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CAPITALSTARS – MCX COMMODITY MORNING MARKET NEWS UPDATES –14 MARCH 2019

Morning-Commodities-Market-updates-1

Bullions:

Bullion counter may trade with mixed bias Gold held close to two-week highs on Thursday as the U.S. dollar eased after British lawmakers rejected a no-deal Brexit in any scenario and as tepid U.S. inflation data reduced the chance of future U.S. interest rate hikes. The British parliament on Wednesday rejected leaving the European Union without a deal, further weakening Prime Minister Theresa May and paving the way for a vote that could delay Brexit until at least the end of June. Gold can take support near 32050 and can recover towards 32250. Silver can take support near 38500 and can recover towards 38900. U.S. producer prices barely rose in February, resulting in the smallest annual increase in more than 1-1/2 years, in the latest sign of benign inflation that supports the Federal Reserve’s wait-and-see approach to further interest rate hikes this year. U.S. President Donald Trump said on Wednesday he was in no rush to complete a trade pact with China and insisted that any deal include protection for intellectual property, a major sticking point between the two sides during months of negotiations.

 

Base Metals:

Base metals prices may trade with sideways bias. Growth in China’s industrial output fell to a 17-year low in the first two months of the year, pointing to further weakness in the world’s second-biggest economy. But investment picked up speed as the government fast-tracked more road and rail projects, offering some relief for policymakers as they work to avert a sharper slowdown, data showed on Thursday. Copper may take support near 446 and can face resistance near 458 in MCX. Zinc can take support near 196 while facing resistance near 201. Zinc edged down from near eight-month highs on Thursday after comments from U.S. President Donald Trump chilled optimism over an imminent China trade deal, while tight supply of metal underpinned prices. LME zinc stocks have fallen to 58,950 tonnes, the lowest since October 2007, and down from around 250,000 tonnes as recently as August. In recent years, traders have been holding metal outside LME warehouses where storage is cheaper. Lead can move in range of 145-147. Nickel can also test 925 while taking support near 900. Aluminum prices may recover towards 149.

 

Energy:

Crude oil may open on positive bias as it may test 4100 in MCX. Brent crude oil prices on Thursday hit their highest so far this year, pushed up by ongoing supply cuts led by OPEC and by U.S. sanctions against Venezuela and Iran. An unexpected dip in U.S. crude oil inventories and production also lifted prices, The Organization of the Petroleum Exporting Countries (OPEC) and some nonaligned producers including Russia have been withholding oil supply since the start of the year to tighten global markets and prop up crude prices. In Venezuela, oil production and exports have been disrupted by a political and economic crisis that has caused massive blackouts and supply shortages, while Washington has barred U.S. companies from doing business with the Venezuelan government, including state-owned oil firm PDVSA. Natural gas may remain sideways as it can take support near 195 while taking facing resistance near 200 in MCX. U.S. natural gas futures settled higher on Wednesday on expectations that a federal report on Thursday will show a much higher-than-normal weekly withdrawal, deepening the storage deficit.

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