GIVE MISS CALL ON :- +91 99774 99927

CAPITALSTARS – MCX COMMODITY GOLD, COPPER, CRUDE OIL NEWS UPDATE : 22 SEPTEMBER 2020

MCX COMMODITY DAILY UPDATES

Precious Metals Preview:

download (1)MCX Futures Test Lows Under Rs 50K Amid Wild Global Selloff.

Gold tumbled as commodities went for a toss amid a heavy slide in equities. Global stocks slumped as rising Covid-19 cases in Europe and worries over economic growth hurt the sentiments. While stocks were hammered the safe-haven US dollar, measured by the ICE US Dollar Index rose nearly 1%. US Treasury bonds, also a safety investment, also saw high demand Monday as the 10-year bond yield dipped to a near 3 week low of 0.65%. Gold was seen sliding in an accelerated manner as prices fell through $1950 per ounce and tested a five week low under $1890 per ounce. The counter saw some buying afterwards and pulled back above $1900 per ounce mark. However, an intraday tumbled of more than $70 has created some panic in Gold market now. COMEX Silver also tanked around 10% in intraday moves. MCX Gold tested under the major support of Rs 50K and closed at Rs 50501 per 10 grams, down 2.35% on the day. MCX Silver closed down 9.30% at Rs 61550 per kg.

Base Metals Preview:

download (16)Copper Speculative Longs Rise Near Two And Half Year High.

Large base metals speculators increased 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 58607 net contracts in the data reported through September 14th 2020. This was a weekly spurt of 2857 net contracts from the previous week. The net longs have soared to near two and half year high now. Meanwhile, the commercial traders’ position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -62338 contracts, recording a weekly change of -1829 net contracts.

Energy Preview:

imagesFund Buying Stays Active In Crude Oil.

Large energy speculators added marginally to their net long positions in the WTI Crude Oil futures market 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 449366 contracts in the data reported through September 14th 2020. This was a rise of 378 net contracts and pushed up net longs from a five month low.


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

CapitalStars Investment Adviser: SEBI Registration Number: INA000001647.

Leave a Reply

Checking...

Ouch! There was a server error.
Retry »

Sending message...

ASK AN EXPERT


CapitalStars FORUM