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Published on 10/08/2018 12:28:47 PM | Source: Alpha Commodity Pvt Ltd

Zinc dropped tracking weakness in LME prices due to a rapid rise in the dollar - Alpha Commodity

Posted in Commodities Reports| #Commodity Tips #Alpha Commodity Ltd

Bullion

*  Gold prices seen supported drawing some support from global political tensions and a slightly weaker dollar against the yen.

*  Silver gained as softer-than-expected inflation indicators eased concerns over an acceleration of rate hikes from the Federal Reserve ahead of the consumer price index.

Energy

*  Crude oil gained reflecting concerns about Iranian crude supplies as the U.S. hit Tehran with new sanctions, halting Wednesday's declines.

*  Natural gas traded in range following the release of a government report showing a weekly storage build that was in line with estimates.

Base Metals

*  Copper prices gained supported by higher-than-expected Chinese consumer price index and producer price index for July.

*  Zinc dropped tracking weakness in LME prices due to a rapid rise in the dollar.

*  Nickel dropped as investors bet global trade tensions and a robust US economy would continue to support the dollar.

*  Aluminium dropped on profit booking as the impact of strikes at Alcoa’s alumina refinery in Western Australia was smaller than expected.

Agri

*  Mentha oil prices rallied due to bullish demand outlook from domestic market as well as exporters.

*  Soyabean dropped on late profit booking after prices gained tracking firmness in overseas prices with the market underpinned by forecasts of hot and dry weather.

*  Mustard seed prices dropped tracking weakness in spot demand on profit booking after prices gained amid lower arrivals in the spot markets.

*  Turmeric prices dropped on sluggish demand and hopes of higher sowing.

*  Jeera settled flat on profit booking after prices gained on robust demand and lower output this year. 

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