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CS MCX Commodity Evening mkt updates


Gold fell on Monday as the dollar firmed after China’s central bank eased its domestic policy to support the economy amid concerns that an escalating trade dispute with the United States could hurt growth. U.S. unemployment rate fell to near a 49-year low, as per the Labor Department’s monthly employment report on Friday, which also showed a steady rise in wages, suggesting moderate inflation pressures, that could keep the Federal Reserve on a path of gradual interest rate increases. very rosy comments from Fed Chair Powell earlier in the week and a decidedly hawkish post-FOMC presser, this data needed only to avoid an improbable disaster to unlock further steepening of the priced-in Fed outlook,” said Ilya Spivak, a currency strategist for Dailyfx. “To that end, its passing seemed to give the green light to traders withholding directional conviction until after event risk has passed.”


Oil dropped to around $83 a barrel on Monday, pressured by expectations that some Iranian oil exports will keep flowing after the U.S. reimposes sanctions, easing a strain on supplies. Two companies in India, a big buyer of Iranian oil, have ordered barrels in November, India’s oil minister said on Monday. Trump administration is considering waivers on sanctions, a U.S. government official said on Friday. U.S. sanctions will target Iran’s crude oil exports from Nov. 4, and Washington has been putting pressure on governments and companies worldwide to cut their imports to zero. Oil also dropped as investors focused on rising output from other producers, such as top exporter Saudi Arabia, to compensate for lower Iranian supplies.

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