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Precious Metals Preview:

Download-Gold-PNGGlobal Gold ETF Holdings Surge For 10 Consecutive Months.

According to the latest report from the World Gold Council (WGC), total ETF holdings worldwide rose for the tenth consecutive month in September, crossing the 1,000-tonne mark for the first time in a calendar year. In September, gold ETF holdings increased by 68.1 tonnes ($4.6 billion) — or 2% of assets under management (AUM). Global net inflows of 1,003 tonnes ($55.7 billion) in 2020 have pushed the gold ETF holdings universe to a fresh new all-time high of 3,880 tonnes so far.
WGC said that North American funds led the way again in September with inflows of 34.6 tonnes ($2.2 billion). European funds added 26 tonnes ($1.9 billion), while Asian funds added 6.8 tonnes ($432 million) as two new funds launched in China for a second straight month, bringing the total number of new funds in Asia to seven this year. Overall, the gold ETF AUM has grown about 67% year-to-date through September.

Base Metals Preview:

download (16)COMEX Copper Gains Around 1% In Asia.

COMEX Copper futures rose yesterday amid steady gains emerged in the US stocks on continued optimism about fresh coronavirus stimulus bill. COMEX Copper is currently trading up 1% at $3.06 per pound. MCX Copper added marginal gains to close at Rs 523.65 per kg. Weak US dollar and continued improvement in economic data is supporting Copper.
A report released by the Labor Department on Thursday showed a modest decrease in first-time claims for US unemployment benefits in the week ended October 3rd. The Labor Department said initial jobless claims edged down to 840,000, a decrease of 9,000 from the previous week’s revised level of 849,000. Germany’s exports were up 2.4% in August from 4.7% in July, data from Destatis revealed Thursday. Meanwhile, the month-on-month increase in imports accelerated to 5.8 percent from 1.1%. As a result, the trade surplus fell to a seasonally adjusted EUR 15.7 billion from EUR 18 billion in July.
A measure of the public assessment of the Japanese economy continued to gain in September, survey data from the Cabinet Office showed on Thursday. The current conditions index of the Economy Watchers’ Survey, which measures the current situation of the economy, increased notably to 49.3 in September from 43.9 in August. The outlook index that signals future activity moved to 48.3 in September from 42.4 in the previous month, rising for a second month.
Germany’s factory orders climbed 4.5% month-on-month, which was faster than the 3.3% rise in July, data from Destatis revealed Tuesday. Domestic orders climbed 1.7%, while foreign demand logged a notable growth of 6.5%. New orders from the euro area went up 14.6% and that from other countries increased by 1.5%. On a yearly basis, manufacturing orders dropped at a slower pace of 2.2%, following a 6.9% decrease in July.

Energy Preview:

imagesWTI Crude Faces Selling Pressure Around Three Week High.

WTI Crude oil is lingering around $41 per barrel in Asia, down marginally on the day as three week high levels around $41.30 per barrel triggered selling pressure in the commodity. The US Energy Information Administration or EIA noted that its October Short-Term Energy Outlook (STEO) remains subject to heightened levels of uncertainty because mitigation and reopening efforts related to COVID-19 continue to evolve. Reduced economic activity related to the COVID-19 pandemic has caused changes in energy demand and supply patterns in 2020 and will continue to affect these patterns in the future.
EIA expects inventory draws in the fourth quarter to be 3.0 million b/d before markets become more balanced, with inventory draws of 0.3 million b/d on average in 2021. Despite expected inventory draws in the coming months, EIA expects high inventory levels and surplus crude oil production capacity will limit upward pressure on oil prices. EIA forecasts monthly Brent spot prices will average $42/b during the fourth quarter of 2020 and will rise to an average of $47/b in 2021.

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