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CAPITALSTARS – MCX COMMODITY GOLD, SILVER, COPPER, CRUDE OIL NEWS UPDATE : 17 NOVEMBER 2020

MCX COMMODITY DAILY UPDATES

Precious Metals Preview:

download (19)COMEX Gold Sees Rangebound Trades.

COMEX Gold futures took a sharp hit in US session as Covid-19 vaccine optimism hurt the metal. Moderna Inc said its vaccine candidate proved highly effective in preventing COVID-19 infections. Last week, similar update had come from Pfizer. COMEX Gold had edged up towards one week high last week and tried to consolidate around the same level but the Moderna news took a heavy toll on the metal and took it all the way near $1860 per ounce. This intraday fall of around 2% was bought into though as traders focused on reports of good Indian demand around Diwali. COMEX Gold trades at $1889 per ounce, flat on the day. MCX Gold futures closed at Rs 50845 per 10 grams, down 0.28% on the day.

Energy Preview:

imagesMCX Crude Spikes Sharply.

WTI Crude oil futures continue to soared today as equities stay well supported and oil traders focus on a further extension of global supply curbs. The Organization of the Petroleum Exporting Countries and their allies, including Russia, also known as OPEC+, has been cutting production by about 7.7 million barrels per day to support prices. The cartel is set to hold a ministerial committee meeting on Tuesday which could recommend further changes to production quotas. WTI Crude is managing to hold above $40 per barrel and currently trades up 0.50% at $41.55 per barrel. MCX Crude oil jumped by 2.64% to close at Rs 3071 per barrel in last session.

Base Metals Preview:

download (16)MCX Copper Futures Soar 1%.

COMEX Copper futures extended gains to hit a fresh 29 month high of $3.26 per pound yesterday as equities stayed broadly supported and economic data boosted the red metal. The metal slipped a little thereafter and currently trades down marginally at $3.22 per pound. MCX Copper futures rallied 1% to end at Rs 547.30 per kg. In a key data yesterday, China’s industrial production was up 6.9% on year in October, the National Bureau of Statistics said, unchanged from the September reading. The bureau also said that fixed asset investment rose 1.8% on year, up from 0.8% in the previous month. Retail sales gained 4.3% on year, up from 3.3% a month earlier. The unemployment rate came in at 5.3%, down from 5.4% in September.



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

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