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CAPITALSTARS – MCX NEWS UPDATE : 09 Sep 2019

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Precious Metals Preview: Gold Supported By Tepid US Jobs Data.

COMEX Gold futures added to latest losses in last session as equities surged. Yellow metal fell sharply earlier in the week on signs of easing US-China trade tensions. COMEX Gold closed down 0.67% at $1515 per ounce, trimming some losses after a weak US nonfarm payrolls data. The US non-farm payroll employment rose by 130,000 jobs in August after climbing by a downwardly revised 159,000 jobs in July. The weaker job growth came as notable increases in employment in healthcare and financial activities were partly offset by the loss of mining and retail jobs.
MCX Gold futures closed down 0.84% at Rs 38570 per 10 grams as slide under Rs 39000 extended. Indian Rupee continued to edge higher on surge in local equities. INR closed at 71.65, up 17 paise against US dollar. Global stocks ended higher on Friday amid signs of easing US-China trade tensions. As per reports, China and the US have agreed to hold the next round of trade negotiations in Washington in early October to end the bruising trade war following an agreement that both sides will jointly take concrete actions to create favourable conditions for the talks.

Base Metals Preview: Copper Off Three Week Top On Corrective Selling.

COME Copper eased on Friday as a correction emerged after it hit a three week high of $2.64 per pound. The metal ended at $2.63 per pound, down 0.42% on the day. MCX Copper futures also closed down 0.37% at Rs 453.75 per kg. The metal gained after China’s central bank reduced further the amount of cash that banks should set aside as reserves to spur liquidity in the economy hit hard by trade wars. The People’s Bank of China decided to cut the reserve requirement ratio, or RRR, by 50 basis points, which will take effect on September 16th. Recent Chinese economic data was also supportive for Copper. China’s private sector logged its fastest growth in four months in August as both manufacturers and service providers saw improved rates of activity growth. China Caixin composite output index rose to 51.6 in August from 50.9 in July. However, Copper witnessed extended selling as US stocks ended mixed on Friday following weak jobs data as some corrective pressure was seen after strong gains in previous two sessions.

Energy Preview: MCX Crude Ends Down 1%.

WTI Crude oil edge up on Friday as a recovery from three week lows extended on a drop in US Crude inventories. The commodity closed at $56.70 per barrel, up 0.70% on the day. MCX Crude lost 1% though, closing at Rs 4053 per barrel. The Energy Information Administration (EIA) reported that US crude supplies declined by 4.8 million barrels for the week ended August 30. At 423.0 million barrels, US crude oil inventories were at the five-year average for this time of year. According to the EIA, total motor gasoline inventories decreased by 2.4 million barrels last week and were about 3% above the five-year average for this time of year. Finished gasoline inventories remained virtually unchanged while blending components inventories decreased last week. Distillate fuel inventories decreased by 2.5 million barrels last week and were around 6% below the five-year average for this time of year.

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