Commodity Outlook for 05 Sep’2012

GOLD:

Gold trading range for the day is 31225-31599.

Gold settled higher on weaker US data fuelling expectations the Fed will implement fresh stimulus measures.

Gold seen support as ECB will announce details of measures to help stabilize the region’s sovereign debt markets.

ECB says gold, gold receivables fell EU1 mln in week. Forex reserves fell EU2.1 bln to EU241.9 bln.

SILVER:

Silver trading range for the day is 60952-62744.

Silver gained after data showed that manufacturing activity in U.S. contracted for third consecutive month in August

The Fed meets next week to discuss monetary policy, leaving the ECB’s meeting on Thursday in focus.

Holdings at is shares silver trust dropped by 28.63 tonnes to 9642.97 tonnes

CRUDE:

Crude trading range for the day is 5235-5453.

Crude ends lower as weak data adds to economic worries

Oil futures were higher earlier in the session as market sentiment improved after ECB President Mario barrel.

Prices getting support on growing concerns over tightening supplies from the North Sea region & Tropical Storm Leslie.

COPPER:

Copper trading range for the day is 427.1-432.7.

Copper dropped as U.S. data added further concern about the state of the global economy

ECB is expected to unveil details of a long-awaited debt-buying scheme to tackle the region’s debt crisis

Market sentiment remained upbeat amid growing speculation Fed was moving closer to stimulate growth in US economy

Warehouse stock for Copper at LME was at 218800mt that is down by  -6475mt.

ZINC:

Zinc trading range for the day is 102.4-105.4.

Zinc gained despite of lower than expected PMI from the US ISM exerted pressure on base metal market

China’s demand for refined zinc weakened in August from July diluting hopes for a fourth-quarter rise in consumption.

Moody’s adjustment and warning added pressure on the EBC’s debt purchase plan.

Warehouse stock for Zinc at LME was at 949550mt that is down by  -1525mt.

NICKLE:

Nickel trading range for the day is 886.7-915.

Nickel dropped as as lower-than-expected PMI from the US Institution of Supply and Management weighed on market.

Market is waiting for decisions and detailed rules of debt purchase plan from Draghi at the european central bank meeting

Commodities had limited downside room, though, as downbeat data was twined with expectations for easing policies.

Warehouse stock for Nickel at LME was at 119724mt that is down by  -60mt.

 NATURAL GAS:

Nat.Gas trading range for the day is 152.17-165.77.

Natural gas rallied +3.24% nearly four weeks high as renewed tropical storm activity in the Gulf of Mexico.

US National hurricane Center said Tropical Storm Leslie could strengthen into a hurricane.

Despite of gains, prices were expected to remain under pressure amid ongoing concerns over inventory levels.

ALUMINIUM:

Aluminium trading range for the day is 105.18-109.38.

Aluminium gained as downbeat data was twined with expectations for easing policies.

Investors expected the ECB would introduce the long-awaited bond buying program at its meet on Thursday

Moody’s adjustment and warning added pressure on the EBC’s debt purchase plan.

Warehouse stock for Aluminium at LME was at 4878475mt that is down by -6475mt.