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CS MCX Commodity Evening mkt updates


Gold just got left behind by one of its sister metals. After a demand-fueled rally over the past four months that’s seen prices hit a record, palladium for immediate delivery topped gold following a surge higher. Gold prices dipped on Wednesday, retreating from a more than five-week top hit in the previous session, as the dollar crawled higher. “Gold is mainly tracking the U.S. dollar,” said Brian Lan, managing director at dealer Gold Silver Central in Singapore. “Today’s move in gold prices is a correction because yesterday prices were up quite a bit.” The benchmark 10-year Treasury yield fell to its lowest point since mid-September. The spread between the 10-year yield over its two-year counterpart also shrank to the smallest since the start of the financial crisis in January 2008, signalling to some investors an approaching economic slowdown. “Gold prices should have taken support from this but it has not. As inflation has come down, crude oil prices have come down, these positive and negative factors are holding gold at the same level,” said Renisha Chainani, head of commodity and currency research at Monarch Net worth Capital. Concerns about weaker growth have stoked bets that the Federal Reserve will end its campaign to raise interest rates sooner than previously thought, analysts said. U.S. Federal Reserve Chairman Jerome Powell said last Wednesday that U.S. interest rates were nearing neutral levels, which markets interpreted as signaling a slowdown in rate hikes. Asian equities dipped in line with Wall Street as resurgent trade concerns stoked worries about global economic growth. U.S. President Donald Trump on Tuesday held out the possibility of an extension of the 90-day trade truce with China, but warned he would revert to tariffs if the two sides could not resolve their differences. you would expect a better outing from gold given the absolute beat down in stocks, but this is a baby step for the precious metal,” said Amit Kumar Gupta, portfolio management services head at Adroit Financial Services in New Delhi.


As ministers from OPEC and its allies arrive in Vienna for crucial talks, all have made clear they agree on the need for a cut in oil production. But none have explained how they’ll turn that desire into a reality. With just a day to go before a critical OPEC summit, Saudi Arabia and Russia are set to meet Wednesday for make-or-break preparatory talks that’ll set the direction for the oil market. The stakes are high after prices suffered their largest monthly drop since the global financial crisis in November, and politicians including Donald Trump call on OPEC to keep energy prices in check. “There is little disagreement among OPEC members over the need to cut, but there is not yet consensus over how much,” said Amrita Sen, chief oil analyst at consultant Energy Aspects Ltd. “Communicating a large cut, if one can be agreed upon, will still be fraught with challenges given complicated U.S.-Saudi relations.” In an interview Tuesday, Saudi Energy Minister Khalid Al-Falih cautioned that a deal wasn’t yet done, saying it’s “premature” to suggest the OPEC+ group — which includes allies Russia and Kazakhstan — will agree to curtail output. That’s less bullish than statements he made a month ago in Abu Dhabi calling for 1 million barrels a day of cuts. Crude gave up much of its gains on Tuesday following his comments, and fell on Wednesday. “We need to get together and listen to our colleagues, hear about their views on supply and demand,” Al-Falih said on the sidelines of United Nations climate talks in Katowice, Poland, before traveling to Vienna, where he arrived early Wednesday. “The next road to cross is whether all countries are willing to come on board and contribute to that cut.” The last time the OPEC+ group agreed to curb output, in late 2016, it settled on a combined 1.8 million-barrel-a-day reduction. In preparatory meetings ahead of this week’s summit, delegates have said a cut of as much as 1.3 million barrels a day next year is needed as demand growth slows and U.S. shale production surges. The opportunity for countries to put their cards on the table comes Wednesday at the Joint Ministerial Monitoring Committee, the panel that oversees the 2016 deal. Both Al-Falih and his Russian counterpart, Alexander Novak, will attend that meeting, a day ahead of the full OPEC gathering on Dec 6.

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