GIVE MISS CALL ON :- +91 99774 99927

CAPITALSTARS – MCX COMMODITY NEWS UPDATE : 11 FEBRUARY 2020

13

MCX MORNING UPDATE

BULLION –

Bullion counter can some profit booking at higher levels. Gold prices held steady on Tuesday after climbing to a one-week peak in the previous session, as concerns about the coronavirus epidemic that has claimed more than 1,000 lives in China offset an uptick in equities. Asian shares inched higher on Tuesday, after U.S. stocks hit a record peak overnight, as investors assessed how quickly China’s factories could return to work as the coronavirus continues to spread and deaths mount. The U.S. dollar and Japanese yen were in demand as worries about the spread of the coronavirus sent investors to safe harbours. The U.S. economy is in good shape and the Federal Reserve should hold rates steady for the time being, Philadelphia Federal Reserve Bank President Patrick Harker said on Monday. China’s Hubei province, the epicentre of a coronavirus outbreak, reported 2,097 new cases and 103 new deaths on Feb. 10, the local health authority said on Tuesday. More than 300 Chinese firms are seeking bank loans totalling at least 57.4 billion yuan ($8.2 billion) to soften the impact of the coronavirus, two banking sources said.

ENERGY-

Crude oil may witness some bounce back as oil prices rose more than 1% on Tuesday as recent sharp falls have encouraged investors holding short positions to book profits, but the market remains jittery over the Wuhan virus, which has now killed more than 1,000 in China. The number of coronavirus deaths on the mainland has now reached 1,016, China’s National Health Commission said, and the number of cases has topped 42,600. While the virus outbreak is hurting China’s economy – and others affected such as Japan and Singapore – San Francisco Federal Reserve Bank President Mary Daly, said the coronavirus impact on the U.S. economy has been limited. Crude oil can test 3640 while taking support near 3530. Worries about the virus’s impact on oil demand, however, and rising U.S. oil supplies will likely cap price gains. Natural gas can dip towards 124 while taking resistance near 130. U.S. natural gas futures plunged 5% on Monday to their lowest in almost four years on forecasts for less cold weather and heating demand over the next two weeks than previously expected, and as global liquefied natural gas (LNG) prices hit fresh record lows.

BASE METAL –

Base metals may trade with sideways bias. Copper may recover towards 435 while taking support near 430. Spot charges for processing copper concentrate in China have risen to their highest in eight months owing to the coronavirus outbreak. Spot charges for processing copper concentrate in China have risen to their highest in eight months as the coronavirus outbreak and associated constraints on production and logistics leave smelters unable to take shipments.


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

CapitalStars Investment Adviser: SEBI Registration Number: INA000001647.

Leave a Reply

Checking...

Ouch! There was a server error.
Retry »

Sending message...

ASK AN EXPERT


CapitalStars FORUM