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CAPITALSTARS – MCX COMMODITY GOLD, COPPER, CRUDE OIL NEWS UPDATE : 16 OCTOBER 2020

MCX COMMODITY DAILY UPDATES

Precious Metals Preview:

download (19)Gold Sees Good Rebound.

Gold recovered as one week lows offered good support to the metal. Fresh lockdown restrictions across Europe due to spikes in coronavirus infections also triggered safe haven buying in the metal. The COMEX Gold futures added 0.10% to trade at $1910 per ounce. MCX Gold ended at Rs 50700 per10 grams, up 0.31% on the day after testing under Rs 50300 mark in intraday trades.
In a latest communique, the G20 Finance Ministers & Central Bank Governors noted that while the global economy is experiencing a sharp contraction in 2020 due to the impact of the COVID-19 pandemic, the outlook is less negative with global economic activity showing signs of recovery as our economies have been gradually reopening and the positive impacts of our significant policy actions started to materialize. However, the recovery is uneven, highly uncertain and subject to elevated downside risks.

Base Metals Preview:

shutterstock_546669673-minCOMEX Copper Hits One Week High.

COMEX Copper saw an impressive recovery amid an intraday bounce in DOW. The metal added more than 1% to test one week high of $3.09 per pound. MCX Copper futures closed at Rs 530.30 per kg, up 1% on the day. US economic cues were mixed though. Growth in New York manufacturing activity slowed by more than expected in the month of October, the Federal Reserve Bank of New York revealed in a report on Thursday. The New York Fed said its general business conditions index slid to 10.5 in October from 17.0 in September. The Philly Fed said its diffusion index for current activity rose to 32.3 in October from 15.0 in September. First-time claims for US unemployment benefits rose in the week ended October 10th, according to a report released by the Labor Department on Thursday. The report said initial jobless claims climbed to 898,000, an increase of 53,000 from the previous week’s revised level of 845,000.

Energy Preview:

images-2EIA Says US Crude Oil Inventories Drop By 3.8 Million Barrels.

The Energy Information Administration (EIA) reported an inventory draw of 3.8 million barrels for the week to October 9. At 489.1 million barrels, the US crude oil inventories were above the five-year seasonal average.
In gasoline, the EIA reported an inventory draw of 1.6 million barrels compared with a decline of 1.4 million barrels a week earlier. Gasoline production averaged 9.2 million bpd last week, compared with 9.5 million bpd a week earlier.
In distillate fuels, the EIA estimated a stock decline of 7.2 million barrels, compared with a 1-million-barrel draw a week earlier. Production of distillate fuels averaged 4.3 million bpd last week, compared with 4.5 million bpd a week earlier.
EIA reported that US crude oil refinery inputs averaged 13.6 million barrels per day, a fall of 277,000 barrels from the previous week’s average. US crude oil imports also fell by 477,000 barrels to register at 5.3 million barrels per day for the week ended October 9, 2020.



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