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Friday, 20 April 2018

Best Commodity Tips

Gold Prices Slide as Dollar Rises On Higher U.S. Yields -   Gold prices were trading lower on Friday as the U.S. dollar rose amidst higher 10-year U.S. treasury yields. Meanwhile, the dollar climbed against other major currencies. The U.S. dollar index that tracks the greenback against a basket of six major currencies rose 0.07% to 89.70. The dollar got a lift from the higher 10-year U.S. Treasury yields that climbed to 2.9%. Dollar-denominated assets such as gold are sensitive to moves in the dollar – a gain in the dollar makes gold more expensive for holders of foreign currency and thus decreases demand for the precious metal. As geopolitical tensions eased, prices of safe-haven assets such as gold slipped. U.S. President Donald Trump said he hoped the summit with North Korea would be successful, and he made no new fresh demands on trade at his meeting with Japanese Prime Minister Shinzo Abe earlier this week.

Copper prices dropped as concerns over more US sanctions eased -  Copper on MCX settled down -0.47% at 456.95 as pressure seen on continuous weak sentiments after increasing geopolitical concerns, surging warehouse inventories and a weaker Chinese demand put pressure on prices. Copper prices are overall down so far this year after hitting a four year high in December amid concerns that protectionist trade policies and the prospect of an economic slowdown in China, the world’s largest consumer of industrial metals, could hit demand. Concerns over a U.S.-China trade spat will also remain in focus as the spring meetings of the International Monetary Fund and the World Bank get underway on Monday.

 Zinc import window has yet to open -  The arbitrage window for imported zinc has yet to open up despite some imported materials circulating in the market this week, SMM believed. Small amounts of zinc imports were heard to be in the Shanghai spot market this week, including materials from Australia, South Korea, Brazil, Spain and India. Offers of these materials were 10-30 yuan/mt lower than the domestic 0# common brand. However, imported zinc still stand to lose about 400 yuan/mt for now, according to our calculations.

Oil Prices Hover Around Late-2014 Highs On Supply Cuts - Oil prices on Friday morning in Asia stayed close to three-year highs reached earlier this week as ongoing OPEC-led supply cuts gradually shrink excess supplies.A gradually tightening market combined with healthy demand has pushed up oil prices. The Organization of the Petroleum Exporting Countries (OPEC), Russia and several other oil producers have been cutting output since January 2017 in an attempt to reduce the global oversupply and prop up prices. Results are closing in on the original target of the pact - reducing industrialized nations’ oil inventories to their five-year average. The pact has been extended until the end of 2018 and OPEC will meet in June to review policy. However, there is no indication yet that Saudi Arabia or its allies want the supply cut to end.


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Wednesday, 18 April 2018

Best Commodity Tips

Gold Prices Edge Up; Dollar Steadies On Higher U.S. Yields -   Gold prices were slightly higher on Thursday while the U.S. dollar steadied amidst higher U.S. 10-year treasury yield. Meanwhile, The dollar was steady on Thursday against other major currencies. Market continues to eye the U.S.-Japan meeting that discusses the trade relations between the two countries to look for directional drivers for the greenbackThe dollar got a lift from the higher 10-year U.S. Treasury yields that climbed from 2.82% to 2.87%. Dollar-denominated assets such as gold are sensitive to moves in the dollar – a gain in the dollar makes gold more expensive for holders of foreign currency and thus decreases demand for the precious metal. Geopolitical developments were also in focus as U.S. President Trump said the plan for the summit between the U.S. and North Korea leader Kim Jong Un might not happen if he did not think it would produce meaningful results.

Chalco shares jump 6% on soaring aluminium prices -The stock prices of Aluminum Corporation of China (Chalco) jumped 6% to hit a high of 4.96 yuan per share on the morning of Thursday April 19. This marked the highest level in the past month. As global aluminium prices rose on US sanctions against Rusal and the subsequent force majeures, Rio Tinto has suggested its 2018 aluminium output would be lower.

 LME nickel price soars on low inventory, market panic and downstream demand -  LME nickel prices jumped 7% overnight and hit a high of $15,875/mt, marking a record high since 2015 on declining inventory, US sanctions against Russia and downstream demand from the new-energy vehicle industry. SMM believes nickel prices will see an even stronger upward momentum as LME inventory continued to decrease. As of April 17, inventory stood at 314,454 mt, down over 19% from a high of some 380,000 mt at the end of August last year. While the US sanctions against Russia have seen global aluminium and alumina prices rise, market participants feared the impact would spill over to Russian nickel.

Oil Prices Surge As Saudi Arabia Seeks Oil As High As $100 - Oil prices rose on Thursday morning in Asia, hitting heights not seen since late 2014. The surge came on a Reuters report that new price hawk Saudi Arabia would be happy for crude to rise to $80 or even $100, a sign Riyadh will seek no changes to a supply-cut deal even though the agreement’s original target is within sight.The Organization of the Petroleum Exporting Countries (OPEC), Russia and several other oil producers have been cutting output since January 2017 in an attempt to reduce the global oversupply and prop up prices. They have extended the pact until the end of 2018 and will meet in June to review policy. OPEC is closing in on the original target of the pact - reducing industrialized nations’ oil inventories to their five-year average. However, there is no indication yet that Saudi Arabia or its allies want the supply cut to end.


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Tuesday, 17 April 2018

Best Commodity Tips

Gold Prices Slip Amid Upbeat U.S. Housing, Industrial Output Data -   Gold prices slipped on Wednesday as dollar held its gains on the back of upbeat U.S. housing and industrial output data. Housing starts climbed 1.9% to 1.319 million units, data on Tuesday showed. Separately, the Federal Reserve said industrial production rose 0.5% in March after jumping 1.0% in February. A hawkish speech from Fed official John Williamson Tuesday reassured rate hikes this year, and eyes are on U.S.-Japan meeting this week to look for cues, with talks over trade and an upcoming summit with North Korea that could ease geopolitical strains in East Asia. Dollar-denominated assets such as gold are sensitive to moves in the dollar – a gain in the dollar makes gold more expensive for holders of foreign currency and thus decreases demand for the precious metal.

China's copper anode imports on the rise on tighter raw material supply - China’s copper anode imports have risen as the country continued to expand its copper smelting capacity and as its domestic raw material supply percentage is below 30%. In 2017, imported copper anode accounted for 9.1% of the total raw materials used for copper smelting in China. This compared with 8.8% in 2016, SMM data showed. Zambia, Chile, and the Democratic Republic of the Congo are three major sources for China's copper anode imports, accounting for some 90% of the total volume. Imports from Zambia account for about 50%.

 Nickel prices gained on short covering after prices dropped as data showed both hot and cold patches in the Chinese Spices economy -  Nickel on MCX settled up 1.07% at 937 on fresh buying despite of reports shows China's economy grew 6.8 percent in the first quarter of 2018, slightly faster than expected, buoyed by strong consumer demand and surprisingly robust property investment despite continued measures to tame rising home prices. Also Chinese steel producers ramped up output in March to the highest level since September, with mills in the world's top market for the metal rushing to boost operations after winter restrictions to prevent smog were lifted in the middle of the month.

Oil Prices Rise On Global Supply Risks - Oil prices rose on Wednesday morning in Asia amid ongoing risk of supply disruptions.A potentially spreading conflict in the Middle East, renewed U.S. sanctions against Iran and falling output caused by the political and economic crisis in Venezuela have triggered a sense of high risk of disruptions to oil supplies, lifting oil prices. The Middle East is the world’s most important crude exporter and tension in the region tends to put oil markets on edge. Meanwhile in the U.S., crude inventories fell by 1 million barrels last week, to 428 million barrels, according to a weekly report by the American Petroleum Institute (API) on Tuesday. Oil markets are further supported by the supply restraint led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia. The pact runs until the end of 2018 but there is growing confidence that the cooperation will be extended.


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Monday, 16 April 2018


Best Commodity Tips
Gold Prices Slip Amid Easing Geopolitical Tensions -   Gold prices slipped on Tuesday amid easing geopolitical tensions, as more strikes on Syria seemed unlikely. As geopolitical concerns eased, investors now turned their attention to economic data from China, the world’s second largest economy, on Tuesday and the high-level trade talks between the U.S. and Japan this week to look for cues. China’s GDP growth figures for the first quarter of 2018 came in at 6.8% year-on-year, in line with market expectation. However, the country’s industrial production data were worse than expected, posting 6.0% compared to the estimated 6.4%.Dollar-denominated assets such as gold are sensitive to moves in the dollar – a gain in the dollar makes gold more expensive for holders of foreign currency and thus decreases demand for the precious metal.

 Copper gained as losses in the U.S. dollar bolstered, though gains were muted as financial markets bet that air strikes on Syria would not escalate into a wider conflict -  Copper on MCX settled up 0.95% at 446.95 on short covering as support seen looming economic data from China amid signs Western-led strikes on Syria weren't likely to escalate. Yesterday the dollar fell against most peers with stocks rose as geopolitical tensions faded and investors turned to what’s expected to be a blowout corporate earnings season. Support also seena after China's imports of copper rose 25.4 percent from month ago to 439,000 tonnes in March, data from the General Administration of Customs showed. Copper imports to China, the world's leading copper and aluminium consumer, include anode, refined, alloy and semi-finished copper products. Meanwhile Hedge funds and money managers raised their net long positions in COMEX gold and copper contracts in the week to April 10, U.S. Commodity Futures Trading Commission (CFTC) data showed on Friday. Today China's data was out suggesting economy will grew 6.8 percent in the first quarter of 2018, the statistics bureau reported on Tuesday.

Oil prices rise amid risk of supply disruptions - Oil prices rose on Tuesday amid worries there could be a high risk of disruptions to supply, especially in the Middle East.Traders said oil markets were receiving general support due to a sense that there were high risks of supply disruptions, including a potentially spreading conflict in the Middle East, renewed U.S. sanctions against Iran and falling output as a result of political and economic crisis in Venezuela. "With so many potential supply disruptors in play and few signs that the current market upheaval will end any time soon, traders continue to pay the geopolitical risk premium," said Stephen Innes, head of trading for Asia-Pacific at futures brokerage OANDA in Singapore.


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Best Commodity Tips

Supported by Weaker Dollar, Stagnant Stock Market -   The recovery from the early weakness flies in the face of increased appetite for risk with U.S. equity markets trading higher and a drop in crude oil prices because the military activity did not cause any supply disruptions. The move most likely reflects a reaction to the weaker U.S. Dollar. Gold futures are rebounding from an early session setback on Monday as traders continue to respond to the uncertainty in the financial markets regarding a possible escalation of military activity in Syria between the U.S. and Russia after this week-end’s bombing of suspected chemical factories by a US-led coalition. Over the week-end, the U.S., U.K. and France attacked Syria, targeting military positions and research weapons linked to chemical weapons.

Copper rod producers operate at close to 80% in Mar - Operating rates at Chinese copper rod producers jumped to 79.4% in March, up 10.05 percentage points year on year and 31.73 percentage points on the month, as orders improved from the electric wire and cable industry, according to an SMM survey. In April, operating rates are expected to further increase to 80.9% as producers reported brisk orders during the high season. Some large producers said they had already reached full operations in March.

 Zinc gained on short covering after prices dropped after talk that China’s State Reserve Bureau had been selling zinc stockpiles -  Zinc on MCX settled up 0.3% at 202.7 on short covering after prices dropped after talk that China’s State Reserve Bureau had been selling zinc stockpiles. China’s expected output of refined zinc was 445,900 tons in March, up 3.7% yoy. Imports of refined zinc were 37,700 tons, up 151.3% yoy. A major smog indicator in China's heavy industrial Beijing-Tianjin-Hebei region rose by more than a quarter in March, the Ministry of Ecology and Environment said, raising concerns that pollution is increasing with the end of winter output restrictions. China is currently working on a new 2018-2020 action plan to tackle pollution, and experts have urged the government to introduce more targeted measures to tackle rising ground-level ozone, which has become a growing urban health threat.

Oil Prices Bumpy After Western Strikes On Syria - Oil prices fell on Monday morning in Asia as markets opened the week cautiously following western air strikes in Syria over the weekend.In retaliation for a suspected poison gas attack in Douma on April 7, the U.S., France and Britain launched 105 missiles on Saturday, targeting what they said were three chemical weapons facilities in Syria. Although Syria is not a key oil producer, the wider Middle East is the world’s most important crude exporter and tension in the region tends to trigger concerns that oil supplies will be disrupted. The supply restraint led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia has supported oil markets considerably.


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Friday, 13 April 2018

Best Commodity Tips

Gold Prices Edge Up on Syria Concerns -   Gold prices edged up on Friday, with the ongoing tension over Syria cited as supportive for the yellow metal. Prices gained on tensions over Syria. However, U.S. president Trump said later on Thursday that the attack on Syria “could be very soon or not so soon at all” sent the dollar firmer earlier in the day and weighed on the dollar-denominated gold. The dollar tumbled to 89.09 overnight as U.S. trade outlook remained uncertain despite improving risk appetite amid the easing geopolitical worries over Syria, but gradually recovered on Thursday late morning.  Dollar-denominated assets such as gold are sensitive to moves in the dollar – a gain in the dollar makes gold more expensive for holders of foreign currency and thus decreases demand for the precious metal. 

Copper dropped as the threat of imminent U.S. military action in Syria rattled investors - Copper on MCX settled down -0.48% at 448.6 after U.S. President Donald Trump warned Russia of imminent military action in Syria over a suspected poison gas attack. Labor negotiations at some of copper’s key mines this year will not necessarily follow similar paths in terms of contract settlements. So far this year China's physical copper imports have held up pretty well. Tighter regulations have caused imports of copper scrap to drop by 40 percent, but that should translate into higher import demand for copper in other forms.

 Zinc dropped tracking LME Zinc prices as construction demand in China got off to a slow start in the usually strong second quarter -  Zinc on MCX settled down -3.99% at 202.10 on long liquidation and fresh selling on rising fears with new supply seen with fresh from talk that China's State Reserve Bureau had been selling zinc stockpiles. The metal, mainly used to galvanize steel, has more than doubled since hitting multi-year lows in January 2016 after the shutdown of major mines including Australia's Century, the Lisheen mine in Ireland and top producer Glencore's depleted Brunswick and Perseverance mines in Canada. Also prices seen pressure tracking the prices of other steel materials as construction demand in China got off to a slow start in the usually strong second quarter.

Oil eases as Trump backtracks on imminent Syria strike - Oil prices edged lower on Friday after U.S. President Donald Trump tempered remarks warning of an imminent missile attack on Syria, but were still set for their biggest weekly gains in more than 8 months.Both benchmarks are set for their biggest weekly gains since last July after surging to a more than three-year high earlier in the week on tensions over Syria and shrinking global oil inventories. "This last jump of $5 or so is because of the geopolitical situation caused by the situation in Syria," said Tony Nunan, senior oil risk manager at Mitsubishi Corp in Tokyo. "It looks like Trump backed off a little bit and wants to build a coalition, sending a signal to the broader market that he is going to be much more careful than people thought."


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