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CAPITALSTARS – MCX COMMODITY EVENING MARKET NEWS UPDATES – 06 FEB 2018

CS MCX Commodity Evening mkt updates

Oil prices fall more than 1 percent amid global market rout Oil prices dropped by more than 1 percent on Tuesday, extending falls from the previous session as global financial markets tumbled lower in the wake of one of the biggest intra-day falls ever registered on Wall Street. “The fall (in crude futures) is mainly attributable to a global sell off in equities,” said Sukrit Vijayakar, director at consultancy Trifecta Energy. “People ran to the U.S. dollar as a safe haven currency. Therefore the dollar strengthens. This makes commodities more expensive to buy, hence oil futures get sold off,” he added. Financial markets went into a tailspin on Monday after a sharp rise in U.S. bond yields that raised alarms over rising inflation and potentially higher interest rates. “Suddenly, inflation has become one of the most-talked about issues in markets,” U.S. bank J.P. Morgan said in a note to clients. The correction in oil is also being driven by fundamentals, traders said. Despite the Organization of the Petroleum Exporting Countries (OPEC) and Russia cutting production in order to tighten the market, crude remains in ample supply.

Gold Prices Gain In Asia As Safe Haven Demand Grows on Stocks Rout Gold prices gained in Asia on Tuesday as safe-have demand for the precious metal came to the fore following a rout in US stocks that carried over into the region and sent Tokyo down as much as 5%, Overnight, gold prices remained under pressure as the dollar moved off lows after services data topped economists’ forecasts reaffirming investor expectation that bullish economic growth would strengthen the Federal Reserve’s case to raise rates more aggressively. Scotia bank said that upbeat ISM non-manufacturing data was a “strong plus for growth and the components are hawkish to the Federal Open Market Committee.” In a rising interest rate environment, investor appetite for gold weakens as the opportunity cost of holding the precious metal increases relative to interest-bearing assets such as bonds. Gold suffered its biggest weekly loss since December last week as data showed traders appear wary of increasing their bullish bets on gold.

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