Commodities Weekly Outlook 22-Sep | Zoidresearch
Commodities Insight (Global News)-
♦China slashed its forecast for 2018-19 soybean imports to 83.65 million tonnes, down 10.2 million tonnes from last month's estimate of 93.85 million tonnes, the Ministry of Agriculture and Rural Affairs said in its monthly crop report.
♦United States CFTC Gold NC net positions down to $-10.8K from previous $-7.6K
♦OPEC, non-OPEC states study new oil output boost -source
♦OPEC and its allies to gather on Sunday in Algeria
♦The steel related metal Zinc is experiencing a deficit of 32,500 tonnes in July as against 14,200 tonnes in June, thus bringing in support for the rise in prices.
♦However, its sister metal lead is in a surplus of 20,600 tonnes in July after a deficit of 4,700 tonnes in June month as per ILZSG report.+
♦U.S. crude rose 2.5 percent in the week and Brent posted a 0.7 percent weekly gain.
♦In early trade, supply worries sent Brent $1.00 higher to $80.12 per barrel. Prices retreated after a source told Reuters that OPEC and its allies were discussing the possibility of raising output by 500,000 barrels per day. Then prices rebounded as investors bet Iran's production cuts would be too great to be fully offset.
Weekly Economic Calendar-
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•NOTE-
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