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MCX COMMODITY EVENING NEWS UPDATES – 09 OCT 2017

CS MCX Commodity Evening mkt updates

(NATURAL GAS) Prices Could Recover after Hurricane Passes Natural gas futures are recovering after early session weakest drove the market to its lowest level since May 19, 2016. Traders also appear to be taking a wait and see attitude after in Louisiana, Mississippi and Alabama, shut down operations ahead of Hurricane Nate which made landfall over the week-end. It looks as if there was little damage to refinery infrastructure and most facilities were planning to reopen today. In other news, U.S. natural gas speculators cut their net long positions for a second week in a row on less cold winter forecasts and an increase in production to record levels.

COPPER Copper registered its largest weekly gain since late August, underpinned by expectations of strong demand from top consumer China, though a strengthening dollar capped price rises. The metal used in power and construction has risen more than 20 percent this year and was on track for a 2.9 percent weekly gain. Benchmark copper on the London Metal Exchange ended 0.5 percent down at $6,667 a tonne after peaking at $6,724, the highest since Sept. 12.

(GOLD) Prices Spike Higher on North Korean Concerns Gold prices are trading at their highest level since September 29 on renewed concerns over North Korea. What we’re seeing today is a follow-through rally in reaction to Friday’s technical closing price reversal bottom which formed after reports surfaced that the rogue nation was planning to test a long-range missile that could be strong enough to eventually threaten the United States. Additionally, China has come back into the market with a vengeance after sitting on the sidelines during a week-long holiday. In other news, speculators reduced their net long positions in COMEX gold and silver contracts for the third straight week, in the week to October 3, U.S. Commodity Futures Trading Commission (CFTC) data showed on Friday.

(CRUDE OIL) Prices Expected to Stabilize on Low Volume Trading- U.S. West Texas Intermediate crude oil and international-benchmark Brent crude oil are trading higher early Monday with both futures contracts trading inside Friday’s wide range. This indicates investor indecision and impending volatility. Supporting prices early Monday are expectations that Saudi Arabia would continue to curtail its production in order to underpin prices and another slight drop in the number of U.S. rigs drilling for new oil. Traders also appear to be taking a wait and see attitude after oil ports, producers and refiners in Louisiana, Mississippi and Alabama, shut down operations ahead of Hurricane Nate which made landfall over the week-end. It looks as if there was little damage to refinery infrastructure and most facilities were planning to reopen today.

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