Gold Prices Edge Higher In Asia As Easy Liquidity Views In Place - 15 Dec 2017

Commodity Intraday Tips
Gold Prices Edge Higher In Asia As Easy Liquidity Views In Place.
Gold price rose slightly in Asia on Friday as investors digested a triple load of central bank view from the Fed, ECB and Bank of England that pointed to continued easy liquidity. Overnight, gold prices traded close to session highs on Thursday, shrugging off a rebound in the dollar as the European Central Bank said it would continue its ultra-accommodative monetary policy measures. The European Central Bank left its benchmark rate unchanged on Thursday, reiterating its commitment to running an asset-purchase stimulus programme until at least next September. "Domestic price pressures remain muted overall and have yet to show convincing signs of a sustained upward trend,” European Central bank president Mario Draghi said in a press conference on Thursday, adding that an “ample degree” of stimulus is still needed. 

SHFE copper, aluminium up amid mixed trading. 
Nonferrous metals saw mixed trading this afternoon with aluminium and copper registering small increment. The ferrous complex stayed bearish with coke and coking coal slumping some 4%. Rebar slid 1.6% while iron ore and hot-rolled coil softened slightly.  While closing higher, copper dropped quickly at the start of the trading session with pressure. The market will be looking out for the US manufacturing data and unemployment numbers tonight. 

Zinc prices gained supported by upbeat China manufacturing data. 
Zinc on MCX settled up 0.84% at 204.90 supported by upbeat China manufacturing data. Prices also seen supported after the report that the global zinc market deficit widened to 36,900 tonnes in October from a revised deficit of  35,900 tonnes in September, data from the International Lead and Zinc Study Group (ILZSG) showed on wednesday.  China’s central bank nudged up money market rates as authorities sought to defuse financial risks without imperiling the economy, a balancing act that it has managed successfully so far this year as activity remained broadly steady.

Oil stable on tighter market, but rising US output looms for 2018.
Oil markets were stable on Friday as the Forties pipeline outage in the North Sea and the ongoing OPEC-led production cuts supported prices, while rising output from the United States kept crude from rising further.Traders said markets were overall well supported by efforts led by Organization of the Petroleum Exporting Countries (OPEC) and Russia to withhold supply to prop up prices. The ongoing outage of the Forties pipeline, which carries North Sea oil to Britain, was also buoying crude prices, traders said, as inventories around the world were gradually being drawn down. "Inventory drawdowns keep us confident that longer term market fundamentals are headed in the right direction and supply and demand imbalances will pull oil back up to marginal cost," Bern

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Oil prices up on lower U.S. crude stocks, but growing output caps gains - 14 Dec 2017

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Gold Prices Gain In Asia Despite Fed Hike, Inflation Picture Uncertain. 
Gold prices gained in Asia on a perceived dovish tilt to a Fed rate hike overnight and as economists grapple with inflation outlook with the US reaching nearly full employment by conventional measures. The Federal Reserve approved its third rate hike of 2017, and forecasts further rate hikes despite growing concerns over the slow pace of inflation. Fed officials also expressed optimism in the economy, hiking their projection for economic growth in 2017 to 2.5%, while growth in 2018 was expected to rise to 2.5%, a 0.4% increase from the Fed’s September projections. The report raised investor expectations for ongoing bullish economic growth, lifting sentiment on riskier assets like equities. Also supporting an uptick were comments from Trump, who said he hopes to sign the tax bill “in a very short period of time”, and stressed that it was “very important for the country” that Congress vote on it next week.   

Copper rose as prices extended a correction from last week’s sharp fall.   
Copper on MCX settled up 0.63% at 437.25 as prices extended a correction from last week’s sharp fall, but moves were muted ahead of an expected interest rate increase from Federal Reserve. China’s central bank nudged money market interest rates upward on Thursday just hours after the Federal Reserve raised the U.S. benchmark, as Beijing seeks to prevent destabilizing capital outflows without hurting economic growth. The People’s Bank of China called it a “normal market reaction” to the Fed that would keep interest rate expectations reasonable and help with the deleveraging campaign.  

Nickel prices dropped as moves were muted ahead of an expected interest rate increase from the U.S. Federal Spices Reserve.  
Nickel on MCX settled down -0.49% at 713.1 as moves were muted ahead of an expected interest rate increase  from the U.S. Federal Reserve. One low-grade NPI plant in Shandong Province suspended its NPI production last weekend and switched to straight carbon steel production. Philippines’s expected nickel ore export will reach 1.52 million wet tons in November, dropping dramatically compared with October.  

Oil prices up on lower U.S. crude stocks, but growing output caps gains
Oil markets rose on Thursday, lifted by a fourth straight weekly fall in U.S. crude inventories, though climbing output capped prices well below the 2015 highs reached earlier this week.Despite the rise, Brent was well below the $65.83 a barrel June, 2015 high reached earlier this week. It hit that level after the Forties pipeline in the North Sea, which carries significant amounts of crude used to underpin Brent crude futures, was shut down due to cracks. The International Energy Agency said it saw no immediate need to act, for instance with the release of strategic stockpiles, as the market remains well supplied.Another cap on prices has been soaring U.S. production, which has risen by 16 percent since mid-2016 to 9.78 million barrels per day, the highest since the early 1970s and close to levels from top producers Russia and Saudi Arabia. 

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Gold Prices Gain In Asia Ahead Of Fed Announcement On Rates - 13 Dec 2017

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Gold Prices Gain In Asia Ahead Of Fed Announcement On Rates.
Gold gained slightly in Asia on Wednesday with the Fed widely expected to announce a quarter point hike in rates, but the language on 2018 will be seen as key for the precious metal. Overnight, gold prices remained at five-month lows amid dollar strength which followed upbeat economic data pointing to an improving inflationary environment, while a widely expected Federal Reserve interest rate hike continued to weigh on the precious metal. Upbeat wholesale inflation data pointing to an improving inflationary environment which could encourage the Federal Reserve to adopt a tighter rate-hike cycle in 2018 boosted the dollar, pressuring gold prices lower. Following the solid PPI data on Tuesday, Bank of Montreal said that although markets are pricing about two hikes for 2018, a strong consumer inflation report due Wednesday, could alter the Fed’s future monetary policy plans. As well as an interest rate decision, the Federal Open Market Committee is expected on Wednesday to reveal an update to the summary of economic projections, which could offer clues on monetary policy. 

Strike to hit Teck's Quebrada Blanca copper mine on Wednesday. 
A strike is going to hit Teck Resources’ copper mine Quebrada Blanca in Chile on Wednesday due to a failure to agree on contracts mediated by the government, the mine’s labor union said on Tuesday. The mine has produced 17,300 mt of copper this year. SMM believes the strike will have little impact on copper supply due to its relatively small output. 

Glencore: zinc output to drop to 1.09 million mt in 2018. 
Glencore plans to restart part of its zinc production during the first half of 2018 but the output next year will drop slightly to 1.09 million mt, from 1.1 million mt of this year, the company said on Tuesday. The production, however, is estimated to increase to 1.16 million mt in 2019.

Oil prices recover on big U.S. crude stock drawdown, pipeline shutdown supports.
Oil prices rose on Wednesday as industry data showed a larger-than-expected drawdown in U.S. crude stockpiles, while expectations for an extended shutdown of a major North Sea crude pipeline also continued to bolster markets.Britain's biggest pipeline from its North Sea oil and gas fields is likely to be shut for several weeks for repairs, its operator said on Tuesday. The pipeline, which carries about 450,000 barrels per day (bpd) of Forties crude, was shut after cracks were found. It has particular significance to global markets because Forties is the largest out of the five crude oil streams that underpin the dated Brent benchmark.A number of producers, including BP (LON:BP) and Royal Dutch Shell (LON:RDSa), said they had closed down oil fields in response. "Four weeks is much longer than most projections," said Tomomichi Akuta, senior economist at Mitsubishi UFJ Research and Consulting in Tokyo. "The pipeline incident came just when the markets are tightening on coordinated production cuts."

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Crude Oil Gains Solidly In Asia On UK Pipeline Outage, API Estimates Awaited - 12 Dec 2017

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Gold Prices Slip Slightly In Asia With focus On Fed Language.
Gold prices dipped slightly in Asia on Tuesday with language from the Fed after its rate announcement on Wednesday seen as key for direction. Overnight, gold prices remained under pressure on Monday despite weakness in the dollar as data showed money managers slashed their bullish bets on the precious metal to a 17-week low ahead of a widely expected Federal Reserve interest rate hike. Fresh from a threeweek losing streak, gold prices struggled to pare recent losses as investors awaited the final Federal Reserve meeting of the year which is slated to get underway on Tuesday, with a policy decision due Wednesday. As well as the policy decision on interest rates, investors are expected to parse the Federal Reserve’s update to the summary of economic projections for clues on future monetary policy. According to investing.com’s fed rate monitor tool, 100% of traders expect the Federal Reserve to hike interest rates on Wednesday. In anticipation of further monetary policy tightening, traders have slashed their bullish bets on gold to a 17-week low.

Shandong Nanshan Aluminium to raise 5 billion yuan for Indonesian alumina project. 
Shareholders of Shandong Nanshan Aluminium have approved the company’s plan to raise 5 billion yuan to invest in the 1-million-mt alumina project in Bintan Nanshan Industrial Park in Indonesia. The company believes that this project would bring additional raw material security to China’s aluminium industry.   

Copper prices edged higher following robust trade data from China.
Copper on MCX settled up 0.91% at 431.7 following robust trade data from China. China’s bank lending in the first 11 months of 2017 topped last year’s record due to a stronger-than-expected jump in November credit. Household loans, mostly mortgages, also rose and accounted for 55 percent of total new loans. The benchmark copper price on the London Metal Exchange rose 1.5 percent, its highest intraday jump in nearly two months, to close at $6,670 a tonne. The price has dipped by about 8 percent since hitting a three-year high in October. 

Crude Oil Gains Solidly In Asia On UK Pipeline Outage, API Estimates Awaited.
Crude oil prices gained in Asia on Tuesday led by Brent crossing $65 a barrel for the first time since 2015 as a shutdown of a key pipeline led to a spike in the global benchmark and investors looked ahead to US industry inventory estimates on crude and refined products.The American Petroleum Institute reports its estimates of US crude and refined product stocks last week with a 3.780 million barrels draw in crude and a build of 416,000 barrels in distillates and a 2.184 million barrels gain in gasoline supplies expected. The estimates will be followed on Wednesday by official data from the Energy Information Administration. Overnight, Brent oil prices settled sharply higher on Monday amid supply disruptions after a major North Sea pipeline shut for repairs, while signs of rising US production capped gains in crude oil prices. 

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Gold remained under pressure for fourth consecutive session following strength in the dollar - 11 Dec 2017

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BULLION :- Gold remained under pressure for fourth consecutive session following strength in the dollar against its major crosses. Last week, the yellow metal was weighed down after Senate Republicans approved a rewrite of the U.S. tax code, stoking optimism over President Donald Trump’s stimulus plans. Economic numbers released from the US also came in better than-expected that supported the dollar on lower levels. Non-farm payrolls number, released on Friday, showed the economy added 228,000 jobs in November compared to expectation of 198,000 jobs. But in the week, focus will be on FOMC policy statement; expectation is that the Federal Reserve could consider raising rates but outlook for the coming year will be keenly watched.

ENERGY :- Crude oil prices were pulled down as the latest rise in the U.S. rig count pointed to a further increase in American production, potentially undermining efforts led by OPEC to tighten markets. The amount of rigs drilling for new oil production in the U.S. rose by two in the week to Dec.8, to 751, the highest level since September and close to levels from top producers Russia and Saudi Arabia. Crude futures were buoyed by data showing China’s oil imports rose to 9.01 million bpd last month, the second highest on record, data from the General Administration of Customs. We believe underlying trend for oil prices is likely to remain positive but some liquidation is likely given the record amount of long positions in the futures market. Natural gas slumped as inventory data showed a surprise buildup in stocks last week and is likely to remain under pressure today.

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Oil prices climbed more than 1 percent on Thursday due to a threatened strike in Nigeria - 8 Dec 2017

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BULLION :- Gold slid to its lowest in four months on Thursday as a bounce in the dollar sparked by optimism over U.S. tax reform plans helped break the metal out of its recent narrow trading range. Prices had been hemmed between $1,265 and $1,300 an ounce since mid-October as a series of record highs in stock markets detracted investment interest from bullion, and as traders awaited an expected increase to U.S. interest rates this month. Gold broke out of that range this week, extending losses after slipping below its 200-day moving average at $1,267. Spot gold was down 0.8 percent at $1,254.40, off an earlier four-month low of $1,252.06. U.S. gold futures for December delivery were down $9.90 at $1,256.20. The dollar touched a two-week high on Thursday on optimism the United States would push through tax reforms, while global equities rebounded after two straight days of losses. U.S. Senate Republicans agreed on Wednesday to talks with the House of Representatives on sweeping tax legislation, raising hopes that lawmakers could agree on a final bill ahead of a Dec. 22 deadline. Gold is now awaiting further direction from U.S.non-farm payrolls data this week, a key barometer of the U.S. economy. Next week the Federal Reserve is also expected to announce another rise in U.S. interest rates and to offer guidance on the pace of further increases.

ENERGY :- Oil prices climbed more than 1 percent on Thursday due to a threatened strike in Nigeria and as traders cover shorts after sharp losses the previous day brought on by an unexpectedly large rise in U.S. stocks of refined fuels. Short covering in the market, together with the threat of astrike by Nigeria's key oil union, has provided some support to oil prices in today's session. One of Nigeria's main oil unions threatened to go on strike from Dec. 18 over what it said was a "mass sacking of workers." The country is Africa's top oil exporter. Data from the Energy Information Administration (EIA) on Wednesday showed that U.S. crude oil inventories fell by 5.6 million barrels in the week to Dec. 1, to 448.1 million barrels, putting stocks below seasonal levels in 2015 and 2016. But gasoline stocks rose by 6.8 million barrels, well above the 1.7 million-barrel gain analyst had expected, and distillate stocks, which include diesel and heating oil, rose 1.7 million barrels. But troublingly for oil bulls, U.S. oil production rose by 25,000 barrels per day (bpd) to 9.71 million bpd in the week to Dec. 1, the highest since monthly figures showing the United States
produced more than 10 million bpd in the early 1970s.
  
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Gold held near a two-month low on Wednesday, under pressure from an advancing dollar- 7 Dec 2017

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Gold held near a two-month low on Wednesday, under pressure from an advancing dollar ahead of a vote on the U.S. tax reform plan, but a potential government shutdown lent support to prices. Spot gold had inched 0.1 percent lower to $1,264.260 an ounce after it hit its weakest since Oct. 6 in the previous session. The dollar index firmed on uncertainty around a possible U.S. government shutdown if lawmakers fail to reach a budget accord before a Friday deadline. In November, gold traded in its narrowest range in 12 years. Meanwhile, the Republican-controlled U.S. House of Representatives voted on Monday to go to conference on tax legislation with the Senate, moving Congress another step closer to a final bill. Adding pressure on gold was market expectation that the U.S. Federal Reserve is almost certain to raise interest rates next week at its final monetary policy meeting for the year. Gold is highly sensitive to rising U.S. rates, as these lift the opportunity cost of holding non-yielding bullion while boosting the dollar, in which it is priced. Meanwhile, holdings in the world's largest gold-backed exchange-traded fund, SPDR Gold Trust, fell on Tuesday. But a November reading of global holdings of gold-backed ETFs showed they rose by 9.1 tonnes to 2,357 tonnes, with net inflows coming entirely from Europe as the dollar fell, the World Gold Council said. Among other precious metals, silver fell 0.4 percent to $16 an ounce, after hitting its lowest since mid-July in the previous session.

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