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MCX COMMODITY MARKET NEWS UPDATES – 19 MAY 2017

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GOLD : Gold futures closed higher in the domestic market on Thursday as U.S. political worries continued lifting prices to their highest settlement. The latest concerns come after a New York Times report said President Donald Trump tried to influence an FBI probe into links between his inner circle and Russia. Gold gained in Asia on Friday on heightened risk sentiment over political turmoil in Brazil and the U.S. and a potentially softer outlook for Fed rate hikes this year as the Trump administration faces headwinds on its economic stimulus plans.

CRUDE OIL : Crude oil futures closed higher in the domestic market on Thursday on upbeat U.S. inventory data but the commodity is still expected to face a bumpy ride in coming days ahead of an important OPEC meeting in Vienna to extend production limits. The U.S. has reported mixed data over the past two days showing the pace of inventory declines has slowed reigniting fears that shale output will overwhelm efforts to curb a glut of global supply.

ALUMINIUM : Aluminium futures were trading lower during morning trade in the domestic market on Friday as participants remained on the sidelines in the industrial metal amid muted physical demand for aluminium at the domestic spot market. Further a drop in physical demand for aluminium at the domestic spot market was due to trimming of bets by traders in the spot market influenced aluminium prices at futures trade.

LEAD : Lead futures were trading higher during morning trade in the domestic market on Friday as investors and speculators widened their bets in the industrial metal amid rise in physical demand for lead from battery-makers in the domestic spot market. Further an upward trend in physical demand from battery-makers in the domestic spot market supported lead prices at futures trade.

ZINC : Zinc futures fell over 1 per cent during afternoon trade in the domestic market on Thursday as investors and speculators cut down their bets in the industrial metal after political uncertainty in the US dampened expectations that President Trump would be able to boost infrastructure spending. Moreover investors’ hopes were diminished for US reform and rethinking strategies premised on Trump’s economic growth promises as he faced his loudest criticism yet over possible collusion between his election campaign and Russia.

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