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Showing posts with label Best Commodity Tips. Show all posts
Showing posts with label Best Commodity Tips. Show all posts

Sunday, 21 January 2018

Best Commodity Tips
Oil rises as Saudi Arabia says producers will cooperate beyond 2018

Oil prices climbed on Monday, pushed higher by comments from Saudi Arabia that cooperation between oil producers who are currently withholding supplies would continue beyond 2018.

Strong global economic growth and a drop in U.S. drilling activity also supported crude, traders said.

Brent crude futures LCOc1 were at $68.89 a barrel at 0315 GMT, up 25 cents, or 0.4 percent, from their last close. Brent on Jan. 15 rose to $70.37, its highest since December 2014.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $63.61 a barrel, up 24 cents, or 0.4 percent, from their last settlement. WTI climbed to $64.89 on Jan. 16, also its highest since December 2014.

U.S. drillers cut five oil rigs in the week to Jan. 19, bringing the count down to 747, energy services firm Baker Hughes said on Friday. this, the rig count in 2017 and early this year remains much higher than in 2016, resulting in a 16 percent rise in U.S. production C-OUT-T-EIA since mid-2016, to 9.75 million barrels per day.

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Saturday, 20 January 2018

Best Commodity Tips
Oil’s recent three-year highs are looking increasingly elusive as the week ends, with mounting fears that current prices will spark too much production, all over again.

Futures in New York slid 0.9 percent on Friday to the lowest level in more than a week and posted the first weekly loss since mid-December. The International Energy Agency on Friday said it sees “explosive” growth in U.S. oil output in 2018. A day earlier, the Energy Information Administration showed the biggest gain in U.S. crude production since October.

“The higher the price is, the more production we are going to get out of the U.S., which threatens the price,” James Williams, president of London, Arkansas-based energy researcher WTRG Economics, said by telephone. “We are in that threatening cycle right now.”

The enthusiasm that put the crude market in the groove for another year of rising prices is giving way to some caution. With technical indicators signaling oil is overbought, hedge funds cut their bullish bets on Brent crude from a record-high, according to ICE Futures Europe data released on Friday.

The Organization of Petroleum Exporting Countries, which will meet in Oman this weekend to review its strategy, is sticking to its production curbs. But some analysts expect the output-cut agreement will end earlier than planned. Plus, the compliance rate for the 10 non-OPEC nations participating in the deal plummeted to 78 percent in December, the lowest level since July,

West Texas Intermediate for February delivery dropped 58 cents to settle at $63.37 a barrel on the New York Mercantile Exchange. Total volume traded was about 11 percent below the 100-day average. Prices are down 1.5 percent this week.

Brent for March settlement slipped 70 cents to end the session at $68.61 a barrel on the London-based ICE Futures Europe exchange. Prices fell 1.8 percent this week. The global benchmark crude traded at a premium of $5.30 to March WTI.

The IEA expects non-OPEC supply to expand by 1.7 million this year, the biggest jump since the peak of the shale boom.

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Friday, 19 January 2018

Best Commodity Tips
Gold Prices Gain In Asia On Weaker Dollar, Markets Eye US Budget Process

Gold prices gained in Asia on Friday as a weaker dollar brought physical demand into the market.

Gold futures for February delivery on the Comex division of the New York Mercantile Exchange rose 0.29% to $1,331.10 a troy ounce. The US dollar index fell 0.04% to 90.27 as the US House of Representatives passed a stopgap funding bill for the government, but the Senate may be harder to reach a deal and President Trump has how own concerns.

Gold prices eased from four-month highs as US yields rose sharply after strong growth data from China and amid expectations that inflation would soon gather pace.

Yields on United States 10-Year reached a ten-month high amid strong China economic growth data and rising expectations for faster inflation growth, which pressured gold prices to retreat from four-month highs.

Gold is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion.

Crude Oil Falls In Asia With IEA Monthly Report, US Rig Count Ahead

Crude oil prices fell in Asia on Friday with fresh supply/demand and production figures on tap later in the day to set the tone.

On the New York Mercantile Exchange crude futures for February delivery fell 0.84% to $63.41 a barrel, while on London's Intercontinental Exchange, Brent eased 0.40% to $68.86 a barrel.

The IEA on Friday will detail its monthly supply and demand estimates. Baker Hughes reports US rig count data with last week at 752.

Overnight, crude oil prices pared gains heading into settlement as traders weighed a sharp rebound in production against a fall in crude supplies for the ninth week in a row while an unexpected fall in product inventories failed to lift sentiment.

OPEC raised its forecast for oil supply from outside of the cartel in 2018 by 1.15 million barrels per day (bpd) this year, up from 990,000 bpd expected previously, noting higher prices are attracting more exploration and production. "Higher oil prices are bringing more supply to the market, particularly in North America and specifically tight oil," OPEC said in the monthly report.

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Thursday, 18 January 2018

Best Commodity Tips
Oil edges up on falling US crude inventories, but supply remains ample

Oil prices inched up on Thursday on a reported decline in U.S. crude inventories, but prices stayed below recent three-year highs as fuel supplies remain ample and as refineries scale back operations.

Brent crude futures LCOc1 were at $69.48 at 0103 GMT, up 10 cents, or 0.1 percent, from their last close. On Monday, they hit their highest since December, 2014 at $70.37 a barrel.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $64.15 a barrel, up 18 cents, or 0.3 percent, from their last settlement. WTI marked a December-2014 peak of $64.89 a barrel on Tuesday.

In an effort to tighten markets and prop up prices, a group of major oil producers around the Organization of the Petroleum Exporting Countries (OPEC) and Russia started to withhold production in January last year, and the cuts are set to last through 2018.

U.S. crude inventories fell by 5.1 million barrels in the week ended Jan. 12 to 411.5 million, according to the American Petroleum Institute on Wednesday.

Gold Prices Fall In Asia On Profit Taking, Mild Dollar Rebound

Gold prices fell in Asia on Thursday in profit taking and after a mild dollar rebound overnight.

Gold futures for February delivery on the Comex division of the New York Mercantile Exchange fell 0.84% to $1,327.90 a troy ounce. Copper fell 0.03% to $3.191 a pound. The US dollar index rose 0.47% to 90.65.

Overnight, gold prices remained close to four-month highs on Wednesday amid expectations the precious metal would likely ‘shrug off’ rate hike worries while dollar weakness limited downside.

In a rising interest rate environment, investor appetite for gold weakens as the opportunity cost of holding the precious metal increases relative to other interest-nearing assets such as bonds.

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Wednesday, 17 January 2018

Best Commodity Tips
Gold Prices Up in Asia As Trending Weaker Dollar Aids Sentiment

Gold prices gained in Asia on Wednesday with a weaker dolalr helping demand for the precious metal priced int he US currency.

Gold futures for February delivery on the Comex division of the New York Mercantile Exchange rose 0.51% to $1,343.90 a troy ounce.

Overnight, gold prices traded roughly unchanged on Tuesday, shrugging off a rebound in the dollar from three-year lows as data showed traders remained bullish on the precious metal despite the uptick in demand for risker assets.

Gold prices remained close to four-month highs amid ongoing demand for the yellow metal as data showed traders increased their bullish bets on gold for the fourth-straight week.

Gold’s strong start to the year comes against continued risk-on sentiment as global equities extended their gains from 2017, rising to all-time highs. Some market participants, however, said they expected the yellow metal to range trade in 2018 amid expectations of additional Federal Reserve rate hikes this year.

Oil prices edge up on tighter supplies, healthy demand

Oil prices rose on Wednesday on tightening supply and strong global demand, although some analysts warned of a downward correction after a more than 13-percent price rise in a month.

Prices have been driven up by production curbs in OPEC nations and Russia, as well as by healthy demand-growth.

Brent crude futures LCOc1 were at $69.35 at 0124 GMT, up 20 cents, or 0.3 percent, from their last close.

Brent on Monday hit $70.37 a barrel, its highest since December, 2014, which was at the beginning of a three-year oil price slump.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $63.93 a barrel, up 20 cents, or 0.3 percent, from their last settlement. WTI hit a December-2014 peak of $64.89 a barrel on Tuesday.

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Tuesday, 16 January 2018

Best Commodity Tips
Gold Gains In Asia As Weaker Dollar Trend Aids Buying Sentiment

Gold prices rose in Asia on Tuesday as the market shrugged off signs of tighter monetary policies ahead for the Bank of Japan and European Central Bank and took advantage of a weaker dollar trend to buy the greenback-denominated commodity.

Comex gold futures rose 0.47% to $1,341.20 a troy ounce after no floor trading on the exchange on Monday because of the Martin Luther King Day holiday. All electronic transactions will be booked with Tuesday's trades for settlement.

Overnight, gold prices remained supported at four-month highs on Monday, as demand for the U.S. dollar continued to broadly weaken.

The dollar shrugged off data on Friday showing that underlying U.S. consumer prices recorded their largest increase in 11 months in December, adding to expectations that inflation will accelerate this year.

Gold is sensitive to moves in the dollar. A weaker dollar makes gold less expensive for holders of foreign currency.

Oil markets near three-year highs, supported by healthy demand

Brent crude prices were on Tuesday settling in around $70 per barrel, levels last seen before the start of an oil market slump in late 2014.

Prices have been driven up by production curbs in OPEC nations and Russia, as well as by robust demand on the back of healthy global economic growth.

Brent crude futures LCOc1 , the international benchmark for oil prices, had dipped 22 cents to $70.04 per barrel by 0213 GMT on Tuesday from the previous day's close. But traders said Brent was well supported overall around this level.

Brent hit $70.37 a barrel on Monday, its strongest since December, 2014, which was at the beginning of a three year oil price slump.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $64.53 a barrel, up 23 cents, or 0.36 percent from their last settlement. WTI hit a December-2014 peak of $64.89 a barrel in early trading.

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Monday, 15 January 2018

Best Commodity Tips
Gold Prices Gain in Asia As Inflation Views Debated, US Holiday Ahead

Gold prices gained in Asia on Monday with a holiday ahead in the US keeping trade light and the market awaiting more signals on inflation this year as debate grows over the extent of potential price gains globally.

Gold futures for February delivery settled rose 0.46% to $1,341.30 on the Comex division of the New York Mercantile Exchange.

Financial markets in the U.S. are to remain closed for the Martin Luther King Day holiday. Later this week, China is slated to release what will be closely watched fourth-quarter growth data, while in Europe investors will await monthly inflation data to assess how fast the ECB could start unwinding its asset purchase program.

Last week, gold prices rose for the third straight session on Friday to hit fresh four month highs after hawkish European Central Bank minutes boosted the euro to multi-year highs against the dollar.

Gold was also boosted after data showing that U.S. consumer prices rose in December, ending the year on a slightly stronger note. The data was seen as unlikely to alter the Federal Reserve’s plans for three rate hikes this year.

Gold struggles to compete with yield-bearing assets like Treasuries as borrowing costs rise.

Oil near 3-year highs on output cuts despite rising N.American rig count

Oil prices held just below December 2014 highs on Monday, supported by ongoing output cuts led by OPEC and Russia despite a rise in U.S. and Canadian drilling activity that points to higher future output in North America.

Brent crude futures LCOc1 , the international benchmark for oil prices, were at $69.85 per barrel at 0412 GMT, down 2 cents from their last close.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $64.40 a barrel, down 10 cents.

Both benchmarks last week reached levels not seen since December 2014, with Brent touching $70.05 a barrel and WTI as high as $64.77.

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