{"id":2715,"date":"2017-01-01T20:26:18","date_gmt":"2017-01-01T20:26:18","guid":{"rendered":"http:\/\/arabicfxadvisors.com\/english\/?p=2715"},"modified":"2017-01-01T20:26:18","modified_gmt":"2017-01-01T20:26:18","slug":"oil-metals-post-stellar-2016-gains-output-cuts-demand-hopes-30-dec-2016","status":"publish","type":"post","link":"https:\/\/arabicfxadvisors.com\/english\/oil-metals-post-stellar-2016-gains-output-cuts-demand-hopes-30-dec-2016\/","title":{"rendered":"Oil, metals post stellar 2016 gains on output cuts, demand hopes – 30 Dec, 2016"},"content":{"rendered":"

Crude oil, rubber and metals are set to end 2016 with strong gains, bouncing back from several years of losses on output cuts and expectations of firmer demand.<\/p>\n

Benchmark zinc CMZN3, steel rebar SRBcv1 and rubber JRUc6 have all rallied around 60 percent this year, while Brent crude LCOc1 has climbed more than 50 percent.<\/p>\n

Crude oil output cuts announced by OPEC, stronger-than-expected demand in top commodities market China and expectations of higher infrastructure spending in the United States after the victory of Republican candidate Donald Trump all boosted prices.<\/p>\n

<\/div>\n
<\/div>\n

Looking forward, oil should gradually rise toward $60 a barrel by end-2017, a Reuters survey found, but gains could be capped by a strong dollar, rising U.S. exports and a possibility that some OPEC members adhere to agreed cuts.<\/p>\n

“Accelerating non-OPEC (production) declines and OPEC’s decision to cut were key to the rise in 2016,” Energy Aspects analyst Nevyn Nah said, while robust demand growth also helped support prices.<\/p>\n

“But the rebalancing process is still in its infancy and speculators want to position for that.”<\/p>\n

TOCOM rubber saw its biggest gain since 2009, a rally driven by higher oil and a weaker Japanese currency, which makes yen-denominated commodities cheaper for holders of other currencies.<\/p>\n

Prices for steel rebar, used in construction, have soared more than 60 percent this year on better-than-expected spending on building and infrastructure and soaring costs for coking coal due to government-enforced coal mine closures.<\/p>\n

“I expect the steel price rally to continue in the first half of 2017 when stock piling will be at a final phase and infrastructure construction programs will start,” said Zhou Guangyan, steel analyst at Zhongcai Futures.<\/p>\n

However, demand was likely to wane in the second half, with inventory at a new peak and the market feeling the effects of real estate regulations and potentially tighter monetary policy in China, he added.<\/p>\n

Zinc, which is used in steel production, climbed to a nine-year peak last month with support from a series of mine closures that have tightened ore supply, fuelling a speculative rally.<\/p>\n

For precious metals, gold is up more than 9 percent this year, snapping three years of losses as the market was lifted by a demand surge due to economic and political uncertainty.<\/p>\n

However, the outlook is bearish as a rising U.S. dollar and higher interest rates, combined with strong equity markets, are expected to dampen demand for non-interest-paying bullion.<\/p>\n

Agriculture had some of the worst performers in 2016, with Chicago wheat Wv1 poised to post an annual loss of more than 13 percent due to all-time high global production.<\/p>\n

Cocoa CCc1 has given up almost 33 percent in its worst year since 1999 as the prospect of a global surplus kept the market on the defensive.<\/p>\n

Palm oil 1FCPOc3 and soybeans Sv1 were exceptions. Palm oil has added almost a quarter to its value after dry weather curbed output while beans are up 17 percent.<\/p>\n

-Source: Reuters<\/p>\n","protected":false},"excerpt":{"rendered":"

Crude oil, rubber and metals are set to end 2016 with strong gains, bouncing back…<\/p>\n","protected":false},"author":2,"featured_media":1344,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[373],"tags":[],"class_list":["post-2715","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-news"],"jetpack_publicize_connections":[],"yoast_head":"\nOil, metals post stellar 2016 gains on output cuts, demand hopes - 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