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Commodity Market Tips - Gold, Silver, Natural Gas, Copper
Gold
Gold remained in range amid expectations of a slower pace of U.S. interest rates hikes than some investors had anticipated continued to weigh on the dollar. The Fed will likely wait at least until a June policy meeting to decide whether to lift U.S. interest rates again, giving it time to digest economic and financial market data as well as any clarity on the Trump administration's fiscal policy plans, Chicago Fed President Charles Evans said Markets were bracing for a packed week of Fed messaging with several policy makers set to speak, including Chair Janet Yellen on Thursday.
Trading Ideas:
*Gold trading range for the day is 28422-28640.
*Gold remained in range amid expectations of a slower pace of U.S. interest rates hikes than some investors had anticipated continued to weigh on the dollar.
Silver
Silver settled flat with sentiment on the outlook for Fed rate hikes driving the market, though an extraordinary day of news about Russian meddling in the presidential election raised political risk. G20 financial leaders failed to make a case for open and free global trade while more dovish than expected Fed comments last Wednesday concerning rate hikes continued to support the metal.
Trading Ideas:
*Silver trading range for the day is 40662-41166.
*Silver settled flat with the focus ahead on Fed policymaker comments this week.
Natural Gas
Natural gas on MCX settled up 2.17% at 197.50 as fresh buying seen on the back of bearish weather revisions for the next 15 days and in contrast to what the implied opening was for gas prices. Over the weekend, heating demand was revised lower for the 3/31 week, which saw the storage report go from a storage draw to a storage injection.
Trading Ideas:
* Natural gas trading range for the day is 186.8-204.2.
*Cool temperatures will sweep across the Great Lakes and eastern U.S. toward the middle of the week.
Copper
Trading Ideas:
*Copper trading range for the day is 379.9-393.3.
*Copper dropped on worries about demand after G20 ministers dropped a pledge to keep global trade free and open weighed on prices.
*The labor union at Escondida called a fresh offer of talks by management to end a 39-day strike manipulative.
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