|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The post PLATINUM TODAY – Support found ahead of $900/oz appeared first on The Bullion Desk.
from The Bullion Desk http://ift.tt/2gTWHaz
via IFTTT
пятница, 2 декабря 2016 г.
PLATINUM TODAY – Support found ahead of $900/oz
from The Bullion Desk http://ift.tt/2gTWHaz
via IFTTT
Gold price off lows but ETF exodus, blockbuster US job data weigh
Gold came off its earlier lows but remained weak during Friday morning trading on December 2 – the near-certainty of a US interest-rate rise this month and an exodus of ETF investors put downward pressure on the market.
The spot gold price was recently at $1,176.45/1,176.65 per oz, up $3.35 on Thursday’s close. The metal fell on Thursday to its cheapest since February this year at $1,160.80 per oz.
“Once again we see the fickleness of investors as they bail out at the lows, a lot of them having piled in near the highs,” David Govett, head of precious metals at Marex Spectron, said.
Market attention is now firmly on the US jobs report that will be released later today. Unless the non-farm payrolls number is dramatically lower that forecast, the Fed should raise interest rates for the first time in a year later this month.
The report is expected to show 177,000 new non-farming jobs were added in November. The unemployment rate is forecast at 4.9%.
“With a rate rise in a couple of weeks an almost certainty, the dollar will remain firm and gold will remain pressured, although I do think we could see a bit of book squaring in the run-up to the FOMC meeting,” Govett added.
The dollar index was steady at 100.92.
The spot silver price was unchanged at $16.54/16.580 per oz, spot palladium slipped $1 to $745/752 per oz – although it remained close to recent 17-month highs – and spot platinum at $913/923 per oz was $4 higher.
The post Gold price off lows but ETF exodus, blockbuster US job data weigh appeared first on The Bullion Desk.
from The Bullion Desk http://ift.tt/2gPo3jq
via IFTTT
четверг, 1 декабря 2016 г.
Metals prices pull back in choppy trading
Base metals prices rebounded yesterday, December 1, with three-month prices closing up an average of 0.9%, led by a 3.3% rally in tin to $21,175 per tonne. Lead prices bucked the trend, they were off 0.1%, aluminium prices were up 0.1%, nickel prices were up 0.4%, while copper and zinc prices were up 1%, with copper prices at $5,795 per tonne. Precious metals sank further, closing down an average of 0.9% basis spot, with gold prices down 1.2% at $1,173.45 per oz.
This morning December 2, the base metals are off across the board with losses averaging 0.8%, led by zinc and lead prices that are 1.9% and 1.4% respectively, the rest are down between 0.2% for aluminium prices and 0.7% for copper prices at $5,756 per tonne. Precious metals are little changed, with gold prices at $1,173.35 per oz, silver and platinum prices are down 0.2% and palladium prices are up 0.3%.
In Shanghai, the base metals are down an average of 1.7%, also led by zinc and lead prices that are down 3.2% and 3.5% respectively, February copper prices are down 1.6% at Rmb 46,260 per tonne, nickel prices are down 1%, while aluminium and tin prices are down 0.5%. Spot copper prices in Changjiang are off 0.8% at Rmb 46,490-46,290 per tonne, the backwardation between spot and the February copper contract is equivalent to $33 per tonne, while the LME/Shanghai copper arb ratio is at 1:8.03.
In other metals in China, May iron ore prices are little changed at Rmb 574 per tonne, on SHFE May steel rebar is off 0.7% and June gold and silver prices are both off 0.2%.
Equities were mixed yesterday, December 1, with the Euro Stoxx 50 off 0.7% but the Dow closed up 0.4%. Asia this morning weaker as the market braces for the US employment report. The Nikkei is off 0.5%, the Hang Seng is off 1.2%, the CSI 300 is off 1.1%, the ASX 200 is down 1% and the Kospi is off 0.7%.
In FX, the dollar index is edging lower at 100.78, it is starting to look a bit toppy but the next direction is likely to come from the US employment data this afternoon. The euro at 1.0677 is climbing, as is sterling at 1.2635, while the yen (114.13) and aussie (0.7416) are consolidating. The yuan is off recent lows, recently quoted at 6.8870, while other emerging market currencies are looking quite mixed as they consolidate, the exception is the Brazil’s real has dropped further on domestic political concerns.
Data out today includes Spanish unemployment change, UK construction PMI and EU PPI, while the focus will be on the US employment report. In addition, FOMC members Lael Brainard and Daniel Tarullo are speaking – see table below for more details.
We have been expecting choppy trading in base metals ahead of next week’s option declaration and that seems to be what we are getting. Weakness earlier on in the week was followed by rebounds mid-weak and then some weakness is emerging this morning. We expect more of the same, especially with this afternoon’s US employment report adding to the noise.
Gold prices remain under pressure and we expect that generally to be the case until the FOMC decision on December 14, although with the Italian referendum on constitutional reform being held on Sunday December 4, there could be a pick-up in demand for safe havens if there is negative fall-out from the result. Silver and platinum prices are following gold, while palladium prices are consolidating having rallied strongly recently.
| Overnight Performance | ||||
| GMT | 06:48 | +/- | +/- % | Lots |
| Cu | 5756 | -39 | -0.7% | 3699 |
| Al | 1716 | -4 | -0.2% | 1720 |
| Ni | 11170 | -30 | -0.3% | 1045 |
| Zn | 2707.5 | -53.5 | -1.9% | 3942 |
| Pb | 2318 | -32 | -1.4% | 423 |
| Sn | 21055 | -120 | -0.6% | 48 |
| Average | -0.8% | 10,877 | ||
| Gold | 1173.35 | -0.1 | 0.0% | |
| Silver | 16.522 | -0.033 | -0.2% | |
| Platinum | 910.8 | -2.2 | -0.2% | |
| Palladium | 752.4 | 2.4 | 0.3% | |
| Average PM | 0.0% | |||
| SHFE Prices 06:48 GMT | RMB | Change | % Change |
| Cu | 46260 | -730 | -1.6% |
| AL | 13285 | -65 | -0.5% |
| Zn | 22095 | -735 | -3.2% |
| Pb | 20120 | -775 | -3.7% |
| Ni | 91880 | -930 | -1.0% |
| Sn | 143000 | -690 | -0.5% |
| Average change (base metals) | 0 | -1.7% | |
| Rebar | 3064 | -23 | -0.7% |
| Au | 268.5 | -0.55 | -0.2% |
| Ag | 4134 | -7 | -0.2% |
| Economic Agenda | |||||
| GMT | Country | Data | Actual | Expected | Previous |
| 8:00am | Spain |
Spanish Unemployment Change
|
-25.8K | 44.7K | |
| 9:30am | UK |
Construction PMI
|
52.3 | 52.6 | |
| 10:00am | EU |
PPI m/m
|
0.4% | 0.1% | |
| 1:30pm | US |
Average Hourly Earnings m/m
|
0.2% | 0.4% | |
| 1:30pm | US |
Non-Farm Employment Change
|
175K | 161K | |
| 1:30pm | US |
Unemployment Rate
|
4.9% | 4.9% | |
| 1:45pm | US |
FOMC Member Brainard Speaks
|
|||
| 6:00pm | US |
FOMC Member Tarullo Speaks
|
|||
The post Metals prices pull back in choppy trading appeared first on The Bullion Desk.
from The Bullion Desk http://ift.tt/2fRXdVw
via IFTTT
Gold little changed ahead of US jobs report
The spot gold price made little progress during Asian trading hours on Friday December 2, ahead of the US non-farm employment report due later today.
The spot gold price was recently quoted at $1,173.25/1,173.55 per oz, up $0.30 on the previous close. Trade has ranged from $1,172.75 to $1,178 so far.
The November US jobs report will be released later today whereby 177,000 new jobs are expected to have been added in the country during the month.
On Wednesday, the ADP non-farm employment change – a precursor to Friday’s official numbers – showed 216,000 Americans joining the labour market in November, besting the forecast of 161,000.
The recent spate of positive data is expected to produce higher rates when the US Federal Open Market Committee (FOMC) meets on December 13-14 – market participants see a 95% chance of a rate hike during the meeting, according to the CME FedWatch Tool.
On Thursday, US final manufacturing PMI in November bested economic consensus at 54.1 – 53.9 was called for. Additionally, ISM manufacturing prices and PMI for November both topped projections at 54.5 and 53.2, respectively.
October construction spending, however, came in at 0.5% month-on-month, a touch below the 0.6% prediction, while weekly unemployment claims were at 268,000 last week, which was above consensus of 252,000.
The spot gold price is under pressure after recent positive US economic data which may see a pick-up in the speed of rate increases in the USA, China’s Zhengjin Precious Metals said late on Thursday.
The broker suggests clients go short at around $1,180 per oz with a target of $1,165.
In other commodities, the Brent crude oil spot price hit as high as $54.50 per barrel on Thursday, the highest since July 2015 after Organization of the Petroleum Exporting Countries (OPEC) members on Wednesday agreed to curtail production in 2017.
“Optimism prevails within the oil market that the combination of production cuts and uplifts in global demand will bring the oil market back into balance. It looks achievable on the face of it, provided the parties to the latest production cut deal stick to their pledges, which has historically been somewhat of a sticking point,” ANZ Research said on Friday morning.
The Brent crude oil spot price was recently at $53.54 per barrel, down 0.22% from its previous close.
In currencies, the US dollar index fell 0.05% to 100.84 recently on Friday.
In equities, the Shanghai Composite slipped 0.05% to 3,271.81 so far today.
In the other precious metals, the spot silver price decreased $0.075 to $16.41/16.43 per oz. Platinum at $907/912 per oz was up $2, while palladium rose $8 to $771/776 per oz.
On the Shanghai Futures Exchange, gold for June delivery was recently at 268.50 yuan ($39) per gram, and the June silver was at 4,147 yuan per kg.
(Editing by Kyle Docherty)
The post Gold little changed ahead of US jobs report appeared first on The Bullion Desk.
from The Bullion Desk http://ift.tt/2fMreek
via IFTTT