Published on 22/05/2017 11:39:08 AM | Source: Sushil Finance
We expect Natural gas prices to trade positive - Sushil Finance
Gold rose on Friday and was on track for its best week in five as the dollar softened on political turbulence in the United States, boosting bullion's safe-haven appeal.
Gold is often seen as an alternative investment during times of geopolitical and financial uncertainty, gaining alongside bond yields and the yen while stocks usually take a hit.
U.S. President Donald Trump last week fired Federal Bureau of Investigation Director James Comey. This triggered a political firestorm that culminated on Wednesday in the Justice Department's appointment of a special counsel to probe possible ties between Russia and Trump's 2016 presidential campaign.
Federal funds futures implied traders saw about a 74 percent chance the Fed would raise interest rates in June, CME Group's FedWatch program showed.
We expect gold prices to trade sideways on the back of profit booking after sharp up-move.
Silver climbed 1.6 percent to $16.80 an ounce.
We expect silver prices to trade sideways on the back of profit booking after sharp up-move.
Oil prices rose on Friday, closing out a second week of gains on growing expectations that OPEC and other producing countries will agree next week to extend output cuts.
The Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia are scheduled to meet on May 25. They are expected to extend output cuts of 1.8 million barrels a day until the end of March 2018.
The OPEC-led group is trying to reduce a global crude glut that has been slow to balance out due to weak demand and rising production elsewhere, particularly the United States. An OPEC panel is considering even deeper supply cuts to try to boost prices.
Many investors remain concerned about high global inventories, and supply data from around the world shows that drawdowns of global inventories have slowed or even reversed.
U.S. crude production has climbed 10 percent since mid-2016 to 9.3 million barrels per day as shale producers have taken advantage of higher prices to boost activity. Energy services firm Baker Hughes said U.S. drillers added oil rigs for an 18th week in a row, the second-longest streak on record.
On Thursday, official data showed OPEC leader Saudi Arabia's crude exports rose 275,000 bpd in March from February and its stockpiles increased.
We expect crude oil prices to trade positive on the back of growing expectations that OPEC and other producing countries will agree next week to extend output cuts.
We expect Natural gas prices to trade positive on the back of short covering after drop in prices.
Copper rose on Friday and ended the week with a gain of more than 2 percent thanks to dollar weakness and receding worries over China's economy, while zinc surged more than 3 percent amid stock draws.
Stock markets in top metals consumer China ended the week higher, snapping a five-week losing streak as soothing regulatory comments and a central bank cash injection offset worries about growth.
World stocks headed for their first weekly fall in five as uproar over Trump's firing of former FBI director James Comey and his campaign's alleged ties with Russia prompted uncertainty about his ability to push through his economic policies any time soon.
China is likely to step up imports of refined zinc from this month, industry sources said, as dwindling global supplies of concentrate hit local output of the metal.
We expect base metal prices likely to trade volatile on the back of mixed fundamentals.
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