GIVE MISS CALL ON :- +91 99774 99927

CAPITALSTARS – MCX COMMODITY EVENING MARKET NEWS UPDATES – 16 MAY 2018

CS MCX Commodity Evening mkt updates

Gold Prices Push Higher, Still Below $1,300 Level – 

Gold prices pushed higher on Wednesday, but remained below the $1,300 level after slumping on Tuesday as strength in the dollar and U.S. government bond yields prompted investors to sell off the yellow metal. The dollar rallied to five-month highs on Tuesday after a U.S. retail sales report indicated that consumer spending is on track to rebound after a soft patch in the first quarter, underlining expectations for continued economic growth. The dollar was also boosted by the surge in U.S. Treasury yields following the report, as traders continued to price in a faster pace of rate hikes by the Federal Reserve this year. The yield on 10-year U.S. Treasury notes rose as high as 3.095%, the highest level since August 2011. Bond yields move inversely to prices. The yield subsequently came off that level and was last at 3.067%. Yields have climbing higher since the Fed said on at its May meeting that inflation is moving closer to its 2% target. The Fed raised rates in March and projected two more rate hikes this year, although many investors see three hikes as possible.

Oil Prices Slip Ahead Of EIA Supply Data

Oil prices edged lower on Wednesday, but held near three-and-a-half-year highs reached in the prior session as markets focused on rising U.S. crude stockpiles along with the potential impact of U.S. sanctions on Iranian oil exports. Despite the dips, both oil benchmarks remained close to their November 2014 highs of $71.92 and $79.47 a barrel respectively, reached the previous day. Investors looked ahead to fresh weekly data on U.S. commercial crude inventories to gauge the strength of demand in the world’s largest oil consumer and how fast output levels will continue to rise. Analysts also forecast a fall of 1.4 million barrels for gasoline stockpiles, while distillate inventories are expected to drop by 2.1 million barrels. After markets closed Tuesday, the American Petroleum Institute said that U.S. oil inventories climbed by nearly 4.9 million barrels last week. The API data also showed a decline of about 3.4 million barrels in gasoline stockpiles, while inventories of distillates dropped by 768,000 barrels. There are often sharp divergences between the API estimates and the official figures from EIA. Meanwhile, investors continued to assess the implications of President Donald Trump walking away from the Iran nuclear deal earlier this month. Walking away from the deal means that the United States will likely reimpose sanctions against Iran after 180 days, unless some other agreement is reached before then.

 

MCX TipsStock Market LiveFinancial Advisory Company in IndoreStock Advisory Company in Indore ,  Intraday stock Tips , Financial Advisory company  , Sebi Registered Advisory company , Capitalstars Video Gallery

CapitalStars Provides  Free Trial To Our Client…

Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.
CapitalStars Investment Adviser: SEBI Registration Number: INA000001647

Leave a Reply

Your email address will not be published. Required fields are marked *

Checking...

Ouch! There was a server error.
Retry »

Sending message...

FREE TRIAL REQUEST


CapitalStars FORUM