GIVE MISS CALL ON :- +91 99774 99927

MCX COMMODITY EVENING NEWS UPDATES – 06 OCT 2017

CS MCX Commodity Evening mkt updates

CRUDE OIL (Renewed Hedging Pressure Could Limit Gains) – U.S. West Texas Intermediate and international-benchmark crude oil rose sharply on Thursday after Saudi Arabia and Russia hinted that they would limit production through next year. This bullish news outweighed government data on Wednesday that showed record U.S. exports. Russian President Vladimir Putin said this week that a pledge by OPEC and other producers, including Russia, to cut oil output to boost prices could be extended to the end of 2018, instead of expiring in March 2018. Russian Energy Minister Alexander Novak said on Thursday that Moscow would support new countries joining the agreement to restrict oil supply.

GOLD (Bearish NFP Report Could Trigger Plunge Through $1268.90) Gold prices fell to a new low for the week on Thursday in reaction to a stronger U.S. Dollar which rose against a basket of currencies after another day of better-than-expected economic data. Losses were limited by position-squaring and general worries ahead of Friday’s U.S. Non-Farm Payrolls report. Other data showed that investors were pricing in an 83 percent chance of a December rate hike by the U.S. central bank. Another day of record highs in the U.S. stock market also weighed on gold prices because this was a strong sign that investors are more comfortable buying risky assets than putting money in the lower-yielding and safe-haven gold market. Investors also seemed to be more comfortable with President Trump’s list of potential candidates for the Fed Chair position. On Wednesday, outgoing Vice-Chairman Stanley Fischer said that any new head of the Fed will need to have the “flexibility of mind” to change tack during acute periods of crisis.

NATURAL GAS (Hurricane Worries Could Lead to Short-Covering) Natural gas futures closed lower on Thursday as investors reacted to forecasts for rising production and mild weather until the week-ending October 20. This should be enough to lower demand for heating and cooling. The market lost ground even after a government report showed a smaller-than-expected storage build last week. According to the U.S. Energy Information Administration (EIA), utilities added 42 billion cubic feet (bcf) of gas into storage in the week to September 29, leaving the total of fuel in inventories near the five-year average for this time of year at around 3.5 trillion cubic feet.

MCX TipsStock Market LiveFinancial Advisory Company in IndoreStock Advisory Company in Indore ,  Intraday stock Tips , Financial Advisory company  , Sebi Registered Advisory company

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 performance.
CapitalStars Investment Adviser: SEBI Registration Number: INA000001647

Leave a Reply

Your email address will not be published. Required fields are marked *

Checking...

Ouch! There was a server error.
Retry »

Sending message...

FREE TRIAL REQUEST


CapitalStars FORUM