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CAPITALSTARS – MCX COMMODITY MORNING MARKET NEWS GOLD EXTENDED LOSSES ON FRIDAY UPDATES –22 MARCH 2019

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BULLION – Bullion counter may trade with sideways bias. Gold extended losses on Friday, moving further away from a three-week peak hit in the previous session, as appetite for riskier assets improved on upbeat U.S. economic data, while the metal was still on path for a third straight weekly gain. U.S. data showed jobless benefit applications fell more than expected while mid-Atlantic factory activity rebounded. Britain could leave the European Union without a Brexit deal on April 12 if lawmakers fail next week to back Prime Minister Theresa Mays agreement with Brussels, EU leaders said after a crisis summit in Brussels on Thursday. Prime Minister Theresa May on Friday welcomed the European Unions decision to delay Brexit, saying that lawmakers in the British parliament now had clear choices about what to do next.

ENERGY- Crude oil may witness some profit booking at higher levels. Oil prices on Friday hovered close to 2019 peaks reached the previous day, propped up by supply cuts led by producer club OPEC and by U.S. sanctions against Iran and Venezuela. Prices have been propped up by supply cuts by the Organization of the Petroleum Exporting Countries (OPEC) and non-affiliated allies such as Russia, often referred to as OPEC+. Overall it may trade in range of 4090-4155 in MCX. With the driver of the OPEC bus, Saudi Arabia, showing no signs of wavering in the face of renewed pressure from Washington, we believe that OPEC is likely to extend the deal for the duration of 2019 when they next assemble in Vienna in June. Beyond OPEC and Russias supply policy, oil prices have also been boosted by U.S. sanctions on OPEC-members Iran and Venezuela.

BASE METAL – Base metals prices may trade sideways path. Base metal prices on the London Metal Exchange rose on Friday along with broader markets, buoyed after solid U.S. data helped calm worries over the outlook for the global economy. Thursday U.S. economic data was upbeat as initial claims for jobless benefits fell more than expected and mid-Atlantic factory activity rebounded sharply. Norsk Hydro, one of the worlds largest aluminium producers, said one of its key units is operating at only 50 percent of capacity following a cyber attack on the company this week.

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