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CAPITALSTARS – MCX COMMODITY EVENING MARKET NEWS UPDATES – 13 MAR 2018

CS MCX Commodity Evening mkt updates

Gold Prices Hold Steady as U.S. Dollar Remains Supported Gold prices held steady on Tuesday, as demand for the U.S. dollar remained mildly supported following last week’s upbeat employment data and as traders awaited the release of highly-anticipated U.S. inflation data due later in the day. The slowdown in wage growth dampened eased concerns over inflationary pressures and dampened expectations for four rate hikes by the Federal Reserve this year. Market participants were looking ahead to the U.S. consumer price inflation report due later in the day, to see if it confirms the expectations created by Friday’s jobs data. 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.

Crude Oil Prices Move Lower on U.S. Output Rise Crude oil prices moved lower on Tuesday, following news of another increase in U.S. production and as investors awaited this week’s U.S. supply reports. Oil prices came under pressure after the International Energy Agency (IEA) said in its monthly report on Monday that U.S. crude oil production jumped above 10 million barrels per day (bpd) at the end of 2017, overtaking output by top exporter Saudi Arabia. The IEA also said that U.S. production is expected to rise above 11 million bpd by late 2018, outpacing Russia. Separately, the U.S. Energy Information Administration (EIA) said that U.S. shale production is expected to rise by 131,000 bpd in April from the previous month to a record 6.95 million bpd. That would top the 105,000 bpd climb in March to what was then expected to be a record high of 6.82 million bpd. The EIA is due to publish its weekly U.S. stockpiles data on Wednesday, while the American Petroleum Institute’s will release its report later Tuesday. Fears that rising U.S. output could dampen global efforts to rid the market of excess supplies persist. The Organization of the Petroleum Exporting Countries (OPEC), along with some non-OPEC members led by Russia, agreed in December to extend oil output cuts until the end of 2018.

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