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Friday, 24 February 2017

Best Commodity Tips
Oil prices fell on Friday after U.S. crude inventories rose for a seventh week, showing the market is still struggling to ease oversupply despite many producers' efforts to rein in output. U.S. crude stocks rose by 564,000 barrels in the week to Feb. 17, according to the Energy Information Administration (EIA), although the gain was below analysts' expectations for an increase of 3.5 million barrels.

The continued rise in U.S. inventories comes as members of the Organization of the Petroleum Exporting Countries and other producers have cut output.

Their joint compliance with a production-reduction deal reached at the end of last year was around 86 percent in January, according to OPEC sources quoting results from a technical committee meeting held this week.

The United States, which is not part of the deal, continues to ramp up production. Analysts at ING said they expected U.S. output to keep rising as prices remained strong enough to encourage further drilling.

"Prices continue to retreat on repeated failure to rise above the upper end of their trading ranges and yesterday's inventory data also weighs,"

In Asia, traders are selling oil held in tankers anchored off Malaysia, Singapore and Indonesia.

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Best Commodity Tips

The US exported a record amount of crude oil, topping a million barrels a day for a second week and filling the gap in world markets created by OPEC cutbacks.

Shale and other US producers sent 1.2 million barrels of crude oil onto world markets last week, up nearly 200,000 barrels a day from the week earlier and about 350,000 barrels above the four-week average, according to Energy Information Administration data. Until recently, the US was exporting about 500,000 barrels a day.

"OPEC's got a competitor. No doubt about it," said Kyle Cooper, a consultant with Ion Energy Group. "They certainly have to be concerned with US oil producers eating into their market share."

US producers have also ramped up production to 9 million barrels a day last week, a level last seen in April 2016. The new production is increasing even as the U.S stockpiles continue to grow. According to EIA, oil supplies grew for a seventh week, adding a smaller than expected 564,000 barrels.

"OPEC is definitely looking over its shoulder at these rising numbers of exports, and it's undermining their efforts on a daily basis," said John Kilduff of Again Capital. "Some of it's going to Asia. China is one of the more unusual buyers in there. The shale guys are filling the gap of the very cuts that were put in place by the market."

The Oil Producing and Export Countries and non-OPEC producers, like Russia, agreed to cut about 1.8 million barrels a day from the world market in an effort to stabilize oil prices.

Oil has been holding above $50 per barrel since OPEC reached the output deal in December. The market has been giving the producers high marks for compliance with the deal, with a recent Bloomberg report quoting OPEC sources saying they have 90 percent compliance and non-OPEC 70 percent. OPEC removed about 890,000 barrels a day from the world market in January.

Cooper said some of OPEC's compliance was easy to achieve due to planned maintenance in January.

The US exports alone totaled more than the production of a number of OPEC countries, like Algeria, Libya, Gabon, Qatar and Ecuador, according to Andrew Lipow, president of Lipow Oil Associates.

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Wednesday, 22 February 2017

Best Commodity Tips
Zinc is currently the fourth most widely consumed metal in the world after iron, aluminum, and copper. It has strong anticorrosive properties and bonds well with other metals. Consequently, about one-half of the zinc that is produced is used in zinc galvanizing, which is the process of adding thin layers of zinc to iron or steel to prevent rusting. The next leading use of zinc is as an alloy; the zinc is combined with copper (to form brass) and with other metals to form materials that are used in automobiles, electrical components, and household fixtures. A third significant use of zinc is in the production of zinc oxide (the most important zinc chemical by production volume), which is used in rubber manufacturing and as a protective skin ointment. Zinc is also important for health. It is a necessary element for the proper growth and development of humans, animals, and plants. The adult human body contains between 2 and 3 grams of zinc, which is the amount needed for the body's enzymes and immune system to function properly. It is also important for taste, smell, and to heal wounds. Trace amounts of zinc occur in many foods, such as oysters, beef, and peanuts. 


Where is Zinc Found? 
Although the largest zinc mine is the Red Dog Mine, located in Alaska, zinc mines exist in 50 countries around the world. Among these 50+ countries, the world’s largest zinc producers are Canada, Australia, China, Peru and the United States. 

Mining Process 
The zinc mining process is conducted primarily underground, with more than 80 percent of all zinc extracted beneath the Earth’s surface. Eight percent of zinc is mined in open pits, with the remaining 12 percent being mined through both methods. Once it’s removed from the earth, the concentrate is roasted at a temperature of 950 degrees Celsius, causing zinc, and sulfur and iron oxidization. After the zinc and iron oxides are reduced to powder form and leached with diluted sulfuric acid, the solution is neutralized and contaminants are removed via filtration. In the foundry, the zinc goes on to take its final form. 


The World's Biggest Zinc Producing Companies 
The ten largest zinc producers accounted for just over 5.8 million tons or 45 percent of the world total. The ten largest refiners include both companies that mine and refine their own zinc ores, as well as refiners that purchase from independent mines. In many cases, refiners use both their own and sourced zinc ore supplies. The statistics below are compiled from company annual and operation reports available from producer websites (based on individual corporate fiscal year 2013 production numbers). Production numbers for each company, indicated as total zinc production, can be found beside the company's name and are indicated in kilotons (1kt).


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Tuesday, 21 February 2017

Best Commodity Tips

BULLION

Gold April and Silver March futures are down 0.2 percent each at $ 1,236 and $ 17.968 an ounce, respectively.Platinum April contract is almost unchanged at $ 1,006.

ENERGY

Crude Oil March and Brent Oil April series have gained 0.3-0.4 percent each at $ 54.51 and $ 57 per barrel, respectively.Natural Gas April expiry has declined 0.3 percent at $ 2.692.

BASE METAL

Copper March delivery is slightly down at $ 2.738.

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Monday, 20 February 2017

Best Commodity Tips
Crude prices rise as investors bet big on oil strength

Crude futures rose for a second day on Tuesday, with data showing hedge funds are betting big across oil markets following OPEC production cuts agreed last year.

US West Texas Intermediate crude was up 31 cents, or 0.6 percent, at USd 53.71 a barrel at 0218 GMT, after rising about 0.5 percent in a shortened session on Monday due to a US national holiday.

Brent futures gained 6 cents, or 0.1 percent, to USd 56.24 a barrel, after ending the previous session up 0.7 percent.

Investors now hold more crude futures and options than at any time on record, after members of the Organization of the Petroleum Exporting Countries (OPEC) committed last year to cut production.

Speculators raised their bets on a rally in Brent oil prices to a record last week, data from the InterContinental Exchange showed on Monday, mirroring the optimism in the US crude market.

Data on Friday showed net long US crude futures and options positions in the week to Feb. 14 were at a record.

"As bullish positioning by hedge funds continues to push on in unchartered territory, the risk of a swift, sharp snapback in prices continues to build," ClipperData analyst Matt Smith said in an overnight note.

The oil market will have to wait until Thursday, a day later than normal, for the release of this week's official data, due to the holiday on Monday.

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Sunday, 19 February 2017

Best Commodity Tips

BULLION

Gold April and Silver March futures have declined 0.3-0.4 percent each at $ 1,239 and $ 17.947 an ounce, respectively.Platinum April contract is down 0.3 percent at $ 1,003.

ENERGY

Natural Gas April expiry is under-pressure - down over 2.5 percent to $ 2.875.Crude Oil March and Brent Oil April series are marginally up at $ 54 and $ 56 per barrel, respectively.

BASE METAL

Copper March delivery is quoted at $ 2.715 - up 0.3 percent.

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Friday, 17 February 2017

Best Commodity Tips
Brent down 2 pct on the week, WTI 1 pct lower

* U.S. drilling rig count rises for fifth straight week
* U.S. gasoline margins hit 1-year low on oversupply fears
* Dollar index hits session high as U.S. Treasury yield pare fall (Adds settlement prices, weekly declines)

Oil prices ended largely steady on Friday but lower on the week, with U.S. crude notching its first weekly decline in five weeks, as rising U.S. drilling and record stockpiles faced efforts by major producers to cut output to reduce a global glut.

U.S. energy companies added oil rigs for a fifth straight week, Baker Hughes said, extending a nine-month recovery as drillers take advantage of crude prices that have held mostly over $50 a barrel since OPEC agreed to cut supplies in late November.

The Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russia, agreed to cut output almost 1.8 million barrels per day (bpd) during the first half of 2017.

"At some point, it's going to be difficult for that agreement to stay in place when member countries can drill more and make more money."

Oil prices, however, were holding within an average band of about $1.30 per barrel so far this year, one of the most range-bound periods since the price slump began in mid-2014.

The oil market was also pressured by a second week of gains in the dollar index .DXY , which rose on Friday following mildly hawkish view from Federal Reserve Chair Janet Yellen and surprising strong U.S. data on retail sales and consumer prices. USD/ A stronger U.S. dollar makes it more expensive for holders of other currencies to buy the greenback-denominated commodity.

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