Nickel Trading range for the day is 720.6-749.8. Nickel prices recovered from lows on mounting concerns about supplies after the suspension of mines in top ore producer the Philippines. The Philippines this week ordered the cancellation of 75 mineral production-sharing agreements as developing them would threaten water supply. Stocks of nickel in LME-approved warehouses stand at around 380,000 tonnes, while those in SHFE-warehouses total’s at 89,000 tonnes.
Naturalgas trading range for the day is 188.1-196.3. Natural gas prices fell for the third straight week, setting a three-month low as a historically mild winter continues to drag on the market. The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. declined by 114 billion cubic feet. That compared with a withdrawal of 152 billion cubic feet in the preceding week, 163 billion a year earlier .
Gold Trading range for the day is 28822-29262. Gold pared gains as dollar advanced after U.S. Federal Reserve Chair Janet Yellen said the central bank will likely need to raise interest rates. Richmond Fed President Jeffrey Lacker said the U.S. central bank will likely have to raise rates faster than financial markets currently expects. U.S. producer prices recorded their largest gain in more than four years in January amid increases in the cost of energy products.
Silver Trading range for the day is 41864-43196. Silver settled flat after Fed’s Yellen told Congress that waiting too long to raise interest rates would be “unwise” as economic growth continues and inflation rises. The Federal Reserve will likely need to raise interest rates at an upcoming meeting, Yellen said. Dallas Fed President Robert Kaplan said the U.S. central bank should act soon to raise rates, or risk having to abandon its plan to do so slowly.
Zinc Trading range for the day is 192.8-200. Zinc dropped tracking weakness from LME zinc closed down 0.3 percent as stronger dollar weighed. The surge was mainly because Korea Zinc expected its sales to fall by 6.7% in 2017 in its financial report, which raised market expectation. Zhuzhou Smelter Group will remove its old factory in 2017, and output will not be affected over the year, as the plan is only at the initial stage.
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Nickel Trading range for the day is 707.2-725.2. Nickel gained on short-covering as support seen after the update that supply deficit last year of 209,000 metric tons Philippine President Duterte said he would not stand in the way of his minister’s decision to close several mines. Duterte’s support of Lopez’s latest action suggests miners may be forced to go to courts to overturn her ruling.
Aluminium Trading range for the day is 124.2-126.4. Aluminium ended with gains after update China is considering forcing aluminium producers to cut more output. Any kind of extreme market fluctuation would be dependent on the Chinese government following through on the shutdown of aluminum-rich provinces China’s exports of unwrought aluminum were 390,000 mt in January, up 2.6% YoY.
Gold Trading range for the day is 28822-29380. Gold prices recovered from lows to end with gains as the U.S. dollar and Treasury yields came off their highs. U.S. economic data has also stoked talk that the Federal Reserve would press ahead with U.S. interest rate hikes sooner rather than later. SPDR gold trust holdings gained by 0.50% i.e. 4.14 tonnes to 836.72 tonnes from 832.58 tonnes.
Silver Trading range for the day is 41432-43318. Silver prices gained as an improving China signals a better global economy and gives support to the more industrial metals. The preliminary report from US showed that the consumer sentiment index dropped to 95.7 in February from the final January reading of 98.5. U.S. import prices rose more than expected in January, while initial jobless claims dropped unexpectedly last week to the lowest in nearly 43 years.
Crudeoil Trading range for the day is 3511-3669. Crude oil gained after reports that OPEC members delivered more than 90 percent of the output cuts they pledged in a landmark deal that took effect in January. IEA says record OPEC cut compliance helps oil market rebalance Supply from the 11 members of the OPEC with production targets under the deal fell to 29.92 million barrels per day.
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