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CAPITALSTARS – MCX COMMODITY GOLD, SILVER, COPPER, CRUDE OIL NEWS UPDATE : 29 DECEMBER 2020

MCX COMMODITY DAILY UPDATES

Precious Metals Preview:

download (19)COMEX Gold Fails To Hold Above $1900 Per Ounce Mark.

Gold saw good gains yesterday before pulling back. The metal hit one week high above $1900 per ounce as media reports stated that US President Donald Trump signed into law a $2.3 trillion pandemic aid and spending package. COMEX Gold futures stayed supported last week on reports that Britain has detected a new variant of the coronavirus in contacts of cases who have travelled from South Africa. This strain has now reportedly spread to a number of other countries. However, Covid-19 vaccine is stated to be effective against the new strain and Gold reacted negatively to this development. COMEX Gold futures tanked more than 20 dollars in intraday trades yesterday. The counter currently trades at $1883 per ounce, up 0.14% on the day right now. MCX Gold futures also slipped in evening trades and closed at Rs 50062 per 10 grams after hitting a high of Rs 50580 per 10 grams.

Energy Preview:

crude-oil-price-compressedCrude Faces Resistance.

Crude oil futures continued to face heavy resistance around ten month highs even as risk sentiment was elevated and commodities edged up. Oil traders are focussing on the increase in OPEC+ output will have on prices. The OPEC+ output cuts of 7.7M barrels per day will be eased by 500K in January. The US oil rig count also rose by 2 on the week to 348 for week ended December 24 rig data provider Baker Hughes said in a latest update. The count is still down by 457 compared to the year ago levels but recent pick up is indicating normalization in the exploration activity. WTI Crude slumped more than 1% before pulling back and now trade at $47.81 per barrel, up 0.40% on the day. MCX Crude ended down 0.53% at Rs 3535 per barrel.

Base Metals Preview:

shutterstock_546669673-minCOMEX Copper Stays Supported On Firm Equities.

Copper stayed supported on Monday amid firmness in global equities. Investor sentiment was upbeat after the US President Trump signed a $2.3 trillion pandemic aid while the UK and the EU struck a Brexit trade deal. The red metal came off its highs though as overall trading was thin ahead of the yearend. COMEX Copper is trading flat at $3.57% per pound right now. MCX Copper ended at Rs 606.10 per kg, up 0.25% on the day. Meanwhile, China’s industrial profits increased 15.5% on a yearly basis in November, following a 28.2% surge posted in October, data released by the National Bureau of Statistics showed over the weekend. The slowdown in November was largely driven by a higher base compared with October, the statistical office said. During January to November period, profits of industrial firms climbed 2.4% from the same period last year. Japan industrial output was flat on a seasonally adjusted basis in November, the Ministry of Economy, Trade and Industry (METI) said on Monday, following the 4% gain in October. On a yearly basis, industrial production sank 3.4%, following the 3% drop in the previous month. Upon the release of the data, the METI maintained its assessment of industrial production, saying that it is picking up.



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

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