Commodity newsletter (23 8-19)

2. 1
ENERGY
U.S. REFINERS LIMIT CRUDE PROCESSING AMID SLACK FUEL DEMAND: KEMP
U.S. refineries have cut the volume of crude processed so far this year, but stocks of
gasoline and distillates remain ample, highlighting the slack demand for
transportation fuels.
Fuel consumption has stalled, part of a worldwide slowdown in oil demand associated
with the slackening of manufacturing and freight activity.
U.S. refineries have reduced crude input by an average of 247,000 barrels per day
since the start of the year compared with the same period in 2018, according to data
from the U.S. Energy Information Administration (EIA).
Year-to-date processing rates have fallen for the first time since 2011 and by the most
since the recession of 2008/09 (“Weekly petroleum status report”, EIA, Aug 21).
Refinery crude consumption has fallen by around 56 million barrels so far compared
with the same period in 2018.
Refineries cut processing sharply during the regular maintenance season in March and
April and have never made up the shortfall.
Processing has remained at or below prior-year rates throughout the summer driving
season, normally the highest demand of the year.
Philadelphia Energy Solutions’ 335,000 bpd refinery on the East Coast has been shut
since a fire and explosion on June 21, which may have contributed to the loss of crude
processing.
But processing was already running below prior-year rates before the plant exploded
and has been below 2018 rates for 13 out of the last 16 weeks since the start of May.
Refiners on the East Coast have cut processing by an average of almost 120,000 bpd
so far this year (mostly due to the Philadelphia explosion).
But they have also reduced processing by 87,000 bpd in the Midwest, 15,000 bpd
along the Gulf Coast and 45,000 bpd on the West Coast.
Despite the reduction in processing, there has been no shortage of either gasoline or
distillate fuel oil, with gasoline stocks level with last year and distillates comfortably
above it.

3. 2
PRECIOUS METAL
GOLD FUTURES SLUMP ON PROFIT BOOKING/SILVER
FUTURES FALL ON WEAK GLOBAL CUES
Gold futures traded lower by Rs 150 at Rs 38,015 per 10 gram on Friday due
to profit booking by participants in tandem with the fall in price of the
precious metal overseas.
At the Multi Commodity Exchange, gold for October delivery traded lower by
Rs 150, or 0.39 per cent, at Rs 38,015 per 10 gram in a business volume of
17,544 lots.
Similarly, gold for December delivery fell Rs 186 to Rs 38,551 per 10 gram in
a business turnover of 9,241 lots.
Analysts attributed the fall in gold futures to profit booking by participants at
the domestic market.
Globally, gold prices dipped 0.23 per cent to USD 1,505 an ounce in New
York.
Silver prices fell by Rs 196 to Rs 43,700 per kg in futures trade on Friday as
speculators trimmed their exposure amid a weak trend in global markets.
On Multi Commodity Exchange, silver for delivery in September was trading
lower by Rs 196, or 0.45 per cent, to Rs 43,700 per kg in a business turnover
of 12,802 lots.
The metal for delivery in December fell by Rs 207, or 0.46 per cent, to trade at
Rs 45,023 per kg in 7,143 lots.
In the international market, silver fell 0.25 per cent to USD 17.14 an ounce in
New York.
Traders attributed the fall in silver futures largely to a weak trend in global
markets.

4. 3
BASE METAL
COPPER, NICKEL, ZINC FUTURES UP ON SPOT DEMAND
Copper prices on Friday rose 0.30 per cent to Rs 446.25 per kg in futures trade on firm global cues.
At the Multi Commodity Exchange, copper for August delivery traded higher by Rs 1.35, or 0.30 per cent, at Rs
446.25 per kg with a traded volume of 4,025 lots.
Copper for September delivery rose Rs 2.15, or 0.48 per cent, to Rs 446.50 per kg in a business turnover of 985
lots.
Analysts said copper futures firmed up on global cues.
Nickel
Nickel prices went up by 0.3 per cent to Rs 1,120.90 per kg in futures trade on Friday as speculators raised their
bets on spot demand. Increase in domestic demand from alloy-makers and firmness in base metals at the spot
market mainly influenced nickel prices here, analysts said.
Zinc
Zinc prices rose 0.33 per cent to Rs 185 per kg in futures trade on Friday as speculators built up fresh positions,
taking positive cues from the spot market.
On the Multi Commodity Exchange, zinc for delivery in August traded 60 paise, or 0.33 per cent, higher at Rs 185
per kg in a business turnoverof 2,950 lots.
Marketmen said fresh positions built up by participants due to pick-up in spot demand led to rise in zinc futures.
Lead
Lead prices were trading higher by 0.13 per cent to Rs 155.25 per kg in futures trade on Friday as participants built
up fresh positions driven by pick-up in demand at the spot market.
On the Multi Commodity Exchange, lead for delivery in August contracts edged higher by 20 paise, or 0.13 per cent,
to Rs 15525 per kg in a business volume of 1,131 lots.
Market analysts said fresh positions created by traders due to upsurge in demand by battery-makers in the
physical market mainly helped lead prices to trade higher.

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