PRECIOUS METALS:
Precious metals rose recovered from its last two days lower levels and closed up on Tuesday, as equity
markets fell again. Gold imports of India up 85% in January to nearly $3 billion. Today’s data of
building permits and PPI is expected to show flat readings compare to previous. Gold continues to
outperform silver on rising economic growth uncertainties.
ENERGY:
Russia-OPEC agrees to cut only if all players are willing to cut supplies voluntarily. Iran Oil minister-
Tehran would not agree to freeze oil supply at January levels. Natural Gas breached three years lows
last seen in June 2012 in NYMEX, as huge supply glut persist in global gas markets. Price continues its
southward journey as relatively warm weather.
BASE METALS:
Some metals prices fall on Tuesday, on higher stocks data released by LME. Higher dollar also
pressurized metals. Zinc stocks came near 40000 surplus, and aluminum stocks surplus showed near
55000. Zinc and lead closed on a lower note and zinc is expected to weaken further for the day.
Glencore has cut zinc premiums for Chinese imports for 2016 to $110-$125/t from $130-$160/t.
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