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CAPITALSTARS – MCX COMMODITY EVENING MARKET NEWS UPDATES – 9 OCT 2018

CS MCX Commodity Evening mkt updates

BULLION:-

Gold prices edged higher on Tuesday as risk appetite fell, with Asian stocks slipping to 17-month lows amid concerns over a potential slowdown in China’s economic growth. Asian shares fell on Tuesday as China allowed its currency to slip past a psychological bulwark amid sharp losses in domestic share markets, a shift that pressured other emerging currencies to depreciate to stay competitive. MKTS/GLOB the International Monetary Fund on Tuesday cut its global economic growth forecasts for 2018 and 2019, saying that trade policy tensions and imposition of import tariffs were taking a toll on commerce while emerging markets struggle with tighter financial conditions and capital outflows. short-term haven demand is supporting gold prices at current levels because of risk aversion due to ongoing trade wars, political developments including in Italy and outflow of money from the equity markets,” said Mark To, head of research at Hong Kong’s Wing Fung Financial Group.

 

ENERGY:-

Oil prices rose on Tuesday on growing evidence of falling crude exports from Iran, OPEC’s third-largest producer, before the imposition of new U.S. sanctions and a partial shutdown in the Gulf of Mexico due to Hurricane Michael. Brent crude  jumped $1.13 a barrel to a high of $85.04 before easing back to trade at $84.71, up 80 cents, by 1030 GMT. Brent hit a four-year high of $86.74 last week but slipped as low as $82.66 on Monday. “The oil market mood is exceptionally bullish, with fears growing that the U.S. demands for an Iran oil embargo could cause a significant supply shortfall,” said Julius Baer commodities research analyst Carsten Menke. Iran’s crude exports fell further in the first week of October, according to tanker data and an industry source, as buyers sought alternatives ahead of U.S. sanctions that take effect on Nov. 4. exported 1.1 million barrels per day (bpd) of crude in that seven-day period, Refinitiv Eikon data showed. An industry source who also tracks exports said October shipments were so far below 1 million bpd.

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