Natural Gas Rose On Forecasts For More Heat And Cooling Demand Next Week

Natural gas trading range for the day is 146.7-157.5.

Natural gas rose on forecasts for more heat and cooling demand next week than previously expected despite an increase in output to a fresh record high.

The amount of gas in inventory has remained below the five-year average since September 2017.

U.S. dry natural gas production will rise to an all-time high of 91.03 billion cubic feet per day in 2019.

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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 Gained Amid Concerns Surrounding The U.S.-China Trade War

Silver trading range for the day is 43229-43939.

Silver prices gained amid concerns surrounding the U.S.-China trade war.

Prices also gained after China devalued its yuan in response to the U.S. threat to impose more tariffs on Chinese goods.

The People’s Bank of China set its yuan midpoint weaker than 7 for two days in a row on Thursday and Friday.

The number of Americans filing applications for unemployment benefits unexpectedly fell last week, suggesting the labor market remains strong.

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Natural Gas Extended Gains Following The Release Of A Report Showing

Natural gas trading range for the day is 146.1-154.7.

Natural gas extended gains following the release of a report showing a smaller-thanexpected storage build last week.

The U.S. Energy Information Administration said utilities added 55 billion cubic feet (bcf) of gas into storage during the week ended Aug. 2.

U.S. dry natural gas production will rise to an all-time high of 91.03 billion cubic feet per day (bcfd) in 2019, breaking last year's record of 83.39 bcfd.

EIA also projected U.S. gas consumption would rise to 84.65 bcfd in 2019, beating the record-high of 82.07 bcfd a year ago.

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Zinc Aug Daily Chart Has Formed “Falling channel” Pattern

Zinc Aug daily chart has formed “Falling channel” pattern. The last few sessions ended up sideways in 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 187.50. 

The downside rally could be testing all the way through 186-184 level in the upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish. The upside rally could test up to 194 level. 

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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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Natural Gas Edged Higher On Forecasts For Slightly More Hot Weather

Natural gas trading range for the day is 144.8-149.6.

Natural gas edged higher on forecasts for slightly more hot weather and higher demand over the next two weeks than previously expected.

U.S. spot natural gas prices this summer at the Henry Hub benchmark in Louisiana were on track to be the lowest since 1998 due to relatively mild weather

All bearish factors caused gas speculators to cut their net short positions on the NYMEX and Intercontinental Exchange to the lowest on record last week.

Gas production in the Lower 48 U.S. states rose to a three-week high of 90.4 bcfd on Sunday from a low of 88.9 bcfd last week.

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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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Aluminium Traded In Range Amid Solid US Dollar As Expectations

Aluminium trading range for the day is 140.6-142.8.

Aluminium traded in range amid solid US dollar as expectations for an aggressive easing from the Fed eased.

Global primary aluminium output fell to 5.246 million tonnes in June from revised 5.406 million tonnes in May, data from the IAI showed.

China's alumina imports came in at 50,000 tonnes last month, versus 60,000 tonnes in May, the customs data showed.

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Copper Prices Took A Break From A Strong Rally After Positive Industrial Output

Copper trading range for the day is 439.6-451.

Copper prices took a break from a strong rally after positive industrial output and investment data from top consumer China.

Better-than-expected industrial output and fixed asset investment data from China sent prices of most base metals higher.

China imported 1.47 million mt of copper concentrate in June, down from 1.84 million mt in May, showed data from China Customs.

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Aluminium Trading Range For The Day Is 142.1-145.5

Aluminium trading range for the day is 142.1-145.5.

Aluminium prices gained as support seen on the news of the shutdown of Bosnia’s sole aluminum smelter

China's producer prices unexpectedly showed no growth in June from a year earlier, raising concerns a slowdown in manufacturing activity will further drag on economic growth.

US job openings fell in May, pulled down by declines in the construction and transportation industries, potentially flagging a slowdown in employment growth.

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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 Fell Despite Optimism Around Planned U.S.-China

Copper trading range for the day is 437.6-442.

Copper prices fell despite optimism around planned U.S.-China trade talk next week.

LME copper stockpiles jumped 14% to a one-year high at 272,500 tonnes, data released showed, pressuring copper prices.

China's air conditioning output in July might fall more than the level seen in the same month of previous years, indicating weaker demand.

Warehouse stock for Copper at LME was at 271525mt that is down by -975mt.

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Copper Dropped As Pressure Seen As US Manufacturing Data Buoyed The Greenback

Copper trading range for the day is 434.9-456.9.

Copper dropped as pressure seen as US manufacturing data buoyed the greenback.

U.S. and Chinese presidents agreed to resume trade talks after both sides offered concessions.

Chile's Codelco, said its Chuquicamata mine was fully operational after a two-week long strike that had docked output.

Warehouse stock for Copper at LME was at 240900mt that is down by -500mt.

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Nickel Gained As Support Seen After The Port Of Sanshan

Nickel trading range for the day is 896.8-920.4.

Nickel gained as support seen after the port of Sanshan in southern China's Guangdong province stopped accepting scrap metal shipments.

Weakness in the Chinese spot nickel markets is likely to ease a short position squeeze for the July contract on the Shanghai Futures Exchange.

China's net exports of stainless steel in May expanded 3% on the year, to stand at 248,700 mt, the latest customs data showed.

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Natural Gas Edged Up On Forecasts For Rising Demand As Exports Increase

Natural gas trading range for the day is 163.5-170.1.

Natural gas edged up on forecasts for rising demand as exports increase and the need for more fuel to meet increasing air conditioning use.

The near-record production and moderate weather this spring allowed utilities to inject record amounts of gas into storage in May.

Output in the Lower 48 U.S. states edged up to a near two-week high of 89.2 billion cubic feet per day from 89.0 bcfd.

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Zinc Prices Gained After The US-Mexico Trade Discussion

Zinc trading range for the day is 203.1-209.7.

Zinc prices gained after the US-Mexico trade discussion and upbeat Chinese trade data boosted market sentiment.

Zinc’s upside seen limited on the anticipation of higher inventories on greater supplies from Chinese smelters.

China said that it will allow local governments to use proceeds from special bonds as capital for major investment projects, in a bid to support the slowing economy.

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Copper Dropped Amid A Firmer Dollar And Anxiety About The Fallout

Copper trading range for the day is 398.1-412.7.

Copper dropped amid a firmer dollar and anxiety about the fallout on growth and demand from the U.S.-China trade dispute

Growth in U.S. manufacturing activity slowed in May to its weakest pace in over two years as factory managers raised concerns about a trade war.

China’s factory activity expanded at a steady but modest pace in May, a private survey showed.

Warehouse stock for Copper at LME was at 212050mt that is up by 275mt.

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Crude Oil Dropped, Extending Losses Amid Stalling Demand

Crude oil trading range for the day is 3606-3842.

Crude oil dropped, extending losses amid stalling demand and as trade wars fanned fears of a global economic slowdown.

U.S. crude oil production rose 241,000 barrels per day, or 2.1%, in March to 11.905 million bpd, just below its record high.

U.S. energy firms this week increased the number of oil rigs operating for the first time in four weeks, and weekly production last stood at a record 12.3 mbpd.

That's pushed up commercial U.S. crude oil inventories, which have increased by 8.4% since the start of the year to 476.5 million barrels.

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Copper Dropped Driven By Trade And Political Worries As Well As A Strong Rise

Copper trading range for the day is 413.5-420.9.

Copper dropped driven by trade and political worries as well as a strong rise in American consumer confidence

Fears grew that a worsening confrontation between the United States and China will damage economic growth and metals demand.

ICSG said this month the roughly 24 million tonne a year market would see shortfalls of 189,000 tonnes this year and 250,000 tonnes in 2020.

Warehouse stock for Copper at LME was at 185575mt that is down by -250mt.

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