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CAPITALSTARS – MCX COMMODITY NEWS UPDATE – GOLD PRICES ROSE ON MONDAY –27 May 2019

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BULLION – Bullion counter may trade with upside bias as gold prices rose on Monday amid concerns the Sino-U.S. trade war had started to take its toll on the U.S. economy, weakening the dollar and raising hopes of a U.S. Federal Reserve interest rate cut. The U.S. dollar was little changed against a basket of six major currencies, having fallen off a two-year peak in the previous session after orders for U.S.-made capital goods fell, further indicating that manufacturing and the broader economy are slowing, due in part to the U.S.-China trade dispute. US markets are closed for Memorial Day holiday. China on Friday denounced U.S. Secretary of State Mike Pompeo for fabricating rumors after he said the chief executive of China Huawei Technologies Co Ltd was lying about his company ties to the Beijing government. Escalating trade tensions and weak data have fuelled expectations of a rate cut from the U.S. Federal Reserve. Hedge funds and money managers sharply reduced their net long positions in COMEX gold in the week to May 21, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.

ENERGY- Crude oil may witness some short covering at lower levels .Oil prices rose on Monday as ongoing supply cuts led by producer club OPEC kept markets relatively tight, but Brent remained below $70 per barrel on concerns over an ongoing trade war between the United States and China. Oil prices rose on Monday as ongoing supply cuts led by producer club OPEC kept markets relatively tight, but Brent remained below $70 per barrel on concerns over an ongoing trade war between the United States and China. Money managers cut their net long U.S. crude futures and options positions in the week to May 21, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. China automobile sales, a key driver of global oil demand growth, will reach around 28.1 million units this year, unchanged from levels seen in 2018, when the country auto market contracted for the first time in more than two decades, state news agency Xinhua reported on Sunday. U.S. natural gas futures climbed higher on Friday on forecasts for demand to rise over the next two weeks as the weather warms and power generators burn more fuel to keep air conditioners humming.

BASE METAL – Base metals may trade with slightly positive bias as industrial metals on the Shanghai Futures Exchange rose on Monday, after Chinese premier Li Keqiang said China would look to rein in taxes to support the economy. Li said on Friday that China aimed to keep value-added taxes for the manufacturing industry at low levels and encourage companies to innovate, as rising external challenges may still destabilise the Chinese economy. LME closed for May bank holiday. Profits earned by China industrial companies contracted in April after a sharp rebound in the previous month, adding to concerns about the already slowing economy in the wake of a recent escalation in Sino-U.S. trade tensions. Unionized workers at top copper miner Codelco Chuquicamata mine voted on Saturday to reject the state miner’s final contract offer, paving the way for a vote to strike early next week, union leaders said in a statement.

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