Gold Holds Small Gain After U.S. PPI Up 0.3% During February. - 15 Mar 2017
Gold Holds Small Gain After U.S. PPI Up 0.3% During February.
Gold prices remain slightly higher after a Labor Department report Tuesday showing that producer prices for finished U.S. goods in rose by a seasonally adjusted 0.3% in February. Going into the report, consensus expectations compiled by news organizations had been for a rise of 0.1% in the headline figure. Prices for final demand less foods, energy, and trade services rose 0.3% in February, the largest increase since a 0.3% advance in April 2016, the Labor Department said. Gold and silver prices ended the U.S. day session slightly lower in two-sided, narrow-ranges trading Tuesday. Mild short covering from the shorter-term traders and some bargain buying in the cash markets were offset by bearish outside markets on this day. April Comex gold was last down $0.40 an ounce at $1,202.80. May Comex silver was last down $0.037 at $16.935 an ounce.
Antofagasta Sees Copper Prices to Rise Further in 2017.
Chile-based Antofagasta said Tuesday copper prices will continue rising this year after an increase of 17% in 2016, according to wenhua.com. Antofagasta expects deficit in copper supply in 2017, so copper prices will not drop to a low seen in 2016. India's major brass and copper scrap prices climbed on Monday, while copper futures prices at India's Multi Commodity Exchange settled up boosted by ongoing supply disruptions at two massive mines in Chile and Indonesia, intensified by an indefinite strike that broke Friday at Freeport-McMoRan's Cerro Verde mine in Peru the country's largest. The most active April copper contract on the India's Multi Commodity Exchange settled up by 0.69 percent to Rs. 385.45 per kilogram on Monday from previous close of Rs. 382.80 per kilogram. Copper Futures at MCX touched an intra-day high of Rs. 387.25 per kilogram and an intra-day low of Rs. 384.80 per kilogram during Monday. Threemonth copper was last 1.1% on the London Metal Exchange to $5,794 a ton, after it had lost 3.1% last week, the most since December, due partially to a stronger dollar.
Oil prices jump after data shows surprise U.S. stock draw.
Oil prices rebounded from three-month lows on Wednesday after industry data showed a surprise drawdown in U.S. crude stockpiles and as Goldman Sachs put a positive spin on OPEC's compliance with output cuts. That compared with analyst expectations for an increase of 3.7 million barrels. If the draw is confirmed by government data on Wednesday, it would be the first drawdown after nine consecutive builds. U.S. gasoline and distillate inventories drew more than expected, the data also showed. Oil tumbled on Tuesday after OPEC reported a rise in global crude stocks and a surprise output jump from its biggest member, Saudi Arabia, further pressuring prices that have erased nearly all of their gains since OPEC announced output cuts in November. Secondary sources had said Saudi output fell in February to 9.797 million barrels per day (bpd), but Riyadh told OPEC it rose to 10.011 million bpd. In an effort to dispel market concerns, the Saudi energy ministry said the "difference between what the market observes as production, and the actual supply levels in any given month, is due to operational factors that are influenced by storage adjustments and other month to month variables."
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