Oil down in Asia on Iraq export boost, stronger dollar - 22 Aug 2016

Commodity Intraday Tips

Oil prices eased in Asia today, ending a seven-day run, following news that Iraq will boost crude exports, while the dollar strengthened on speculation the Federal Reserve could hike interest rates this year.

The commodity entered a bull market last week -- after rising more than 20 per cent from recent lows below $40 a barrel -- on hopes producers will take action to ease the supply glut.

But gains were chipped in Asia after Bloomberg News reported that Iraq, OPEC's second-biggest producer, will increase exports by about five percent after an agreement to resume shipments from three oil fields.

At around 0345 GMT (0815 IST), US benchmark West Texas Intermediate for delivery in September was down 54 cents, or 1.11 per cent, to $ 47.98 a barrel. Brent crude fell 73 cents, or 1.43 per cent, to $50.15.

Analysts said a stronger dollar ahead of the Fed's annual symposium from Thursday in Jackson Hole, Wyoming, also dented demand as it makes oil more expensive for holders of other currencies.

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Commodity Trading News- 11 Aug 2016

Commodity Trading Tips

Gold gained marginally on Wednesday with prices ending above Rs 31,350 per 10 grams. The session on the day showed smart gains. Yellow metal closed at Rs 31,395 per 10 grams,up 0.4 percent.

The yellow metal support levels are at Rs 31,100 and 31,000 per 10 grams. On the higher side Rs 31,450 and 31,500 per 10 grams are the cap to watch out for.

Gold tested a high of Rs 31,565 per 10 grams and Rs 31,280 per 10 grams as low.

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Bullion metals jump on MCX

Commodity Trading Tips

The Multi Commodity Exchange (MCX) Silver and Gold near month future rates in India have logged gains in today's trade, due to firm NYMEX bullion market.

The shiny white metal has revisited Rs 47,000 to hit a high at Rs 47,347.

Right now, MCX Silver September future rates are Rs 937 at Rs 47,309 per kg, or 2 percent.

Around 10,370-odd lots have changed hands at the counter, while the open interest has jumped over 11 percent to 1,195-odd lots.

In the international market, the NYMEX Silver September futures are up over 2.5 percent at $ 2.0358.

Meanwhile, October Gold future prices are also up more than half a percent (Rs 217) at Rs 31,490 per 10 grams.

The precious yellow has hit an intra-day high at Rs 31,500 per 10 grams and a low at Rs 31,324 per 10 grams.

The counter has register trades of around 4,950-odd contract, and the open interest has added 8340-odd contracts at 11,470 contracts.

The NYMEX October Gold futures in the global market are trading at $ 1,353 an ounce - up 0.9 percent.

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Daily Commodity Market Strategy-5 August 2016



BULLION

Silver September future is down 0.3 percent in morning deals at $ 20.398.

Gold December and Platinum October series are trading on soft note at $ 1,368 an ounce and $ 1,163.45, respectively.

ENERGY

Crude Oil September and Brent Oil October contracts have dropped almost a percent each at $ 41.56 and $ 43.88, respectively.

Natural Gas September future is quoted at $ 2.827 - up 0.2 percent.

BASE METAL

Copper September expiry is up 0.2 percent at $ 2.178.

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