Copper Remained Under Pressure On Profit Booking As The Market Refocused

Copper trading range for the day is 440.8-445.2.

Copper remained under pressure on profit booking as the market refocused on fundamentals after bullish sentiment about US-China trade and Brexit eased.

China's factory gate prices declined at their fastest pace in more than three years in September.

Chile's Codelco, the world's largest copper producer, said it is evaluating the closure of its Ventanas copper smelter in a polluted coastal region.

Warehouse stock for Copper at LME was at 274975mt that is down by -2375mt.

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Copper Prices Dropped As Pressure Seen After Factory Gate Prices In China

Copper trading range for the day is 442.8-447.8.

Copper prices dropped as pressure seen after factory gate prices in China shrank for the first time in three years in July.

Anti-mining protests in Peru have held up about $400 million in copper exports from some of the country's top mines and blocked supplies.

China's imports of unwrought copper and copper products in July climbed to the highest since February and stood at 420,000 mt.

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Silver Prices Fell As Global Stock Markets Recovered On A Stronger

Silver trading range for the day is 42232-44184.

Silver prices fell as global stock markets recovered on a stronger-than-expected Chinese yuan daily fixing level.

Fed’s Evans expressed that the high risks to the US economy may require a lower rate of interest than expected.

Despite the losses, the metal received support this week amid escalating trade war between the U.S. and China.

U.S. President Donald Trump threatened to impose from Sept. 1 a 10% tariff on hitherto untaxed Chinese imports of $300 billion last week.

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Aluminium Trading Range For The Day Is 140.2-142

Aluminium trading range for the day is 140.2-142.

Aluminum dropped on profit booking after prices seen supported as Russia’s Rusal suspended operations at Achinsk alumina refinery.

The Chinese yuan weakened below 7 versus the greenback, an 11-year low, as the US-China trade war intensified.

China’s services sector expanded at the slowest pace in five months in July, showed. Growth in the US services sectors also decelerated in July.

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Gold Prices Gained As Investors Flocked To Safety After The United States

Gold trading range for the day is 36707-37925.

Gold prices gained as investors flocked to safety after the United States designated Beijing a currency manipulator.

China has retaliated by saying it would take adequate countermeasures to protect the interests of the country and its people.

Indicative of sentiment, holdings of SPDR Gold Trust, rose 0.53% to 835.16 tonnes on Monday from Friday.

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Nickel Settled Up 4.13% Amid Jumped, Bolstered By Renewed Concerns

Nickel trading range for the day is 1019.8-1091.2.

Nickel settled up 4.13% amid jumped, bolstered by renewed concerns over Indonesia’s export ban on nickel ore.

China said it would not accept “intimidation or blackmail” and pledged countermeasures.

US President Trump said he would slap an extra 10% tariff on roughly $300 billion worth of Chinese imports.

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Copper Aug Daily Chart Has Formed “Right Angled Descending Broadening Wedge” Pattern

Copper Aug daily chart has formed “Right angled descending broadening wedge” pattern. The last few sessions been in sideways trend along with some corrections inside the channel.

The market is expected to continue on bearish momentum based on the current price action, once the same breaks below a key support holding at 431.

The downside rally could be testing all the way through 428-425 levels in the upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish. 

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Mustard Seed Prices Settled Flat Due To Sufficient Supplies

Rmseed trading range for the day is 3932-3962.

Mustard seed prices settled flat due to sufficient supplies and steady physical demand.

As per data released by MOPA, with the new season arrivals is just above 50 lt.

USDA maintain export forecast of rapemeal to 9 lt and output in 2019/20 at 77 lt in its monthly report.

In Alwar spot market in Rajasthan the prices dropped -12.9 Rupees to end at 4076.5 Rupees per 100 kg.

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Gold Rallied After U.S. President Announced A New Round Of Tariffs On Chinese

Gold trading range for the day is 34637-36409.

Gold rallied after U.S. President announced a new round of tariffs on Chinese goods in an effort to turn up the heat in the ongoing trade war between the two nations.

Fed Chair Powell says rate cut works on confidence channels as well as mechanical channels

Fed Chair Powell says wages are rising, but not at a pace that is putting upward pressure on inflation

India's gold demand to soften in third-quarter on price rise, rural distress: WGC.

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Zinc Prices Ended With Losses As Prices Seen Under Pressure Amid Global Economic

Zinc trading range for the day is 189.9-195.5.

Zinc prices ended with losses as prices seen under pressure amid global economic slowdown and trade uncertainties.

Departing shorts also accounted for the increases as limited arrivals of seaborne, domestic materials kept inventories at low.

China imported 56,800 mt of refined zinc in June, down 4.09% from a month ago but up 56.76% from a year ago.

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Gold Trading Range For The Day Is 34049-35013

Gold trading range for the day is 34049-35013.

Gold dropped as prices seen under long liquidation ahead of expiry and as investors awaited the outcome of a two-day U.S. Federal Reserve policy meeting

The U.S. Fed begins its policy meeting on Tuesday, at which it is widely expected to lower interest rates by 25 basis points.

European central banks have ditched a 20-year-old agreement to coordinate their gold sales, saying they have no plan to sell large amounts of the metal.

Hedge funds and money managers reduced their bullish stance in COMEX gold in the week to July 23, the U.S. CFTC said.

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Zinc Prices Gains Helped By Data Showing China’s June Imports

Zinc trading range for the day is 189.5-197.5.

Zinc prices gains helped by data showing China’s June imports of refined zinc jumped

China's imports of refined zinc in June jumped 56.8% from the same time last year to 56,878 tonnes, official data showed.

The difference between cash and three-month zinc on the LME flipped to a premium, indicating a nearby supply shortage, while stockpiles in LME and ShFE held at low levels.

Warehouse stock for Zinc at LME was at 73675mt that is down by -2025mt.

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Copper Prices Dropped As Comments From ECB President Draghi

Copper trading range for the day is 443.3-453.3.

Copper prices dropped as comments from ECB President Draghi were less dovish than hoped after the bank held rates steady at its latest meeting.

Freeport Indonesia proposes raising production of copper concentrate by 200,000-300,000 tonnes in 2019

The second round of nationwide environmental probes have progressed smoothly and will enter a crucial inspection stage as eight Beijing-led teams have finished stationing.

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Silver Dropped As Pressure After Better Than Expected U.S. Growth

Silver trading range for the day is 40897-41587.

Silver dropped as pressure after better-than-expected U.S. growth cast doubt on the need for the Federal Reserve to ease monetary policy dramatically.

The Second-quarter gross domestic product numbers support the case for the Federal Reserve to be less aggressive on easing monetary policy.

Weekly US jobless claims number fell to a three-month low last week, pointing to strength in the labor market, while orders to US factories for durable goods rose last month.

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Gold Gained As Expectations Of A Rate Cut Later This Month Weighed

Gold trading range for the day is 34765-35387.

Gold gained as expectations of a rate cut later this month weighed on the dollar and prompted investors to seek the safe haven commodity.

The International Monetary Fund said the greenback was overvalued by 6% to 12%, based on near-term economic fundamentals.

U.S. interest rates futures implied traders fully expect the Fed to cut rates at its upcoming policy meeting on July 30-31 with a 35% chance for a half-point decrease.

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Crude Oil Dropped As Output In The U.S. Gulf Of Mexico Resumed

Crude oil trading range for the day is 3790-4206.

Crude oil dropped as output in the U.S. Gulf of Mexico resumed after Hurricane Barry and as U.S. shale production is set to rise to a record.

Producers began restoring some of the roughly three-quarters of output that was shut at U.S. Gulf of Mexico platforms ahead of Hurricane Barry.

There was 1.3 million barrels per day of oil production offline in the U.S. waters of the Gulf of Mexico, about 80,000 barrels fewer than on Sunday.

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Zinc Gained After U.S. And Chinese Negotiators Opened A New Round Of Talks

Zinc trading range for the day is 190-194.6.

Zinc gained after U.S. and Chinese negotiators opened a new round of talks, raising hopes of resolving a year-long trade war.

Metals and mining company Nyrstar said it was extending force majeure at its Port Pirie lead and zinc smelter in Australia until the last week of July.

U.S. and Chinese trade officials held a constructive phone conversation, White House economic adviser Larry Kudlow said, marking a new round of talks.

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Copper Prices Declined On Worries Over Lean Demand For The Ductile Metal

Copper trading range for the day is 427.5-439.9.

Copper prices declined on worries over lean demand for the ductile metal from top consumer China.

Investors were worried about the drop in demand for copper, often used as a gauge of economic health, amid a prolonged U.S.-China trade war.

The discount between the LME copper cash and three-month contract expanded to a two-week high at $18.75 a tonne, indicating ample nearby supply.

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Crude Palm Oil Dropped Ahead Of Official Data Release From The Malaysian Palm Oil

CPO trading range for the day is 493.8-502.8.

Crude palm oil dropped ahead of official data release from the Malaysian Palm Oil Board this week, as the market expects bearish numbers due to weak demand.

India imposed a 7.5% import duty on palm stearin in an attempt to boost local refining, but did not amend tariff rates for other soft oils, including palmolein.

Palm oil inventories in Malaysia likely dropped to their lowest in nearly a year in June as exports and domestic consumption outpaced production.

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Mustard Seed Dropped On Profit Booking After Prices Gained On Hopes Of Meal Demand

Rmseed trading range for the day is 3900-4002.

Mustard seed dropped on profit booking after prices gained on hopes of meal demand from China as it refused shipment from Canada.

Further, higher procurement by National Agricultural Cooperative Marketing Federation of India limited the fall in prices.

NAFED had procured 754,707 tn mustard harvested in 2018-19, higher than 672,300 tn procured a week ago under the price support scheme.

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