Posted by : Niti Mathur
International Commodity Updates
The U.S. economy has been hurt by a recent budget standoff in Washington and it is important that the nation does not go through another around of brinkmanship, Treasury Secretary Jack Lew said on. The Federal Reserve should be "extraordinarily careful" about hiking interest rates to head off potential risks to financial stability, a top U.S. central banker said on Friday, warning about consequences to the economy. China's cabinet called for greater effort in revamping the economy because a recovery is not yet solid, seeking quicker progress on restructuring industry and increasing consumption while guarding against risk and protecting people's livelihoods. LME Inventory for Nickel advanced by 720 tonnes on Monday. London copper futures edged up on Friday, supported by data showing China's economy grew as forecast in the third quarter, although concerns its upward momentum may be short-lived limited price gains.
Natural Gas Trend
Natural gas futures bounced back from a seven-day low to close modestly higher on Friday, as investors returned to the market to close out bets on lower prices after futures move into oversold territory. Meanwhile, market participants continued to focus on weather forecasts to gauge the strength of demand for the fuel. On the New York Mercantile Exchange, natural gas futures for delivery in November inched up 0.19% on Friday to settle the week at USD3.764 per million British thermal units.