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CAPITALSTARS – MCX COMMODITY EVENING MARKET NEWS UPDATES – 5 NOV 2018

CS MCX Commodity Evening mkt updates

BULLION : –

Gold prices were steady in early Asian trade on Monday as the dollar eased, while investors are tuned in to the U.S. congressional elections on Tuesday. Spot gold was steady at $1,232.86 per ounce, at the time of writing. U.S. gold future was up 0.1 percent at $1,234.6 per ounce. The dollar index, which measures the greenback against a basket of six major currencies, was down 0.1 percent. Investors are now focused on the U.S.congressional elections on Nov. 6, which will determine whether the Republican or Democratic party controls Congress, with some predicting increased market volatility on the outcome. U.S. job growth rebounded sharply in October and wages recorded their largest annual gain in 9-1/2 years, pointing to further labor market tightening that could encourage the Federal Reserve to raise interest rates again in December. British Prime Minister Theresa May’s office has dismissed as “speculation” a newspaper report that suggests an all-UK customs deal will be written into the legally binding agreement governing Britain’s withdrawal from the EU. SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.23 percent to 759.06 tonnes on Friday from 760.82 tonnes on Thursday. Hedge funds and money managers raised their net short position in gold by 18,723 contracts to 45,622 contracts, according to U.S. Commodity Futures Trading Commission data on Friday. This was the highest in three weeks

ENERGY:-

Oil prices dipped on Monday as the start to U.S. sanctions against Iran’s fuel exports was softened by waivers that will allow some countries to still import Iranian crude, at least temporarily. U.S. West Texas Intermediate (WTI) crude futures were down 27 cents, or 0.4 percent, at $62.87 a barrel. Brent has lost more than 16 percent in value since early October, while WTI has declined by more than 18 percent since then. Prices have been coming under pressure since it became clear that Washington was allowing several countries to continue importing crude from Iran despite the sanctions, which officially started on Monday. The United States said on Friday it will temporarily allow eight importers to keep buying Iranian oil when it re-imposes sanctions, aimed at forcing Iran to curb its nuclear, missile and regional activities. U.S. Secretary of State Mike Pompeo, who announced the decision, did not name the eight, which he referred to as “jurisdictions,” a term that might include importers such as Taiwan which the United States does not regard as a country. China, India, South Korea, Turkey, Italy, the United Arab Emirates and Japan have been the top importers of Iran’s oil, while Taiwan occasionally buys cargoes of Iranian crude but is not a major buyer. Oil markets have already adjusted to the Iran sanctions, gradually dialing back imports in preparations.

BASE METAL:-

London copper took a breather on Monday after hitting a two-week peak in the previous session following comments by the U.S. president that the United States may be approaching a trade deal with China. London Metal Exchange copper slipped by half a percent to $6,253 a tonne at the time of writing, paring 3.2 percent gains on Friday when prices reached the highest in two weeks at $6,315 a tonne. Copper has traded in a $5,950-$6,400 range since late September as worries of an escalating trade war have overshadowed signs of a burgeoning shortage of the metal. Shanghai Futures Exchange copper narrowed earlier gains and were up 1.2 percent at 49,970 yuan ($7,235.42) a tonne. Other LME metals weremore or less flat except for volatile nickel that shed 1.1 percent, erasing Friday’s gains. U.S. President Donald Trump said on Friday he will likely make a deal with China on trade, adding that a lot of progress has been made to resolve the two countries’ differences but warned that he still may impose more tariffs on Chinese goods. Hedge funds and money managers raised their net short positions in Comex copper contracts in the week to Oct. 30, the U.S. Commodity Futures Trading Commission said on Friday.

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