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MCX COMMODITY EVENING NEWS UPDATES – 19 MAY 2017

GOLD : Gold prices edged lower on Friday, as investors locked in profits from the precious metal’s recent climb to two-and-a-half week highs amid ongoing concerns over political turmoil in Washington. Safe-haven demand was boosted following reports this week that U.S. President Donald Trump asked former FBI Director James Comex to end the agency’s investigation into ties between former White House national security adviser Michael Flynn and Russia. Gold futures were little changed during afternoon trade in the domestic market on Friday as investors and speculators remained on the sidelines in the precious metal on muted safe-haven demand due to firmer greenback after strong US economic data. Besides investors also remained cautious as the Goods and Services Tax Council will on Friday take up the crucial issue of taxation of precious metals such as gold. The centre had proposed a rate of 4 per cent on gold but some states such as Kerala want it placed in the higher 5 per cent slab.

ZINC : Zinc futures were trading higher during evening trade in the domestic market on Friday as investors and speculators extended their positions in the industrial metal on weakness in the US dollar amid political worries. Besides prices of zinc rose amid stock draws. Zinc stocks in warehouses monitored by the Shanghai Futures Exchange fell 9.5 per cent from last Friday to 91749 tonnes.

NICKEL : Nickel futures were little changed during evening trade in the domestic market on Friday as investors and speculators remained on the sidelines in the industrial metal amid weak global cues and profit-booking. Market experts said apart from profit-booking by participants a weak trend in select base metals overseas weighed on nickel prices at futures trade.

CRUDE OIL : Oil was higher Friday after a seesaw session overnight as the market swayed between supply glut concerns and hopes for an extension of an output cut deal by major producers. Saudi Arabia and Russia have backed a nine-month extension of the deal to March. OPEC and non-OPEC producers are due to meet on May 25. An OPEC panel reviewing scenarios for the oil producer group’s meeting next week is looking at the option of deepening and extending a deal to reduce crude output, OPEC sources said on Friday, in an attempt to drain inventories and support prices. Saudi Arabia and non-OPEC Russia, the world’s top two oil producers, have agreed on the need to prolong the current cuts until March 2018, although Saudi Energy Minister Khalid al-Falih said extended curbs would be on the same terms.

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