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MCX COMMODITY MARKET NEWS UPDATES – 15 JULY 2017

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GOLD

Gold futures ended higher on Friday after data pointed to weak US inflation, reaffirming doubts that the US central bank would again hike interest rates this year. The Labor Department said its consumer price index was flat in June after edging down by 0.1 percent in May. US retail sales unexpectedly decreased for the second consecutive month in June. The Commerce Department said retail sales fell by 0.2 percent in June after edging down by a revised 0.1 percent in May.

Gold futures for August delivery gained $10.20 or 0.84 percent, to settle at $1,227.50 an ounce on the Comex division of the New York Mercantile. While, spot gold was up 0.96 percent at $1,228.61 an ounce.

COPPER

Comex copper futures ended higher on Friday, while London copper prices too rose, helped by encouraging economic reports from top consumer China and as weak US consumer prices and retail sales data dimmed chances of another rate rise this year.

Copper futures for September delivery added 1.1 percent to settle at $2.691 a pound on the Comex metals division of New York Mercantile Exchange. While, copper on the London Metal Exchange closed up 0.9 percent at $5,926 a metric ton.

CRUDE OIL

Crude oil futures strengthened further on Friday despite a volatile trade, boosted by lower US stockpiles, a slight slowdown in US crude production and signs of increased Chinese demand. Crude prices gained by 5.2 percent for the week on a weaker dollar and hopes the Federal Reserve will goose the US economy with low interest rates for the foreseeable future. Meanwhile, according data from oil services firm Baker Hughes showed an uptick in number of active US oil rigs to 765, up by 2 from the previous week, though the pace of additions has slowed to its lowest this year.

Benchmark crude oil futures for August delivery added $0.46 or 1 percent to $46.54 on the New York Mercantile Exchange. In London, Brent crude for August delivery ended up by $0.49 or 1.01 percent at $48.91 a barrel on the ICE.

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