Published on 24/05/2017 11:03:36 AM | Source: Sushil Finance
We expect silver prices to trade sideways - Sushil Finance
Gold prices fell on Tuesday, as the U.S. dollar rebounded from 6-1/2-month lows and investors shrugged off heightened political risk following a deadly suicide attack in Britain.
Gold has been supported by weakening U.S. economic data and troubles facing U.S. President Donald Trump, all of which have weighed on the greenback.
Still, Fed fund futures were up, showing a 75 percent chance of an interest rate increase next month, which deterred investors from pushing gold higher.
Separately, Wall Street ticked higher as the Trump administration's budget proposal called for slashing healthcare programs and boosting military spending. European shares advanced on encouraging economic data that helped to lift the euro to a six-month high against the dollar.
We expect gold prices to trade sideways on the back of profit booking after sharp up-move.
Silver was down 0.4 percent at $17.05 an ounce, having touched a three-week peak of $17.30 earlier.
We expect silver prices to trade sideways on the back of profit booking after sharp up-move.
Oil prices settled a bit higher on Tuesday as expectations of an extension to OPEC-led supply cuts overshadowed a White House proposal to sell half of U.S. petroleum reserves.
On Thursday the Organization of the Petroleum Exporting Countries (OPEC) meets in Vienna to consider whether to prolong cuts to reduce a global glut of crude. OPEC and other producing countries including Russia have cut output about 1.8 million barrels per day in the first half of 2017.
OPEC's de facto leader, Saudi Arabia, favors extending the output curbs by nine months rather than the initially planned six months, hoping to drain the crude glut and keep oil prices at or above $50 per barrel. On Tuesday delegates from Kuwait, Algeria, Ecuador and Mexico stated support for extended output cuts.
Kuwait's oil minister, Essam al-Marzouq, said, "We agree on the need to do whatever is necessary to restore balance to the oil market."
Early in the session oil prices fell following news of a White House plan to sell half the 688 million-barrel U.S. oil stockpile from 2018 to 2027. The sale aims to raise $16.5 billion and help balance the federal budget.
We expect crude oil prices to trade sideways on the back of profit booking after sharp up-move.
We expect Natural gas prices to trade sideways on the back of short covering after drop in prices.
Zinc hit a three-week peak on Tuesday after imports of the metal into top consumer China rose, underlining potential shortages, but copper was under pressure on indications of healthy supply.
Imports of refined zinc to China increased 21 percent in April to 47,469 tonnes year-on-year while shipments of ore and concentrates jumped 44 percent, customs data showed.
Industry sources said that China is stepping up imports as dwindling global supplies of concentrate following mine closures hit local output of the metal, used to galvanise steel.
The global world refined copper market showed a 93,000 tonnes surplus in February, compared with a 55,000 tonnes surplus in January, the International Copper Study Group (ICSG) said in its latest monthly bulletin.
We expect base metal prices likely to trade volatile on the back of mixed fundamentals.
To Read Complete Report & Disclaimer Click Here
For more details refer – www.sushilfinance.com
For More Sushil Finance disclaimer at http://goo.gl/1sOHeV SEBI Registration No. INH000000867
Views express by all participants are for information & acadamic purpose only. Kindly read disclaimer before refering below views. Click Here For Disclaimer