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MCX COMMODITY EVENING MARKET NEWS UPDATES – 14 NOV 2017

CS MCX Commodity Evening mkt updates

Crude Oil Prices Dip as Focus Shifts to U.S. Supply Data Oil prices edged lower on Tuesday, as investors looked ahead to weekly data from the U.S. on stockpiles of crude and refined products to gauge the strength of demand in the world’s largest energy consumer. Oil prices finished mixed on Monday as the prospect of further rises in U.S. output undermined ongoing OPEC-led production cuts aimed at tightening the market. The U.S. government said on Monday U.S. shale production for December would rise for a 12th consecutive month, increasing by 80,000 barrels per day (bpd). Despite the cautious sentiment, crude prices stayed within sight of their strongest level in more than two years amid optimism that oil producing countries will agree to extend an output cut at their meeting at the end of this month. Discussions are continuing in the run-up to the Nov. 30 meeting, which oil ministers from OPEC and the participating non-OPEC countries will attend. Oil’s rally, which began in early October, has been largely driven by growing indications that the crude market was finally starting to rebalance. Brent is over 40% above June’s 2017 lows, while WTI is one-third higher than its 2017 lows.

Gold Prices Slide To 1-Week Low Ahead of Central Banker Gathering Gold prices were on the back foot on Tuesday, as market players turned their attention to a panel discussion including the heads of the European, U.S., British and Japanese central banks for further hints on future monetary policy moves. European Central Bank chief Mario Draghi, outgoing U.S. Federal Reserve Chair Janet Yellen, Bank of England head Mark Carney and Bank of Japan Governor Haruhiko Kuroda will form an all-star panel on Tuesday at an ECB-hosted conference in Frankfurt. The panel discussion, titled “At the heart of policy: challenges and opportunities of central bank communication”, is set to start at around 5:00AM ET (1000GMT). Curve-flattening on both sides of the Atlantic, but more markedly in the United States, suggests investors have doubts over the future path of inflation and may be starting to price in a downturn just as the global economy picks up speed. Prices of the yellow metal ended modestly higher Monday as investors retreated somewhat from purchasing assets perceived as risky amid uncertainty over the outlook for tax reforms in the United States. The Senate Finance Committee is due to start working on the tax reform bill during the week. Republicans had initially hoped to hold a final vote on the bill by Thanksgiving next week, but analysts expressed some doubt at the timeline.

NATURAL GAS Natural gas prices retreated on Monday as investors cashed in following last week’s sharp rally amid calls for average to above-average temperatures over the near-term. Natural gas prices retreated on Monday as investors cashed in following last week’s sharp rally amid calls for average to above-average temperatures over the near-term. As far as the weather is concerned, look for a mild weather system to track across the East the next few days. The central and southern U.S. should also see relatively warmer temperatures. A strong weather system with subfreezing temperatures will track across the Midwest and NE late this week and next weekend for another round of stronger demand. Looking ahead to Thursday’s storage report, traders are looking for a draw of about 9 billion cubic feet (bcf) in the week-ended November 10.

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