Gold for April delivery on the Comex division of the New York Mercantile Exchange fell 0.17% to $1,239.55 a troy ounce, while silver futures for March delivery dipped 0.12% to $18.053 a troy ounce. Overnight, gold prices added to overnight gains on Thursday, hitting a one-week high despite a brighter outlook for interest rate hikes on a raft of mostly upbeat U.S. economic data.
The number of people who filed for unemployment assistance in the U.S. last week rose by a less-thanexpected 5,000 to 239,000 last week, holding close to the lowest level since 1973. A separate report showed that the Philadelphia Fed index surged to a reading of 43.3 from 23.6 in January. That was the highest level since early 1984.
How Will China Actions Affect Zinc Market? SMM Reports.
China’s Ministry of Environmental Protection announced it will execute air quality inspections during February 15-March 15 in 18 cities, SMM learns. These cities include Beijing, Tianjin, Hebei’s Shijiazhuang, Langfang, Baoding, Tangshan, Handan, Xingtai, Cangzhou, Hengshui, Shanxi’s Taiyuan and Linfen, Shandong’s Jinan and Dezhou and Henan’s Zhengzhou, Hebi, Jiaozuo and Anyang, which are major metal producing regions.
In these 18 cities, Tianjin, Hebei, Cangzhou and Hengshui have an agglomeration of galvanizers. Large steel tube/pipe plants reported slow sales due to weak demand and environmental protection factor, so they did not reach full operation, SMM said. 50% of galvanizers in Daqiu Village, Tianjin are still restricted as they have yet to complete coal-to-gas switch.
Plants in some regions were not affected yet as the inspections are not so strict during February 15-28. Any effect from environmental protection on galvanizers in Hengshui and Handan is only limited, with production steady. Zinc oxide producers in Hebei and Tianjin were not affected and returned to normal production after the 2017 Chinese New Year holiday. No plants in Jiangsu and Zhejiang reported production restrictions, SMM understands.
Oil prices edged up on Friday, lifted by a report that producer club OPEC could extend an output cut aimed at reining in a global fuel supply overhang. The Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia plan to cut output by almost 1.8 million barrels per day (bpd) during the first half of 2017, and estimates suggest compliance by OPEC is around 90 percent.
The cuts are aimed at curbing oversupply that has dogged markets since 2014. To help rebalance the market, OPEC sources told Reuters that the supply reduction pact could be extended if all major producers showed "effective cooperation". For now, inventories remain bloated and supplies high, especially in the United States.
Recent price movements reflect this, with Brent and WTI trading within a $5 per barrel price range this year, in what has become the longest and most range-bound period since a price slump began in mid-2014.
PRECIOUS LEVEL
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CS GOLD (APRIL) OVERVIEW:
TREND : BULLISH
RESIST 2: 29700
RESIST 1: 29500
SUP 1: 29150
SUP 2: 28950
RESIST 2: 29700
RESIST 1: 29500
SUP 1: 29150
SUP 2: 28950
CS SILVER (MARCH) OVERVIEW:
TREND : BULLISH
RESIST 2: 43500
RESIST 1:43200
SUP1: 42600
SUP2: 42300
RESIST 2: 43500
RESIST 1:43200
SUP1: 42600
SUP2: 42300
BASE METAL LEVELS
CS COPPER (FEB) OVERVIEW:
TREND : BEARISH
RESIST 2:410
RESIST 1:405
SUP1:398
SUP2:394
RESIST 2:410
RESIST 1:405
SUP1:398
SUP2:394
CS NICKEL (FEB) OVERVIEW:
TREND : BULLISH
RESIST 2:755
RESIST 1:745
SUP1:728
SUP2:720
RESIST 2:755
RESIST 1:745
SUP1:728
SUP2:720
CS ZINC (FEB)OVERVIEW:
TREND : BEARISH
RESIST 2:195.00
RESIST 1:193.00
SUP1:189.50
SUP2:188.50
RESIST 2:195.00
RESIST 1:193.00
SUP1:189.50
SUP2:188.50
CS LEAD (FEB) OVERVIEW:
TREND : BEARISH
RESIST 2: 156.50
RESIST 1: 155.30
SUP1: 150.00
SUP2: 149.00
RESIST 2: 156.50
RESIST 1: 155.30
SUP1: 150.00
SUP2: 149.00
CS ALUMINIUM (FEB) OVERVIEW:
TREND : BULLISH
RESIST 2: 129.50
RESIST 1: 128.50
SUP1: 125.50
SUP2: 124.50
RESIST 2: 129.50
RESIST 1: 128.50
SUP1: 125.50
SUP2: 124.50
ENERGY LEVELS
CS CRUDE OIL (FEB) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:3680
RESIST 1:3640
SUP1:3580
SUP2:3550
RESIST 2:3680
RESIST 1:3640
SUP1:3580
SUP2:3550
CS NATURAL GAS (FEB) OVERVIEW:
TREND : BEARISH
RESIST 2:197.00
RESIST 1:195.00
SUP1:190.00
SUP2:187.00
RESIST 2:197.00
RESIST 1:195.00
SUP1:190.00
SUP2:187.00
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