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Commodity Research Report Ways2Capital 5 March 2018



BULLION

Gold futures rose over one percent in American trade away from December 29 lows as the dollar index fell from January 18 highs for the second session following earlier data from the US the world's largest economy.Oneyear inflation outlook steadied at 2.7% while fiveyear outlook steadied as well at 2.5%.Federal Reserve Chair Jerome Powell testified on the Semi annual Monetary Policy Report before Congress in Washington DC earlier this week where he painted a positive picture of the economy and bolstered expectations of four rate hikes this year.


ENERGY

On Wednesday the Energy Information Administration released its report on US crude stocks showing a build up of 3.0 million barrels in the week ending February 23 compared to a 1.6M drop in the previous reading while analysts expected a 2.4M rise with total stocks now reaching 423.5 million barrels remaining within the medium range on average in this time of year.

Natural gas futures rose over one percent to February 8 highs in American trade as the dollar index bounced off January18 highsfollowing earlier data from the US the world'slargestenergy consumer including the EIA report that showed a largerthanexpected inventory draw down for the eleventh week in a row.


Base Metals

Base metals traded on the Shanghai Futures Exchange were broadly weaker during Asian morning trading on Friday March 2, with only copper and aluminium prices managing to post slight gains.Weakness continued across the SHFE base metals complex this morning with the relatively stronger dollar and thin liquidity restricting the metals.

SPICES

Even as overall fundamentals still did not remain strong from new crop arrivals amidst better crop expectations traders expect that incoming festival season along with firm Dollar could support export demand and support prices. Recent reports of apprehensions of crop damage in parts of Gujarat from climatic fluctuations may not be strong to support prices for now as overall production is expected to be higher this year.

Turmeric Markets talks suggest that a significant drop in sowing in regions across Erode due to a drought like situation last year. As per trader estimates production is expected to fall to 1-3 lakh bags from the normal 15-20 lakh bags seen on an average.



OILSEEDS

Hike in import duty in November keeps prices supported and as per the notifications import duty on crude palm oil has been raised to 30 per cent from 15 per cent and on refined oil to 40 per cent from 20 per cent in a bidBULLION

Gold futures rose over one percent in American trade away from December 29 lows as the dollar index fell from January 18 highs for the second session following earlier data from the US the world's largest economy.Oneyear inflation outlook steadied at 2.7% while fiveyear outlook steadied as well at 2.5%.Federal Reserve Chair Jerome Powell testified on the Semi annual Monetary Policy Report before Congress in Washington DC earlier this week where he painted a positive picture of the economy and bolstered expectations of four rate hikes this year.


ENERGY

On Wednesday the Energy Information Administration released its report on US crude stocks showing a build up of 3.0 million barrels in the week ending February 23 compared to a 1.6M drop in the previous reading while analysts expected a 2.4M rise with total stocks now reaching 423.5 million barrels remaining within the medium range on average in this time of year.

Natural gas futures rose over one percent to February 8 highs in American trade as the dollar index bounced off January18 highsfollowing earlier data from the US the world'slargestenergy consumer including the EIA report that showed a largerthanexpected inventory draw down for the eleventh week in a row.


Base Metals

Base metals traded on the Shanghai Futures Exchange were broadly weaker during Asian morning trading on Friday March 2, with only copper and aluminium prices managing to post slight gains.Weakness continued across the SHFE base metals complex this morning with the relatively stronger dollar and thin liquidity restricting the metals.

SPICES

Even as overall fundamentals still did not remain strong from new crop arrivals amidst better crop expectations traders expect that incoming festival season along with firm Dollar could support export demand and support prices. Recent reports of apprehensions of crop damage in parts of Gujarat from climatic fluctuations may not be strong to support prices for now as overall production is expected to be higher this year.

Turmeric Markets talks suggest that a significant drop in sowing in regions across Erode due to a drought like situation last year. As per trader estimates production is expected to fall to 1-3 lakh bags from the normal 15-20 lakh bags seen on an average.

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News Release: Commodity Research Report Ways2Capital 5 March 2018
Submitted on: March 05, 2018 10:54:09 AM
Submitted by: Vijay
On behalf of: www.ways2capital.com
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