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CAPITALSTARS – MCX COMMODITY GOLD, COPPER, CRUDE OIL NEWS UPDATE : 19 OCTOBER 2020

MCX COMMODITY DAILY UPDATES

Base Metals Preview:

shutterstock_546669673-minCopper Slides Amid Mixed Economic Cues.

COMEX Copper futures slipped in last session, easing from a one week high of $3.09 per pound and ended down 0.70% at $3.06 per pound. MCX Copper closed down 0.51% at Rs 528 per kg. DOW came off intraday highs amid uncertain outlook on the stimulus front. Rising Covid-19 cases in Europe also weighed. Economic data was mixed in US and Europe. The US consumer sentiment index rose to 81.2 in October from the final September reading of 80.4. The increase in the headline index came as the index of consumer expectations climbed to 78.8 in October from 75.6 in September, reaching its highest level since March. On the other hand, the report said the current economic conditions index fell to 84.9 in October after jumping to 87.8 in September. The US Fed said industrial production fell by 0.6% in September after rising by 0.4% in August. The Commerce Department said US retail sales soared by 1.9% in September after rising by 0.6% in August.
In Europe, the passenger car sales grew for the first time this year in September showing signs of recovery in the automobile sector, the European Automobile Manufacturers Association, or ACEA, reported Friday. Car registrations across the European Union grew 3.1% on a yearly basis to 933,987 units in September.

Energy Preview:

crude-oil-price-compressedWTI Crude Back Above $41 Per Barrel.

Crude oil futures rose on Friday as market focussed on OPEC oil output. The OPEC crude oil production in September decreased by 0.05 mb/d, (m-o-m), to average 24.11 mb/d, according to secondary sources. OPEC said it believes that the worst of current crisis is over. Oil market also benefitted from falling US Crude oil inventories and WTI Crude closed flat just above $41 per barrel. The MCX Crude oil futures ended up 0.17% at Rs 2999 per barrel after hitting a high of Rs 3025 per barrel.
The IMF noted in its latest World Economic Outlook last week that crude oil prices declined by 60% between February and April 2020 as the pandemic led to a collapse in global oil demand and concerns about storage capacity. IMF said that thanks to supply reductions, from late April onward, oil prices recovered from the mid-$10s to more than $40 a barrel by early June, but into August they remained about $25 below early January prices. As a result, many oil firms have suffered large losses massive layoffs, and asset write-downs as they reassess price outlooks and investments.



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