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Precious Metals Preview:

download (1)MCX Futures Approach Rs 51K Mark.

COMEX Gold rose impressively last week. The overall undertone remains supportive and the metal edged up near a three week high of $1937 per ounce. ETF demand remains high and US stimulus talks is also supporting the metal. According to a 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. MCX Gold futures also broke above Rs 50000 per 10 grams mark and approached 51K. The local demand scenario in the coming festive season will be critical for the commodity.

Base Metals Preview:

download (16)Copper Rises On Positive Leads From Equities.

Copper saw impressive gains as a rally above $3 per pound extended amid positive leads from equities and weakness in the US dollar. MCX Copper also consolidated in a range and ended around Rs 528 per kg mark. WTO noted that its estimates are subject to an unusually high degree of uncertainty as they depend on the evolution of the pandemic and government responses to it, the WTO said. Global trade shrunk a record 14.3 percent sequentially in the second quarter, but recent data has suggested a partial rebound in the third quarter.

Global trade volume is likely to fall less than earlier estimated this year, and the expected rebound next year will not return it to pre-crisis levels, the World Trade Organization (WTO) said, as it warned of downside risks from a resurgence of coronavirus infections over the coming months. The volume of world merchandise trade is set to decline 9.2% this year, which is much less than the 12.9% slump predicted in an optimistic scenario in April.

Energy Preview:

download (1)WTI Crude Approaches Six Week High.

WTI Crude oil jumped near six week high above $41 per barrel on good buying support. Norwegian oil workers plan to expand their ongoing strike, Norway’s state-appointed wage mediator said. Six offshore oil and gas fields closed down as the Lederne labour union ramped up its strike, reducing output by around 330,000 barrels of oil equivalent per day, according to the Norwegian Oil and Gas Association (NOG). US Energy Information Administration (EIA) reported crude oil inventory build of 500,000 barrels for the week to October 2. US Crude oil production also rose to 11 million barrels per day from 10.7 million bpd in the previous week. MCX Crude oil futures tracked the global cues very closely and hit above Rs 3030 per barrel though corrective action pulled the metal under Rs 3000 per barrel mark.

Investment & Trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.

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