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MCX COMMODITY EVENING NEWS UPDATES – 15 JUNE 2017

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GOLD – Gold prices were under pressure in European trading on Thursday, sliding toward a three-week low after the Federal Reserve hiked rates and maintained plans to go ahead with another increase by year-end. The Fed raised interest rates for the second time this year at the conclusion of its policy meeting on Wednesday, putting it in a range between 1.0%-1.25%. The central bank maintained its outlook of three rate hikes total for this year, as it expects that a tightening labor market will lift inflation to the 2% target over the medium term. Meanwhile, market players continued to monitor political turmoil in the U.S. after the Washington Post reported that President Donald Trump is being investigated by special counsel Robert Mueller for possible obstruction of justice.

CRUDE OIL – Oil prices dropped to six-week lows on Thursday, under pressure from high global inventories and doubts about OPEC’s ability to implement agreed production cuts. Both crude oil benchmarks have lost all the gains made at the end of last year after the Organization of the Petroleum Exporting Countries agreed with other big producers to cut output in an effort to prop up prices. OPEC and its allies have promised to restrict output until at least the end of the first quarter of next year to try to drain surplus supply. But inventories are near record highs in many parts of the world, and many traders expect further price falls. Despite the deal, some OPEC members, including Nigeria and Libya, have been exempt from cutting and their rising output is seen to be undermining efforts led by Saudi Arabia.

ZINC – Both Shanghai and Tianjin markets witnessed inflows of imported zinc recently, which helped ease local spot zinc supply tightness, SMM said. Zinc Spot Premiums Stay High in Guangdong, Price Gap Expands Remarkably between Guangdong and Shanghai, SMM Reports.

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