Crude Palm Oil Dropped On Profit Booking Despite Amid Forecasts

CPO trading range for the day is 501.3-504.7.

Crude palm oil dropped on profit booking despite amid forecasts of declining production.

India is likely to cut import tax on palm oil, a government source said, in line with New Delhi's trade agreements with Southeast Asian countries.

The government increased tariff price of crude palm oil by $9 to $472per tn and cut $21 per ton for refined, bleached and deodorised palm oil.

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Natural Gas Fell On Forecasts For Warmer Weather

Natural Gas trading range for the day is 221.8-251.8.

Natural gas fell on forecasts for warmer weather and after a weekly storage report showed a smaller-than-expected withdrawal.

The U.S. Energy Information Administration said utilities pulled 48 billion cubic feet of gas from inventories during the week ended Dec. 21.

With warm weather so far this month, utilities have been able to leave more gas in storage than usual in December.

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Silver Trading Range For The Day Is 38431-39017

Silver trading range for the day is 38431-39017.

Silver prices edged up as the safe-haven asset was supported by worries over economic growth and renewed China-U.S. tensions.

A darkening outlook for global economic growth, a simmering trade war, as well as Brexit-linked uncertainty, may trigger renewed risk aversion.

Meanwhile, a measure of U.S. consumer confidence posted its sharpest decline in more than three years in December.

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Gold Dropped On Profit Booking After Prices Seen Supported

Gold trading range for the day is 31490-31788.

Gold dropped on profit booking after prices seen supported by a weaker dollar, worries over global economic growth and stock market tumult.

Prices remain positive as the ongoing US government shutdown drags on risk appetite.

Physical gold demand lacked vigour in most Asian hubs in the week as limited safe haven interest failed to lift activity into the year end.

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Zinc Prices Traded In Range Amid Uncertainty Lingers

Zinc trading range for the day is 175.5-181.5.

Zinc prices traded in range amid uncertainty lingers from weak supply and demand.

China’s imports of refined zinc jumped 40.9% from October to stand at 113,500 mt in November.

China’s economy expanded at the slowest pace last quarter since the global financial crisis, hit by a years-long deleveraging campaign.

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Copper Prices Remained Under Pressure Due To Global Growth

Copper trading range for the day is 410.3-426.1.

Copper prices remained under pressure due to global growth concerns.

Earnings at China’s industrial firms in November dropped for the first time in nearly three years

Industrial profits fell 1.8 percent in November from a year earlier to 594.8 billion yuan, the National Bureau of Statistics said.

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Silver Prices Rose Helped By A Weaker Dollar

Silver trading range for the day is 37816-39220

Silver prices rose helped by a weaker dollar and as a recovery rally in global stock markets fizzled out, driving investors towards the safe-haven asset.

Dollar seen some pressure weighed down by a partial U.S. government shutdown, making bullion cheaper for holders of other currencies.

The U.S. economy slowed slightly more than previously estimated in the third quarter and momentum appears to have moderated further in the fourth quarter.

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Gold Rose As Global Growth Worries And Volatility In Stock Markets

Gold trading range for the day is 31392-31928.

Gold rose as global growth worries and volatility in stock markets boosted demand for the safe-haven metal, but gains were capped by a sharp rebound in equities.

However, upbeat U.S. data and signs of easing trade tensions between Washington and Beijing limited demand for the metal.

SPDR gold trust holdings dropped by 0.30% i.e. 2.35 tonnes to 787.67 tonnes from 790.02 tonnes.

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Nickel Trading Range For The Day Is 724.8-770.2

Nickel trading range for the day is 724.8-770.2.

Nickel prices dropped triggered by concerns about slowing global economic growth.

A global nickel market deficit will nearly halve to 49,000 tonnes in 2019 from 93,000 tonnes this year on higher output of primary metals by global suppliers.

Japan's demand for nickel is projected to rise 9.5 percent to 199,200 tonnes, while supply is forecast to climb 2.3 percent to 188,100 tonnes.

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Copper Trading Range For The Day Is 406.5-431.7

Copper trading range for the day is 406.5-431.7.

Copper prices gained on the back of a broad-based rally in financial and commodity markets, but gains were limited by global economic growth concerns.

Investors are fretting the global economy is slowing just as monetary conditions are tightening, with political instability in US.

China will not resort to "flood-like" stimulus in monetary policy next year, although it will consider more cuts as needed to reserves held at commercial banks.

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