Copper futures end marginally lower as dollar strengthens

Copper futures ended marginally lower on Wednesday as US dollar strengthened against a basket of major currencies due to strong economic data earlier this week, pressuring metals by making them more expensive for buyers with other currencies. 

 

Though, some losses were capped as China’s central bank lowered the interest rate on 14-day reverse repurchase agreements, in step with a similar cut in the 7-day repo rate last month, as part of an effort to stimulate growth in the world's top metal consumer.

Copper futures for March delivery lost 0.04 percent to settle at $2.8125 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down 0.5 percent at $6,172 a ton.

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Silver trading range for the day is 44208-44790

* Silver trading range for the day is 44208-44790.

* Silver gained as traders were digesting news about the U.S. and China agreeing on a trade deal and the Conservative Party's emphatic victory in the U.K. general election.

* A report released by the Commerce Department showed retail sales in the U.S. rose by far less than anticipated in the month of November.

* Under the deal, the U.S. suspended some tariffs on Chinese goods that was due to go into effect on Sunday.

* Elsewhere, investors will pay attention to remarks from several Fed officials in the coming days after the Fed decided to hold rates steady last week.

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Onion prices hit new high amid disrupted arrivals

Onion prices have hit a new high in Delhi and elsewhere on Tuesday amid disrupted arrivals. Wholesale onion prices were quoted at Rs 37.50-112.50 per kg, an all-time high at Azadpur mandi in the national capital.

"If arrival of onions from Afghanistan does not increase today, the price would cross Rs 200 per kg in Delhi as domestic supply of the crop has dropped significantly," an Agricultural Produce Marketing Committee (APMC) official said.

He said the rise in wholesale prices of onion will reflect in the retail market in the coming days.

In retail markets, onion was priced in Delhi and NCR at Rs 100-150 per kg on Monday. The traders anticipate a further hike in retail prices in the coming days.

The arrival of onion has decreased significantly as farmers have stopped harvesting new crop after rainfall in the several parts of the country recently which increased the moisture in soil, said trade sources.

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Crude oil futures end higher on Friday

Extending their previous session gains, crude oil futures ended higher on Friday after the US and China said they have reached a preliminary agreement on a phase one trade agreement. Private report said that China confirmed that it reached a deal on the text of a phase one pact, but that the deal would need to first go through legal procedures before it is signed. Trump separately announced a phase one deal and scrapped tariffs on Chinese goods that were set to go into effect on Sunday.

Benchmark crude oil futures for January rose 89 cents or 1.5 percent to settle at $60.07 a barrel on the New York Mercantile Exchange. February Brent surged $1.02 or 1.6 percent to settle at $ 65.22 a barrel on London's Intercontinental Exchange.

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Gold steady as weaker dollar offsets increased risk appetite

Gold prices were steady on Friday as a weaker dollar helped offset pressures from an increased appetite for riskier assets following reports of a breakthrough in Sino-U.S. trade negotiations, while palladium scaled a fresh peak.

Spot gold fell 0.1% to $1,467.20 per ounce by 0452 GMT, but was up about 0.5% so far this week.

U.S. gold futures were down 0.1% at $1,471.60.

Sources said on Thursday U.S. negotiators were offering to cut existing tariffs on Chinese goods by as much as 50% and suspend the new tariffs scheduled to go into effect on Sunday in an attempt to secure a "Phase 1" deal first promised in October.

"The market remains cautious ... Until we see little bit more data around what has been agreed to, investors aren't going to take any aggressive positioning in the gold market," ANZ analyst Daniel Hynes said.

"Gold has been driven by other issues, including central bank easing and low inflation, and that is helping support underlying investors appetite despite headwinds in the shorter term," he said.

U.S. stocks surged to record highs, while Asian equities rose to an eight-month peak, making safe-haven risk-off assets such as gold less appealing.

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Natural gas trading range for the day is 157.8-164.8

* Natural gas trading range for the day is 157.8-164.8.

* Natural gas dropped on late profit booking after prices gained on forecasts for colder weather and higher heating demand

* Meteorologists projected temperatures in the U.S. Lower 48 states will remain colder than normal from Dec. 15-22

* Utilities likely pulled 82 billion cubic feet (bcf) of gas from storage during the week ended Dec. 6.

* Stocks would likely return to a surplus over the five-year average during the next month or so as rising production enables utilities to leave more gas in storage.

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CPO trading range for the day is 714.9-735.7

* CPO trading range for the day is 714.9-735.7.

* Crude palm oil dropped on profit booking after prices gained tracking firmness in Malaysian palm oil prices on fears that supply is set to fall sharply.

* According to reports, Malaysian palm oil production would show a 10% monthly fall in November.

* According to Indonesia trade ministry, Indonesia kept Dec crude palm oil export duty unchanged at zero.

* Crude palm oil prices in the spot market gained by 13.30 rupees and settled at 717.30 rupees.

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