GIVE MISS CALL ON :- +91 99774 99927

MCX COMMODITY EVENING NEWS UPDATES – 13 OCT 2017

CS MCX Commodity Evening mkt updates

Crude Oil Prices Rally on Sustained Upbeat Outlook Crude oil prices rallied on Friday, supported by news in the previous session of a third weekly decline in U.S. crude stockpiles and amid global signs the market is tightening. Prices rose after the U.S. Energy Information Administration said in its weekly report on Thursday that crude oil inventories fell by 2.75 million barrels in the week ended October 6. The commodity was also supported after the Organization of the Petroleum Exporting Countries indicated, in its monthly report on Wednesday, that market rebalancing will continue amid forecasts that global oil demand will rise by around 30,000 barrels a day for this year and 2018. In its own monthly report on Thursday, the International Energy Agency said that global supply and demand for crude oil will be largely balanced next year. Meanwhile, traders were awaiting a decision later on Friday by U.S. President Donald Trump on whether to continue to certify the 2015 Iran nuclear deal. Trump was expected not to certify the agreement, which has to be re-certified every 90 days and is due for renewal on Sunday.

Gold Prices Move Higher with U.S. Inflation Data in Focus Gold prices moved higher on Friday, as sentiment on the greenback remained vulnerable ahead of highly-anticipated data on U.S. inflation due later in the day. The data came a day after the minutes of the Federal Reserve’s September policy meeting showed that policymakers remain divided on inflation. Several policymakers believe additional tightening will depend on upcoming inflation data. However, most Fed members said they feel another rate increase this year “was likely to be warranted,” the report showed. But the U.S. dollar weakened ahead of the highly-anticipated U.S. consumer price inflation data set to be released later Friday.

Gold is sensitive to moves in both U.S. rates and the dollar. A weaker dollar makes gold less expensive for holders of foreign currency, while a rise in U.S. rates lifts the opportunity cost of holding non-yielding assets such as bullion.

SHFE Nickel Gains Over 3%, Leading Base Metals Today see a universal staring high of ferrous metals, which keeps strong and volatile during morning session. Afternoon see a apparent power of rise and all gaining high at closure. Coking coal rises over 7%, RB Steel rises over 6%, hot rolling steel rises nearly 6%, iron ore and coke rises over 5%. SHFE Base Metals mostly continues strong tendency of night session yesterday with slight rise in afternoon. Only SHFE Lead see a volatile drop after rise in mooring session and slight gains at closure. SHFE Nickel gains over 3%, leading Base Metals.

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