Natural gas futures were lower on Thursday, maintaining losses despite data showing that domestic supplies in storage fell more than forecast last week.Type or Copy and Paste Your text here, Only 30,000 characters are allowed.

INTERNATIONAL COMMODITY NEWS

Gold prices remained at one-and-a-half week lows on Thursday, as the release of upbeat U.S. jobless claims data was expected to add further strength to the dollar after the minutes of the Federal Reserve's latest policy minutes pointed to the need for further interest rate hikes. Comex gold futures were down 0.47% at $1,325.8 a troy ounce by 08:35 a.m. ET (12:35 GMT), the lowest since February 14. The U.S. Labor Department reported on Thursday that initial jobless claims fell by 7,000 to 222,000 last week, compared to expectations for jobless claims to total 230,000. The data came a day after the minutes of the Fed's January policy meeting showed that central bank officials see increased economic growth and rising inflation as justification to continue to raise interest rates gradually. Gold is sensitive to moves in both U.S. rates and the dollar. A stronger dollar makes gold more expensive for holders of foreign currency, while a rise in U.S. rates lifts the opportunity cost of holding non-yielding assets such as bullion.

Natural gas futures were lower on Thursday, maintaining losses despite data showing that domestic supplies in storage fell more than forecast last week. Front-month U.S. natural gas futures shed 2.1 cents, or around 0.8%, to $2.638 per million British thermal units (btu) by 10:45AM ET (1545GMT). Futures were at $2.649 prior to the release of the supply data. The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. fell by 124 billion cubic feet (bcf) in the week ended Feb. 16, above forecasts for a withdrawal of 121 bcf. That compared with a decline of 194 bcf in the preceding week, a fall of 89 bcf a year earlier and a five-year average drop of 145 bcf. Total natural gas in storage currently stands at 1.760 trillion cubic feet (tcf), according to the U.S. Energy Information Administration.

Record high stocks of copper in land-locked Arizona and Utah are a reflection of soaring transport costs in the United States and weak demand for the industrial metal produced in the Americas, copper industry sources say. Trading sources added that stocks in these two locations are likely to keep rising until prices are high enough to offset costs of transporting the copper. Copper stocks held in warehouses registered with COMEX (O:CME) in the United States stand at 228,428 tonnes, up from below 90,000 tonnes at the start of 2017. Specifically, stocks in COMEX warehouses in Salt Lake City, Utah have climbed to 131,774 tonnes from around 30,000 tonnes in January last year, while those in Tucson, Arizona are up at 74,427 tonnes from below 50,000.


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