GIVE MISS CALL ON :- +91 99774 99927

CAPITALSTARS – MCX COMMODITY NEWS – GOLD STEADIED ON WEDNESDAY – 15 May 2019

c805a6c9-f6c9-4ce4-acde-e0bcb6666334

Daily Metal and Energy Outlook 15th May

BULLION – Bullion counter may trade on volatile path as gold steadied on Wednesday after retreating from a one-month peak in the previous session as Washington and Beijing decided to further their discussions on trade, soothing investor concerns around a full-blown trade war. U.S. President Donald Trump on Tuesday called the trade war with China a little squabble and insisted talks between the world two largest economies had not collapsed, as investors remained on guard for a further escalation of tit-for-tat tariffs. Meanwhile on Tuesday, the Chinese government also confirmed that the two countries have agreed to keep talking about their trade dispute. However, restraining further downside for gold, Asian shares still struggled near a 3-1/2-month low on Wednesday on lingering concerns over the economic impact of a U.S.-China trade war.

ENERGY- Crude oil may trade with sideways bias as oil eased on Wednesday after closely watched data showed a surprise rise in U.S. crude stockpiles, but prices were supported by mounting tensions in the Middle East. U.S. crude stockpiles unexpectedly rose last week, while gasoline and distillate inventories increased data from industry group the American Petroleum Institute showed on Tuesday. Oil prices have drawn support after Saudi Arabia on Tuesday said armed drones struck two of its oil pumping stations, two days after the sabotage of oil tankers near the United Arab Emirates, while the U.S. military said it was braced for possibly imminent threats to U.S. forces in Iraq from Iran-backed forces. Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) on Tuesday said that world demand for its oil would be higher than expected this year as supply growth from rivals including U.S. shale producers slows, pointing to a tighter market if the exporter group refrains from raising output.

BASE METAL – Base metals prices may witness some short covering at lower levels as copper and most other base metals rose on Wednesday, after U.S. President Donald Trump insisted that trade talks with China had not collapsed. Trump on Tuesday called the trade war with China a little squabble and softened his tone in a series of remarks expressing optimism about reaching a trade deal with Beijing, While a Beijing senior diplomat also confirmed that the two countries would pursue relevant discussions. Copper may test 430 while taking support near 420 in MCX. Barrick Gold Corp, the world second largest bullion miner, is preparing its Zambian copper mine Lumwana for sale in the second half of 2019, looking to target Chinese buyers, three sources with knowledge of the matter said. Global miner BHP will hold on to the Australian nickel operations it previously put up for sale, while Rio Tinto, is working on copper and lithium projects as the mining industry bets on demand for electric vehicle (EV) batteries.

CapitalStars Provides  Free Trial To Our Client…

Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future cperformance.
CapitalStars Investment Adviser: SEBI Registration Number: INA000001647.
best commodity advisory in india, Best MCX tips, Capitalstars Video Gallery, commoditiestips, commodity market tips, commodity tips, commodity trading tips, Copper Tips, Crude oil tips

Leave a Reply

Checking...

Ouch! There was a server error.
Retry »

Sending message...

FREE TRIAL REQUEST


CapitalStars FORUM