Commodity news @Capitalstars: Crude Oil erases gains after Trump slams Opec for inflating prices 21 Apr 2018



NEW YORK: With oil prices hitting $75 per barrel, it was meant to be one of the smoothest meetings Opec has had in recent years. The night before the meeting, the ministers gathered in Jeddah celebrated with a traditional Saudi sword dance - just as US President Donald Trump had done when he visited Saudi Arabia last May. 


Little did they know that Trump was about to spoil their post-meeting party when he tweeted that oil prices had rallied too far. 

“Looks like Opec is at it again. With record amounts of oil all over the place, including the fully loaded ships at sea. Oil prices are artificially Very High! No good and will not be accepted!" Trump said on Twitter. 

The Organization of the Petroleum Exporting Countries is in the midst of an oil supply-cutting deal with non-Opec producers like Russia that has helped erase a global glut and boosted oil prices to their highest since 2014. 

Oil prices fell on Trump's tweet as market analysts tried to interpret what it could mean for US policies. 

Ministers and delegates were having lunch at the time, to celebrate Opec Secretary General Mohammad Barkindo's birthday, when delegates were alerted to Trump’s tweet. 

"We in Opec pride ourselves as friends of the United States," Barkindo told reporters when emerging from the lunch and asked for his response to the tweet. An Opec source said delegates were confused by Trump's stance: “Higher oil prices helped the US oil industry and the Americans themselves. The US oil industry would have collapsed if it wasn't for this Opec deal”. 

UAE’s Energy Minister Suhail Mohamed al-Mazrouei said prices were not artificially high. Asked whether he thought it was fair that the US president was getting involved in Opec matters, he said jokingly: “Since when is it about fairness?” 

Trump, a regular twitter user, has never tweeted about Opec before although he has regularly attacked cartels that control prices. The United States is on course to become the world's largest oil producer but it has never participated in Opec meetings due to tough anti-trust legislation. 

Reuters reported this week that Saudi Arabia would be happy to see crude rise even higher to $80 or even $100 a barrel, a sign Riyadh will seek no changes to the supply-cutting deal at a June meeting to set policy. 

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NEWS UPDATE @CAPITALSTARS: Gold prices inch down as global political tensions ease


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Gold prices edged down early on Friday as global political tensions eased, but expectations for rising inflation supported demand for the safe-have asset.


Gold prices edged down early on Friday as global political tensions eased, but expectations for rising inflation supported demand for the safe-have asset.


FUNDAMENTALS


* Spot gold was down 0.1 percent at USD 1,344.20 an ounce at 0044 GMT, while US gold futures fell 0.2 percent to USD 1,346.60 per ounce. Spot gold is also down 0.1 percent so far this week.

* US President Donald Trump said on Wednesday he hoped a summit with North Korean leader Kim Jong Un would be successful, while Western missile strikes in Syria were less extensive than some had feared.

* Investors were also relieved that no new US demands on trade came out of a summit between Japanese Prime Minister Shinzo Abe and US President Donald Trump.

* Asian shares slipped on Friday as a warning on smartphone demand from the world's largest contract chipmaker slugged the tech sector, while lofty oil prices stirred inflation fears and undermined sovereign bonds.

* The relatively optimistic backdrop in the United States should support the Federal Reserve in raising short-term rates at least twice more in 2018, traders and analysts said.

The US economy, while not firing on all cylinders, has remained on a steady growth path which has assured the Fed it should stick with its current pace of rate increases.

* Bank of England Governor Mark Carney on Thursday acknowledged the recent mixed domestic economic readings, which reinforced the view the BOE would raise rates gradual over the next few years.

* Meanwhile, Iran warned the United States on Thursday of "unpleasant" consequences if Washington pulls out of a multinational nuclear deal, Iranian state TV reported.

* Work has resumed at two gold mines operated by Randgold Resources in Mali, after strikes that halted production since Wednesday, a senior union official told Reuters.

* Global diamond giant De Beers is rolling out an app to help small-scale, artisanal diamond miners in Sierra Leone certify that gems they pry from the soil are legal, the Anglo American unit said on Thursday.

* CME on Thursday lowered margins for trading palladium, platinum futures.

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Commodity News Update @Capitalstars: India's Soymeal exports slow on reduced bean crop - 19 Apr 2018


Capitalstars

India's exports of Soyameal are seen declining by over a fourth to around 15 lakh tonnes in the current oil year (ending September 2018) on reduced oilseed availability for crushing.


The shipments of soyameal have progressively slowed over the past four months to 10.25 lakh tonnes for the October-March 2018 period as against 11.89 lakh tonnes in the corresponding period last year.

“We expect another 2.5-5 lakh tonnes to be shipped in the remaining part of the oil year depending on the residual stocks,” said a top official of Soyabean Processors Association of India (SOPA), the apex body of oilseed crushers.
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Total shipments may touch around 15 lakh tonnes, SOPA said adding that the decline in shipments over last year’s 20 lakh tonnes was mainly due to the reduced availability for crushing.

SOPA estimates that over three-fourth of the oilseed produced during 2017-18 has already arrived into the markets. Stocks with the crushing units, farmers and traders were estimated at around 32.11 lakh tonnes.

“The carry forward stocks for next year would be around half a million tonnes, possibly the lowest in recent years,” the official said.

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