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CAPITALSTARS – MCX NEWS UPDATE : Gold Rose more than 1%

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MCX MORNING UPDATES 

BULLION – Bullion counter may trade with upside bias amid safe haven buying on Brexit concerns. Gold rose more than 1% on Tuesday after weak manufacturing data from the United States reinforced fears of an economic downturn, while uncertainties over U.S.-China trade ties and Brexit further boosted bullions safe-haven appeal. Most consumers in top Asian hubs sold their physical gold holdings this week to cash in on high prices with many opting for cheaper silver, while the Indian bullion market hoped for an uptick in demand from an upcoming festival. In top gold consumer China, bullion was sold at a premium of $9-$10 an ounce over the benchmark, versus $8-$10 last week. Dealers offered discounts of up to $24 an ounce over official domestic prices this week, down from last week’s $31 discounts. Indian custom officials have seized 1,197.7 kg of smuggled gold in the April-June quarter, an increase of 23.2% compared with the same period a year ago.

ENERGY- Crude oil may witness some bounce back at lower levels .Oil prices fell on Tuesday, with U.S. crude futures down 2% after manufacturing data raised concerns about a weakening global economy, while the U.S.-China trade dispute continued to drag on investor sentiment. Oil prices have fallen around 20% since a 2019 peak reached in April, hit by concerns the trade war would dent oil demand. U.S. President Donald Trump said on Tuesday that trade talks between the United States and China were going well, though he warned he would be “tougher” in negotiations if discussions drag on until his second term. On the supply side, Venezuela’s oil exports fell in August to their lowest level in 2019, internal reports, following tougher U.S. sanctions.

BASE METAL – Base metals may trade with upside path. U.S. President Donald Trump on Tuesday warned he would be tougher on Beijing in a second term if trade talks dragged on, compounding market fears that ongoing U.S.-China trade disputes could trigger a U.S. recession. London copper prices rose on Wednesday after touching their lowest in more than two years in the previous session, supported by worries about supply disruption and better-than-expected demand. LME copper cancelled warrants, which often indicates physical demand, surged to their highest since September 2018 at 117,900 tonnes. Nickel prices clung to five-year highs on Tuesday after Indonesia spurred fears of shortages by banning exports of ore from January. Indonesia, the world’s biggest nickel ore producer, on Friday brought forward a plan to ban exports by two years to encourage miners to process the metal locally.

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