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CS MCX Commodity Evening mkt updates


Gold held steady in a narrow range on Wednesday, as the dollar pulled back from a seven-week peak although support remained strong for the U.S. currency on the back of a strong U.S. economy and expectations of steady interest rate hikes by the Federal Reserve Singapore. Asian shares staged a mild rebound after world stocks hit eight-week lows the previous day on worries about global economic growth. MKTS/GLOB are seeing some gentle bids come in (for gold)… I think this is due to dollar bulls not running wild, and a bit of equity markets uncertainty,” said Stephen Innes, APAC trading head at OANDA in Singapore. Gold has held in a $34 range for the last 1-1/2 months, which some analysts say suggests resilience, supported by concerns over economic growth in emerging markets and inflationary pressure from soaring oil prices.


Oil prices slipped on Wednesday after the IMF lowered its global growth forecasts, but markets were supported as Hurricane Michael moved towards Florida causing the shutdown of nearly 40 percent of U.S. Gulf of Mexico crude production. The International Monetary Fund cut its global economic growth forecasts for 2018 and 2019 on Tuesday, raising concerns that demand for oil may also slump. Trade wars and rising import tariffs are taking a toll on commerce, while emerging markets struggle with tighter financial conditions and capital outflows, the IMF said. supply concerns are keeping the market on edge. In the United States, nearly 40 percent of daily crude oil production was lost from offshore U.S. Gulf of Mexico wells on Tuesday because of platform evacuations and shut-ins ahead of Hurricane Michael. has strengthened into an “extremely dangerous” Category 4 hurricane, according to the latest advisory from the U.S. National Hurricane Center. producers evacuated personnel from 75 platforms as the storm made its way through the central Gulf on the way to landfall on Wednesday in Florida. turned off daily production of about 670,800 barrels of oil and 726 million cubic feet of natural gas by midday on Tuesday, according to offshore regulator the Bureau of Safety and Environmental Enforcement.

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