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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Natural Gas Daily Chart Has Formed “Falling Channel” Pattern

Natural gas daily chart has formed “Falling channel” pattern. The last few sessions ended up in sideways trend inside the channel.

The market is expected to continue on bullish momentum based on the price action, once the same breaks above a key resistance holding at 165. The upside rally could be testing all the way through 172 levels in the upcoming sessions.

Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish. The downside rally could test up to 156 level. Key support holds at 156.

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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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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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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 bullish momentum based on the current price action, once the same breaks above a key resistance holding at 134. The upside rally could be testing all the way through 136-137 levels in the upcoming sessions. 

Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish. The downside rally could test up to 131 level. Key support holds at 131.

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Silver Trading Range For The Day Is 43174-44290

Silver trading range for the day is 43174-44290.

Silver gained as investors sought safety from the threat of new U.S. tariffs on Chinese goods due to come into effect on Dec. 15.

U.S. consumer prices increased solidly in November, which together with labor market strength could support the Federal Reserve's intention not to cut interest rates.

Growth of U.S. labor costs was not as robust as initially thought in the third quarter, suggesting inflation could remain tame in the near term.

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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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Gold Trading Range For The Day Is 37806-38376

Gold trading range for the day is 37806-38376.

Gold settled flat as conflicting signals from Washington and Beijing prolonged the uncertainty about a trade deal

Gains in bullion, however, were limited as stocks strengthened after Trump's positive comments on trade.

A further 15% U.S. tariff on about $156 billion worth of Chinese imports is set to take effect on Dec. 15.

Japan’s Prime Minister Shinzo Abe announced stimulus measures to support growth in an economy contending with an export slump and the fallout from a recent sales tax increase.

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Gold Rose Ahead Of Minutes From The U.S. Federal Reserve And Trade Talks

Gold trading range for the day is 38028-38776.

Gold rose ahead of minutes from the U.S. Federal Reserve and trade talks between Washington and Beijing.

China said it would take measures to protect its sovereign security following Washington's move to blacklist Chinese companies.

Investors are awaiting the U.S. FOMC’s minutes from its September meeting on Wednesday for clues on whether the central bank will cut rates at its October session.

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Silver Trading Range For The Day Is 44362-46258

Silver trading range for the day is 44362-46258.

Silver remained under pressure as bets the U.S. Federal Reserve would cut interest rates aggressively this year were tempered after better-than-expected U.S. jobs data

U.S. job growth increased moderately in September, with the unemployment rate dropping to near a 50-year low of 3.5%

The U.S. trade deficit increased in August as imports of consumer goods surged to a record high.

Traders continued to price in a quarter-point decrease in the Fed's policy rate target, to a range of 1.5% to 1.75%, at the central bank's Oct. 29-30 meeting.

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Zinc Prices Dropped After Top Consumer China Released A Slew Of Weak Economic Data

Zinc trading range for the day is 183.2-187.4.

Zinc prices dropped after top consumer China released a slew of weak economic data that raised concerns about demand from the world's second-largest economy.

China's zinc output rose by 18.9% year-on-year to 528,000 tonnes in August, data released by the National Bureau of Statistics showed.

Meanwhile, on-warrant LME inventories fell to the lowest since at least 1998, at 33,450 tonnes.

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Natural Gas Gained As Gas Followed The Oil Market Higher After Crude Jumped 15%

Natural gas trading range for the day is 184-197.

Natural gas gained as gas followed the oil market higher after crude jumped 15% following a weekend attack on Saudi Arabian oil facilities halved the kingdom's production.

Prices were also higher on forecasts for more cooling demand and liquefied natural gas exports this week than previously expected.

Projected demand in the lower 48 U.S. states would reach 85.4 billion cubic feet per day this week, up from its forecast of 84.9 bcfd.

Gas speculators cut their net short positions on the NYMEX and ICE by a record 84,427 contracts to 89,116 in the week to Sept. 10, their lowest since early June.

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Nickel Prices Gained Supported By Stable Demand From Stainless Steel

Nickel trading range for the day is 1206.1-1294.9.

Nickel prices gained supported by stable demand from stainless steel and supply shortages after Indonesia bans ore exports.

China’s nickel ore market will flip to a deficit in 2020 as major supplier Indonesia brought forward the ban on mineral exports to December 31, from the previously scheduled 2022.

Nickel ore inventories across all Chinese ports fell 280,000 wmt from a week ago to 13.25 million wmt as of Friday September 6

Warehouse stock for Nickel at LME was at 154956mt that is up by 1134mt.

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Mustard Seed Prices Dropped Due To Expectation Of Better Crop Next Year

Rmseed trading range for the day is 3957-4017.

Mustard seed prices dropped due to expectation of better crop next year due to good rains. Rapemeal exports have been steady against higher stocks.

Mustard output last year is pegged at 93.4 lakh tonnes in 4th Advance estimate by Government, up from 87.8 lt in 3rd estimate.

Nafed has commenced the sale of PSS Mustard seed rabi 2019-20 in Madhya Pradesh from through NEML and MSTC portal.

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Copper Trading Range For The Day Is 441.4-449.4

Copper trading range for the day is 441.4-449.4.

Copper prices dropped after the U.S. Federal Reserve signalled that it was not on a preset path to more monetary policy easing and expectations of softer demand growth.

Minutes of Fed’s last month meeting showed policymakers were deeply divided over whether to cut interest rates.

Copper demand growth in China will only post a modest recovery from current levels, as the autos and consumer.

Warehouse stock for Copper at LME was at 328250mt that is down by -1325mt.

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Zinc Prices Dropped After Investors Remained Cautious About Lower LME

Zinc trading range for the day is 181.4-184.6.

Zinc prices dropped after investors remained cautious about lower LME zinc inventories amid a contango structure.

Growing expectations of higher stocks on poor consumption also depressed confidence.

Zinc social inventories across Shanghai, Tianjin and Guangdong inched up over the weekend, as shipments from Guangdong arrived in Shanghai.

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Silver Prices Traded In Range As The Dollar Gained Some Ground

Silver trading range for the day is 40971-41373.

Silver prices traded in range as the dollar gained some ground against most major currencies ahead of next week's monetary policy meeting of the Federal Reserve.

U.S. gross domestic product increased at a 2.1% annualized rate in the second quarter, above forecast of 1.8%.

While U.S. money market futures price in a total of almost 75 basis points of cuts by the end of the year to 1.5-1.75 percent.

Hedge funds and money managers increased their net long position in silver futures and options, CFTC data showed.

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Zinc Ended With Losses As Data Showed The Global Zinc Market Deficit Narrowed In May

Zinc trading range for the day is 187-199.

Zinc ended with losses as data showed the global zinc market deficit narrowed in May.

The global zinc market deficit narrowed to 27,200 tonnes in May from an upwardly revised deficit of 87,500 tonnes in April.

Summer maintenance at some smelters and bargain-hunting purchases by downstream consumers deterred social inventories from sharply ramping up.

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Gold Prices Fell On After Better Than Expected U.S. Retail Sales Data

Gold trading range for the day is 34587-35059.

Gold prices fell on after better-than-expected U.S. retail sales data lowered expectations of an aggressive interest rate cut by the U.S. Federal Reserve, boosting the dollar.

The U.S Commerce Department said retail sales rose 0.4% last month as households stepped up purchases of motor vehicles and a variety of other goods.

U.S. Treasury Secretary Steven Mnuchin said he and U.S. Trade Representative Robert Lighthizer would speak with their Chinese counterparts by phone again this week.

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