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1. 31-May-2018
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Metals Update
2. Metals Update
DAILY MARKET OUTLOOK
PRECIOUS METALS AND INDUSTRIAL METALS
COMMODITY UNITS PRICE CHANGE % CHANGE CONTRACT
COMEX GOLD USD/T OZ.
1301.80 2.80 0.22 JUN-18
COMEX SILVER USD/T OZ. 16.480 0.107 0.65 JUL-18
COMEX COPPER USD/LB. 3.054 -0.009 -0.28 JUL-18
PLATINUM USD/T OZ.
908.80 2.90 0.33 JUL-18
ENERGY COMMODITY FUTURES
COMMODITY UNITS PRICE CHANGE % CHANGE CONTRACT
CRUDE OIL(WTI) USD/BBL. 68..11 1.44 2.16 JUN-18
CRUDE OIL(BRENT) USD/BBL. 77.16 1.68 2.24 JUL-18
NY. NATURAL GAS USD/MMBTU 2.884 -0.019 -0.65 JUN-18
NY. HEATING OIL USD/GAL. 2.2180 0.0381 1.70 JUN-18
4. Metals Update
INTERNATIONAL COMMODITY NEWS
Gold prices inched up on Wednesday, as political uncertainty in Italy continued. Comex gold futures for June delivery
were up 0.12% to $1,300.60 a troy ounce as of 10:32 AM ET (14:32 GMT). The price of gold moved higher as Italy’s political
crisis deepened. Last minute efforts to form a government seem unlikely, with the prospect of elections in July. Investors
fear a snap election could become a de facto referendum on the euro. Meanwhile trade tensions between the U.S. and
China remained after U.S. President Donald Trump said Tuesday he would move ahead with $50 billion in tariffs on Chinese
goods. Chinese officials responded overnight that while the news is surprising, it will protect its interests. Gold, seen as a
safe haven asset, often moves higher from political turmoil. The price of bouillon was also driven up by a fall in the
greenback, as the chances of aFederal Reserve rate hike in June falling to 85% following the turbulence in Italian politics.
Natural gas futures fell for the third day in a row on Wednesday, as weather forecasting models continued to predict that
milder temperatures will cover the eastern part of the United States by the second week of June. That will likely limit early
summer cooling demand for the fuel. Front-month U.S. natural gas futures slumped 2.7 cents, or around 1%, to $2.876 per
million British thermal units (btu) by 9:30AM ET (1330GMT), sitting around its lowest since May 22. Natural gas prices lost
6.0 cents, or 2.0%, in the last session. Natural gas prices have closely tracked weather forecasts in recent weeks, as traders
try to gauge the impact of shifting outlooks on early summer cooling demand. Meanwhile, market participants looked
ahead to this week's storage data due on Thursday.
OPEC's plans to boost output have spooked oil market bulls, who are starting to seek protection at levels well below the
current futures price in case the group delivers a rapid increase in production. Volatility - a gauge of demand for a particular
option - has risen sharply for bearish sell options at around $67 a barrel that expire immediately after OPEC's meeting with
its partners that will run from June 22-23. Saudi Arabia and Russia are discussing raising OPEC and non-OPEC oil production
by 1 million barrels a day, sources said last week, weeks after U.S. President Donald Trump complained about artificially high
prices. Volatility on one-month downside put options, which give the holder the right, but not the obligation, to sell Brent
crude futures at a pre-determined price by a set date, has risen to its highest since mid-February. The price of Brent crude
meanwhile, has fallen by 7 percent to around $75 a barrel from 2014 highs above $80 a barrel just a week ago.
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Metals Update
