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CAPITALSTARS – MCX COMMODITY GOLD, SILVER, COPPER, CRUDE OIL NEWS UPDATE : 31 DECEMBER 2020

MCX COMMODITY DAILY UPDATES

Precious Metals Preview:

download (19)Gold Lingers Around $1890 Per Ounce.

Gold witnessed a very choppy movement as global markets saw thin moves though a relentless drop in the US dollar index kept the overall undertone supportive for the commodity. However, the US dollar index fell well under 90 mark and eased near 89.60, down 0.20% on the day, keeping Gold broadly supported. COMEX Gold futures currently trade at $1891 per ounce, almost unchanged on the day right now. MCX Gold futures consolidated around Rs 50000 per 10 grams now as strength in the Indian Rupee weighed on the counter. The INR hit around a two month high of 73.26 per US dollar today as local equities hit another record high. The slide in the US dollar is keeping the currencies world under stress and there are signs that other central bankers will swing in the action to curb exchange rate volatility and ensure that their own currencies to do appreciate in a hurried manner. The ECB noted yesterday that it is monitoring the Euro exchange rate very closely.

Energy Preview:

crude-oil-price-compressedEIA Reports Inventory Draw Of 6.1 Million Barrels.

The US Energy Information Administration (EIA) reported an oil inventory draw of 6.1 million barrels for the week to December 25. Last week, the EIA had estimated a modest inventory drop of 600,000 barrels. The EIA reported a gasoline inventory draw of 1.2 million barrels for the last full week of December, which compared with a 1.1-million-barrel decline a week earlier. The US Gasoline production averaged 9.2 million bpd last week, compared with 8.8 million bpd a week earlier.
In distillate fuels, the EIA reported an inventory increase of 3.1 million barrels for the week to December 25, with production averaging 4.6 million bpd. This compared with an inventory decline of 2.3 million barrels for the prior week. Refineries processed 14.3 million bpd of crude oil last week, compared with 14 million bpd a week earlier, operating at 79.4% of their capacity, compared with 78% for the previous week.

Base Metals Preview:

shutterstock_546669673-minCopper Sees Corrective Action On Last Trading Day Of 2020.

COMEX Copper eased today as last session of the year triggered some corrective action. The metal is down 0.36% at $3.53 per pound. Copper consolidated yesterday in a choppy range as world Markets remained supported in calm trading. AstraZeneca’s COVID-19 vaccine received its first approval for emergency supply in the UK. China downgraded its economic growth for 2019 on Wednesday, which is set to provide a low base for the 2020 growth calculation. The National Bureau of Statistics revised down the GDP growth for 2019 to 6% from 6.1%. However, the fact that China is the only major economy recording an expansion in a pitiful year for the world economy is auguring well for the red metal. MCX Copper moved in a tiny range around Rs 600 per kg.
Economic cues were mixed otherwise. A report released by MNI Indicators on Wednesday showed acceleration in the pace of growth in Chicago-area business activity in the month of December. MNI Indicators said its Chicago business barometer rose to 59.5 in December from 58.2 in November, with a reading above 50 indicating growth.
The US National Association of Realtors (NAR) released a report on Wednesday showing a continued decrease in US pending home sales in the month of November. NAR said its pending home sales index fell 2.6% to 125.7 in November after falling by 0.9% to 129.1 in October.
UK house prices grew at the fastest pace in six years in December as the property market remained resilient despite the pandemic, data published by the Nationwide Building Society showed. House prices climbed 7.3% year-on-year in December, following November’s 6.5% increase.



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