43,808 lots on Friday as per COTR report Warehouse stock for Copper at LME was at 205350mt that is up by 325mt.

Crudeoil trading range for the day is 2809-2941. Crude oil prices fell 1 percent pulled back from a two-week high as traders weighed continued concerns about a global supply glut. OPEC is hopeful that oil prices will rise in September through December, following expectations of higher oil demand. EIA said it expects US crude oil production to decline to 8.73mbpd in 2016 from 9.43mbls in 2015.

Silver trading range for the day is 45705-46783.Silver prices gained as the dollar fell, with investors evaluating the likelihood of Feds rate hike after a weak U.S. productivity report. An unexpected drop in productivity may confirm the Feds worst fears of a U.S. economy slipping into an extended period of slow growth. U.S. worker productivity fell for the third straight quarter in the spring this year, suggesting that corporate profits may continue to decline. Japanese machinery orders rose more than expected in June in a sign that companies are gradually becoming more willing to increase capital expenditure.

Gold trading range for the day is 30976-31446.Gold prices rose as the dollar slipped lower and concerns over the global economic outlook trumped some expectations Fed could raise interest rates. A weak report on U.S. productivity suggested the economy may not be growing as quickly as anticipated. Fed policymaker Jerome Powell was quoted as saying that the U.S. economy is at increasing risk of becoming trapped in a prolonged phase of slow growth. SPDR gold trust holdings dropped by 0.12% i.e. 1.18 tonnes to 972.62 tonnes from 973.80 tonnes.

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