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CRUDE OIL Oil prices edged lower on Monday, weighed down by an expansion in U.S. drilling that has helped to maintain high global supplies despite an OPEC-led initiative to tighten the market by cutting production. Signs of faltering demand have also prompted weakening sentiment, dropping prices to levels comparable to when the output cuts were first announced late last year. “Anyone who is looking for the bottom of the current price fall must keep his or her eyes on the supply-side equation and only get optimistic if the factors that have been driving oil prices lower since the end of May change,” PVM analyst Tamas Varga said.

 GOLD – Gold prices fell to the lowest level in around four weeks in European trade on Monday, as investors looked ahead to a busy week of Federal Reserve speakers for more clues on future monetary policy moves. Last week, the Fed raised interest rates as widely expected and maintained plans to go ahead with another rate hike by year-end. The central bank also provided greater detail about how it plans to reduce its massive $4.5 trillion balance sheet. Despite the Fed’s relatively hawkish message, market players remained doubtful over the central bank’s ability to raise rates as much as it would like before the end of the year due to a recent run of disappointing U.S. economic data. Futures traders are pricing in less than a 15% chance of a hike at the Fed’s September meeting, according to’s Fed Rate Monitor Tool. Odds of a December increase was seen at about 35%. Meanwhile, market payers geared up ahead of Brexit negotiations between the U.K. and the European Union and kept an eye on a deadly attack on worshipers leaving a mosque in London.

ZINC Combined zinc inventories in Shanghai, Tianjin and Guangdong decreased 7,800 to 120,000 tones last week, SMM data show. Arriving shipments were more than outward shipments due to inflows of imported zinc. Total inventories in the three regions are expected to increase slightly this week, SMM predicts.

ALUMINIUM Aluminum ingot stocks in China’s five major markets, which had been growing steadily, unexpectedly dropped 2,000 tones on a weekly basis last week. SMM sees the decline as temporary and expects stocks to return to growth soon. SMM Sees Plenty of Reasons Not to Keep Aluminum in Your Portfolio. Low costs and high profit are incentivizing new and restarted capacity. SMM statistics showed aluminum capacity in operation nationwide has exceeded 38 million tones in June.  Downstream consumption will soften in July and August due to the traditional off-season.

Lead Primary lead inventory in Shanghai and Guangdong dropped by 4,700 tones to below 40,000 tones last week, registering the lowest level in recent years. Lead Price to Stay Firm This Week, SMM Reports. TCs for Domestic Lead Concentrate to Inch Up amid Supply Increase, SMM Forecasts. Traders were active in build-stocking with optimistic outlook after lead prices increased constantly and sold goods at high premiums. Moreover, downstream battery producers, expanding output, showed high raw material purchase enthusiasm.

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