Base Metals: Nickel, copper, zinc futures rise on firm spot cues

Nickel prices went up by 0.74 per cent to Rs 1,279.60 per kg in futures trade on Wednesday as speculators raised their bets on spot demand. 
On the Multi Commodity Exchange, nickel for delivery in September gained Rs 9.40, or 0.74 per cent, to Rs 1,279.60 per kg in a business turnover of 8,754 lots.
Increase in domestic demand from alloy-makers and firmness in base metals at the spot market mainly influenced nickel prices here, analysts said. 


Copper
Copper prices edged higher by 0.59 per cent to Rs 443.10 per kg in futures trade on Wednesday as participants raised bets, tracking positive global cues. 
On the Multi Commodity Exchange, copper contracts for September delivery rose by Rs 2.60, or 0.59 per cent, to Rs 443.10 per kg in a business turnover of 3,138 lots. 
A firm trend overseas and pick-up in demand at the spot market mainly led to the rise in copper prices, analysts said. 

Zinc 

Zinc prices rose 0.5 per cent to Rs 182.10 per kg in futures trade on Wednesday as speculators built up fresh positions taking positive cues from the spot market. 
On the Multi Commodity Exchange, zinc for delivery in September traded 90 paise, or 0.5 per cent higher at Rs 182.10 per kg in a business turnover of 3,181 lots. 
Marketmen said fresh positions built up by participants due to pick-up in spot market led to rise in zinc futures. 

Lead 
Lead prices were trading higher by 0.16 per cent to Rs 153.95 per kg in futures trade on Wednesday as participants built up fresh positions driven by pick-up in demand at the spot market. 

On the Multi Commodity Exchange, lead for delivery in September contracts edged higher by 25 paise, or 0.16 per cent, to Rs 153.95 per kg in a business volume of 1,341 lots. 
Market analysts said fresh positions created by traders due to upsurge in demand by batt .. 
Analysts said fresh positions created by traders after positive demand from consuming industries mainly led to rise in aluminium prices. 

Gold's safety net attracts investors as trade tensions intensify - Commodity Trading Chennai

US-China trade concerns have been lingering over global markets since last year however gold failed to benefit as we saw a rush towards the US dollar.

It has been a fabulous year for gold so far as it has risen over 19 percent and tested the highest level in six years. Gold in the international market hit a high of $1,555.07/oz, the highest level since April 2013. The notable development, however, is that gold has regained its status as a safe-haven asset.

 US-China trade concerns have been lingering over global markets since last year however gold failed to benefit as we saw a rush towards the US dollar. Firmness in US and global equity market also reduced gold’s demand as an alternative asset. Trade tensions have intensified in last few months as both US and China have imposed import tariffs against each other while attempts at talks have failed to yield result. This along with slowdown in economic activity in major economies has been enough to cause a rush towards safe haven assets. The latest push came in after China announced 5-10 percent import duty on $75 billion Chinese goods and US retaliated by increasing import tariffs on $550 billion goods by another 5 percent. Gold has however not been the sole beneficiary of flight towards safe havens. The Japanese Yen has hit the highest level since November 2016 while US 10-year bond yield has slipped to lowest level since July 2016 lows. Along with safe haven buying, gold has also benefitted from loose monetary policy stance of major central banks. Fed has already cut key lending rate by 0.25 percent and market expectations are high of further rate cut despite the central bank maintaining a non-committal stance. A spate of other central banks has also cut lending rates to boost growth. Robust investor interest has also added to gold’s allure. Gold holdings with global ETF’s have risen by nearly 210 tonnes so far to stand near 2427 tonnes, the highest since March 2013. With increasing global economic uncertainty, it is likely that we may see the upward momentum in gold continuing. However, it could be a tumultuous ride as we await more clarity in major issues. The key questions lingering at present is whether US-China will reach a trade deal, whether Fed will cut interest rate again, whether US economy may face another recession and whether Britain will exit European Union without a deal. Unless these questions are answered we are bound to see volatility in financial markets which could benefit safe havens like gold.

Trade செய்யும் போது patience முக்கியமானதா - Indian Business Trade Inc

Silver futures up on global cues - Indian Business Trade Inc

On the Multi Commodity Exchange, silver for September contracts was trading up by Rs 711, or 1.59 per cent, to Rs 45,313 per kg with a business turnover of 5,472 lots.

Silver prices rose by Rs 711 to Rs 45,313 per kg in futures trade on Monday after speculators built up fresh positions amid firm trend overseas. On the Multi Commodity Exchange, silver for September contracts was trading up by Rs 711, or 1.59 per cent, to Rs 45,313 per kg with a business turnover of 5,472 lots. However, the metal for delivery in far-month December contracts was trading down by Rs 750, or 1.63 per cent, to Rs 46,690 per kg in 1,135 lots. Analysts said, the rise in silver prices at futures trade was due to building up of positions by participants tracking a firm trend in overseas market. Globally, silver edged up by 1.38 per cent at USD 17.66 an ounce in New York.

Commodity Trading Gold - Indian Business Trade Inc

Gold at over six-year peak as trade war escalation sparks safe-haven rush :

Gold prices scaled a fresh six-year high on August 26, as the latest tit-for-tat tariffs by the United States and China in their year-long trade war battered global equities and boosted demand for safe-haven assets. Spot gold jumped 0.9% to $1,539.70 per ounce as of 0414 GMT, having earlier touched $1,554.56 an ounce, its highest since April 2013. US gold futures were up 0.8% at $1,549.50 an ounce. On August 23, US President Donald Trump announced a 5% additional duty on $550 billion in targeted Chinese goods, hours after Beijing unveiled retaliatory tariffs on $75 billion worth of US products. "Gold was the beneficiary of President Trump's tweetstorm on August 23," said Stephen Innes, managing partner at VM Markets. Equity markets plunged in response, with the US stocks plunging on August 23, and the Asian ones following on August 26. Traders were also tracking the Group of Seven summit, where Trump indicated he may have had second thoughts on the tariffs. Later, the White House clarified that Trump wished he had raised tariffs on Chinese goods even higher last week. Gold retraced some of the earlier gains as traders locked in gains. "What we are seeing right now is a bit of profit taking coming in, but that doesn't change the overall sentiment for gold," said OANDA analyst Jeffrey Halley. Meanwhile, in a possible softening, Chinese Vice Premier Liu He said on August 26 that China opposes the escalation of the trade conflict, a state-backed newspaper reported. On August 23, Fed Chair Powell said the US central bank will "act as appropriate" to keep the economy healthy, although he stopped short of committing to rapid-fire rate cuts. The markets are fully priced for a quarter-point cut in rates next month, and over 100 basis points of easing by the end of next year. Yields on 10-year Treasury notes dived from a top of 1.66% on August 23, leaving them almost matching two-year yields. The drop in yields caused the dollar index, which measures the greenback's value against a basket of six major currencies, to slide 0.5% on August 23, and was hovering close to that level. Lower bond yields and a weaker dollar reduce the opportunity cost of holding non-interest bearing gold. Spot gold may peak in a range of $1,546-$1,569 per ounce, said Reuters technical analyst Wang Tao. Indicative of market sentiment, SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings rose 0.58% to 859.83 tonnes on August 23. Hedge funds and money managers increased their bullish stance in COMEX gold in the week to August 20, the US Commodity Futures Trading Commission said on August 23. Elsewhere, silver was up 1.3% at $17.62 per ounce and platinum gained 1% to $862.
Palladium climbed 0.5% to $1,467.23 per ounce.

Oil prices eke out small gains ahead of Fed Chair speech

Brent crude rose 10 cents to $60.02 a barrel by 0118 GMT, while U.S. crude futures were at $55.38 a barrel, up 3 cents. Both contracts were on track for a second weekly gain.

Oil prices clawed back the previous day's losses on Friday, with Brent nudging above $60 a barrel, as tighter supplies from key producers offset slowing demand growth while investors await clues from the Federal Reserve on U.S. monetary policy. Brent crude rose 10 cents to $60.02 a barrel by 0118 GMT, while U.S. crude futures were at $55.38 a barrel, up 3 cents. Both contracts were on track for a second weekly gain. "Oil is set to trade quietly today as it's all about the Jackson Hole (meeting) tonight," Jeffrey Halley, a Singapore-based senior market analyst at brokerage Oanda. "What we're seeing is some profit-taking in Asia in very light volumes." A speech by Federal Reserve Chair Jerome Powell later on Friday t a meeting of central bankers in Jackson Hole is expected to provide some clues on whether the Fed will cut interest rates for a second time this year to boost the U.S. economy. Traders' expectations of further U.S. monetary easing were clouded by comments from two Fed officials who said on Wednesday that they do not see a case for a rate cut now. A reduction in interest rates could strengthen the U.S. dollar against other currencies and make dollar-denominated oil more costly for investors. Oil prices are down for nearly two straight months after the International Energy Agency and the Organization of Petroleum Exporting Countries cut demand growth forecasts as a simmering U.S.-China trade war hit global economic growth. However, oil prices remained supported by production cuts from OPEC members and Russia while U.S. sanctions have sharply reduced exports from Iran and Venezuela.

Gold prices are expected to trade lower today: IBT Commodity Trading :

According to Angel Commodities, on Monday, spot gold prices dipped by 1.24 percent to close at $1495.0 per ounce. On Monday, spot gold prices dipped by 1.24 percent to close at $1495.0 per ounce. Spot gold prices declined below the $1500 mark recording its biggest daily fall in almost a month. Markets seem to move towards riskier assets as the U.S. Treasury yield curve is no longer pointing towards an evident recession. Correction in the treasury yield supported the U.S. Dollar and weighed on the yellow metal prices. Moreover, the dispute between U.S. & China showed some signs of easing the intense trade war which further boosted the risk appetite amongst investors. Rising bond yields globally amid easing of tension between the biggest economies in the world dented the appeal for the bullion metal.

We expect gold and silver prices to trade lower as appreciation in the U.S. Dollar and fading concerns over a possible recession dented the appeal for the safe haven asset, Gold. ON the MCX, gold prices are expected to trade lower today; international markets are trading lower by 0.39 percent to close at 1505.55 per ounce.