Thursday, 16 November 2017

Commodity Market Update: Base Metals and Energy Cost Crash, Costly Metals Recover

Precious Metals Hold Steady Ahead of Key Macroeconomic Release:

Valuable Metals continue to trade in a broad range ahead of major economic release from the US schedule in the evening yesterday. Gold is trading at 29637, up 15 points while Silver is at 39896, up 58 points at present.

The center will be on the price rises and sell sales report for October along with business inventory and manufacturing movement for the NY region today. While customer spending has remained strong, retail sales and customer prices if reported in line with outlook could raise inflation and increase the dollar index which in turn could pressure bullions lower in intraday.

The intraday commodity technical unfairness remains impartial with Gold Updates within the range of 29450-29680 while Silver continues to struggle under resistance at 40000.

Base Metals Trade Steady after Sharp crash; Short Term unfairness Turns Negative:

Base Metals post its main single day losses in over a few weeks after short selling gripped the market behind in the evening session, costs are still languish near day lows. Copper is traded at 439.25, down 3.40 or 0.785 while Nickel is down almost three percent or 22 points to 748.60 at present.

Recent macroeconomic let go from China have greater than before doubts of a slowdown in China which was further confirmed by weaker import in October the length of with other key indicator this week which further brought the base metals multifaceted under selling pressure.

The intraday biases continue to remain negative and we would believe short selling if costs break below intraday lows. On the benefit, a continued close higher today could bring back a little recovery in prices.

Crude Oil Prices Tank Late Night; Inventory Key to Short Term Cost Action:

Crude Oil come under pressure late night after IEA said that oil recovery could take longer than predictable as the market heads into 2018. Crude Oil is trade at 3596, down 43 points or 1.18% while Natural Gas is down 0.15% to 203.

API report a huge draw in both oil and gasoline stocks while the official inventory report at 9 pm is predictable to show a draw in both oil and refined products.

As the short term basics continue to remain positive for crude oil, the feeling has destabilized slightly over the past few days driven by industry reports and a construct in oil stocks along with rumor of an extension to products cuts away from March 2018.

Crude Oil finds strong support at 3560-3500 this week and downsides are predictable to be limited to this range while on the benefit a daily close above 3700 be supposed to see the recommencement of the uptrend.
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