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CAPITALSTARS – MCX COMMODITY GOLD, COPPER, CRUDE OIL NEWS UPDATE : 13 OCTOBER 2020

MCX COMMODITY DAILY UPDATES

Precious Metals Preview:

Download-Gold-PNGGold Pauses After Brief Rally.

COMEX Gold paused a little after recent spurt. The metal edged up near a three week high of $1937 per ounce last week. ETF demand remains high and US stimulus talks is also supporting the metal. However, the US dollar index edged up a little after testing three week low. COMEX Gold is currently trading down 0.65% at $1916 per ounce. MCX Gold futures broke above Rs 51000 per 10 grams mark and closed at Rs 51098 per 10 grams, up 0.55% on the day. The Indian Rupee eased a little after good gains in last session. INR closed at 73.28, falling 12 paise on the day. If Gold corrects further then it could be a sign that rising equities are finally weighing on the metal. The US stocks extended winning spree yesterday as Democrats and Republicans inched closer to a stimulus compromise.

Base Metals Preview:

download (16)Copper Speculative Longs Continue To Slide.

Large base metals speculators trimmed their net long positions in the Copper futures markets further last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday. The non-commercial futures contracts of Copper futures, traded by large speculators and hedge funds, totaled a net position of 53578 net contracts in the data reported through October 5th 2020. This was a weekly slide of 484 net contracts. The net longs continue to drop from near two and half year high and are at a five week low now.

Energy Preview:

imagesCrude Oil Sees Good Speculative Buying.

Large energy speculators increased their net long positions in the WTI Crude Oil futures market impressively last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday. The non-commercial futures contracts of WTI Crude Oil futures, traded by large speculators and hedge funds, totaled a net position of 471536 contracts in the data reported through October 5th 2020. This was a weekly gain of 9625 net contracts and pushed the net longs up from a five month low.



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