Gold Trading Range For The Day Is 39345-39901

Gold trading range for the day is 39345-39901.

Gold prices fell as Asian stocks touched 19-month highs ahead of the planned signing of an interim trade deal between Washington and Beijing.

Further easing concerns, Washington and Beijing have agreed to semi-annual talks aimed at pushing for reforms in both countries and resolving disputes.

Holdings of SPDR Gold Trust, fell 0.9% to 874.52 tonnes on Friday, their lowest since Sept. 16.

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Gold Prices Drifted Lower As Profit Taking And An Increase In Risk

Gold trading range for the day is 39071-41813.

Gold prices drifted lower as profit taking and an increase in risk appetite amid hopes the ongoing tensions in the Middle East may not escalate into a full-fledged military conflict

Data released by payroll processor ADP showed private sector employment jumped by more than anticipated in the month of December.

The Perth Mint's gold product sales in December rose 45% from the previous month and to their highest in more than three years.

India’s gold imports in 2019 fell 12% from a year ago to the lowest level in three years as retail buying faltered in the second half after local prices rallied to a record high.

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Zinc Trading Range For The Day Is 179.6-185.4

Zinc trading range for the day is 179.6-185.4.

Zinc prices gained as support seen on continued decline in social inventories ahead of the Chinese New Year holiday and firmer spot premiums in Shanghai boosted morale.

An unexpected decrease in social inventories and firmer spot premiums contributed to gains in zinc, but upside potential will be hampered by faltering consumption.

Shanghai primarily contributed to the decline in overall stocks over the weekend, due to limited arrivals.

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Aluminium Trading Range For The Day Is 136.7-137.9

Aluminium trading range for the day is 136.7-137.9.

Aluminium dropped after data showed that social inventories of primary aluminium ingots in China increased 2,000 mt over the weekend.

Norsk Hydro said it had resumed bauxite production in Brazil and was ramping up alumina output, while tin hit a more than two-week low.

Premiums for aluminium shipments to Japan for the first quarter of 2020 were set at $83 per tonne, down 14% from the previous quarter.

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Nickel Settled Flat Amid Positive Factory Data In Top Metals Consumer China

Nickel trading range for the day is 1021.1-1039.1.

Nickel settled flat amid positive factory data in top metals consumer China, as investors looked to collect profits on the last day of the year.

Inventories of refined nickel in the Shanghai bonded areas edged higher this week, showed data, lifted by arrivals under long-term contracts.

China's monthly nickel ore imports from top miner Indonesia rose to a near 6-year high in November although its overall intake fell.

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Zinc Dropped As Investors Locked In Gains Made Since The United States

Zinc trading range for the day is 177.5-181.1.

Zinc dropped as investors locked in gains made since the United States and China reached a preliminary trade deal earlier this month.

Treatment charges for zinc concentrate in China rose to $310 a tonne this month, the highest since June 2008, incentivising smelters to raise output.

The global zinc market moved to a surplus of 7,300 tonnes in October from a revised deficit of 21,100 tonnes in September.

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Copper Trading Range For The Day Is 438.7-445.5

Copper trading range for the day is 438.7-445.5.

Copper dropped as Chinese top copper smelters failed to reach an agreement for production cuts as expected.

But the decline was capped as promising US industrial data and US-China trade hopes removed some worries about the global economy’s health.

Chinese Vice Premier Liu He will visit Washington this week to sign a Phase 1 trade deal with the United States

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Silver Trading Range For The Day Is 46247-47433

Silver trading range for the day is 46247-47433.

Silver prices rallied as investors await more details on the phase one trade deal agreement between the U.S. and China.

Prices are rising on apprehensions over the U.S.-China trade deal and Trump and his impeachment proceedings.

U.S President Donald Trump said, he and Chinese President Xi Jinping will hold a ceremony to sign the agreement.

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Zinc Prices Fell As A Rise In Chinese Inventories Stoked Demand Concerns

Zinc trading range for the day is 177.6-181.2.

Zinc prices fell as a rise in Chinese inventories stoked demand concerns and prompted investors to go short on the metal used to galvanise steel.

However, zinc inventories in warehouses monitored by the Shanghai Futures Exchange have almost halved in the fourth quarter.

Warehouse stock for Zinc at LME was at 51900mt that is down by -500mt.

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Silver Trading Range For The Day Is 44343-45377

Silver trading range for the day is 44343-45377.

Silver pared gains worries about U.S.-China trade dispute eased following the two countries agreeing on a phase one trade deal and looking set to sign the agreement early next month.

U.S. home sales dropped more than expected in November due to an ongoing shortage of properties for sale.

The U.S. current account deficit fell to more than a one-year low in the third quarter as imports declined sharply and the surplus on primary income swelled.

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Gold Prices Were Remained In Range With Investors Awaiting More Details

Gold trading range for the day is 37710-38096.

Gold prices were remained in range with investors awaiting more details on the U.S.-China trade deal.

Dallas Fed President Robert Kaplan reiterated that interest rates will be kept on hold unless there is a huge change in the U.S. economic outlook.

President Donald Trump's calls for the Federal Reserve weaken the greenback more, in order to increase exports and the boost the overall economic health.

Britain set a hard deadline of December 2020 to reach a new trade deal with the European Union, reviving fears of a chaotic exit from the bloc.

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Zinc Trading Range For The Day Is 181.4-184.6

Zinc trading range for the day is 181.4-184.6.

Zinc prices gained as news of an US-China trade deal lifted sentiments and zinc inventories across LME-listed warehouses shrank 1.1%.

Social inventories of refined zinc across Shanghai, Tianjin, Guangdong, Jiangsu, Zhejiang, Shandong and Hebei stood at 118,100 mt.

China’s industrial output growth accelerated much more than expected to 6.2% in November from a year earlier, a five-month high.

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Copper Dec Daily Chart Has Formed "Falling Channel" Pattern

Copper Dec daily chart has formed "Falling channel" pattern. The last few sessions been in sideways trend along with some corrections inside the channel. 

The market is expected to continue on bullish momentum based on the current price action, once the same breaks above a key resistance holding at 443. 

The upside rally could be testing all the way through 447-450 levels in the upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish once again. The downside rally could test up to 434 level. Key support holds at 434.

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Lead Dec Daily Chart Has Formed “Right Angled Ascending Broadening Wedge” Pattern

Lead Dec Daily chart has formed “Right angled ascending broadening wedge” pattern. The last few sessions ended up in sideways trend along with some corrections inside the channel. 

The market is expected to continue on bullish momentum based on the current price action, testing all the way up to 156 levels in the upcoming sessions. 

Alternatively, if the market breaks below a key support holding at 152.50 then it might turn bearish once again. The downside rally could test up to 150 level. Key resistance holds at 156.

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Aluminium Dec Daily Chart Has Formed "Falling Channel" Pattern

Aluminium Dec daily chart has formed "Falling channel" pattern. The last few sessions ended up in sideways trend along with some corrections inside the channel. 

The market is expected to continue on the bearish momentum based on the current price action, once the same breaks below a key support holding at 132. 

The downside rally could be testing all the way through 130-128 levels in the upcoming sessions. 

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Zinc Trading Range For The Day Is 180.5-186.1

Zinc trading range for the day is 180.5-186.1.

Zinc dropped as the markets shuddered after US President Donald Trump warned the trade war with China could go beyond 2020 election.

Activity in China’s services sector, which accounts for more than half of China’s economy, accelerated to a seven-month high in November

US services sector activity slowed more than expected in November amid lingering concerns about trade tensions and worker shortages

Warehouse stock for Zinc at LME was at 58675mt that is down by -125mt.

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Copper Prices Dipped Amid Scepticism Over The Chances For A Near Term Preliminary

Copper trading range for the day is 428.3-433.5.

Copper prices dipped amid scepticism over the chances for a near-term preliminary trade deal between Washington and Beijing

China has issued a seventh batch of import quotas for scrap metal, including 17 quotas for a total of 7,970 tonnes of high-grade copper scrap.

Some cities in Hebei province are required to implement level II anti-smog measures for three days as unfavourable weather may raise the risks of smog from December 7.

Warehouse stock for Copper at LME was at 193800mt that is down by -4625mt.

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Silver Gained As Dollar Edged Down Amid Somewhat Mixed Signals

Silver trading range for the day is 44105-44941.

Silver gained as dollar edged down amid somewhat mixed signals on the U.S.-China trade front contributed.

U.S. services sector activity slowed in November as lingering concerns about trade tensions and worker shortages pushed production to its lowest level in a decade

Data showed manufacturing activity contracted for the fourth straight month in November and a decline in construction spending in October.

German factory orders unexpectedly fell, suggesting Europe’s largest economy is still struggling to overcome a manufacturing slump and fend off recession.

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Natural Gas Dropped On Forecasts For Less Heating Demand

Natural gas trading range for the day is 164.9-180.7.

Natural gas dropped on forecasts for less heating demand through the middle of December than previously expected.

Meteorologists now forecast the weather will remain at near normal levels before turning colder than usual on Dec. 10

Utilities likely pulled just 22 billion cubic feet of gas from storage during the week ended Nov. 29.

Gas production in the Lower 48 states slipped to a two-week low of 94.8 bcfd on Tuesday from 95.4 bcfd on Monday, according to Refinitiv.

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Gold Gained After U.S. President Donald Trump Ratcheted Up Trade

Gold trading range for the day is 37614-38748.

Gold gained after U.S. President Donald Trump ratcheted up trade tensions with China, Brazil and Argentina, pushing investors to safe havens.

Trump said U.S. legislation backing protesters in Hong Kong did not make trade negotiations with China easier, but added he believes Beijing still wants a deal.

Speculators also cut their bullish positions in COMEX gold in the week to Nov. 26, data showed.

Holdings of the world's largest gold-backed ETF, SPDR Gold Trust, fell 0.7% to 889.16 tonnes, their lowest since Sept. 19.

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