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CAPITALSTARS – MCX COMMODITY GOLD, COPPER, CRUDE OIL NEWS UPDATE : 20 OCTOBER 2020

MCX COMMODITY DAILY UPDATES

Precious Metals Preview:

download (19)MCX Futures Break Above Rs 38000 Level.

COMEX Gold drifted lower after hitting a one week high of $1922 per ounce as traders focussed on the US fiscal stimulus talk. Falling equities also took Gold along with them. US stocks fell with DOW sliding more than 1% as worries over the US lawmakers reaching a workable fiscal stimulus deal ahead of a Tuesday deadline hurt the sentiments. The yellow metal quotes down 0.39 at $1904 per ounce. MCX Gold ended at Rs 50670 per 10 grams, up 0.24% on the day after hitting a high of Rs 50940 per 10 grams. Indian demand worries also pulled the metal back.

Base Metals Preview:

shutterstock_546669673-minCopper Long Speculative Position Increase.

Large base metals speculators raised their net long positions in the Copper futures markets last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday. The non-commercial futures contracts of Copper futures, traded by large speculators and hedge funds, totaled a net position of 59216 net contracts in the data reported through October 12th 2020. This was a weekly rise of 5638 net contracts. The net longs are at a three week high now. Meanwhile, the commercial traders’ position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -61238 contracts, recording a weekly change of -6334 net contracts.

Energy Preview:

download (1)Fund Buying Stays Active In WTI Crude Oil.

Large energy speculators added to their net long positions in the WTI Crude Oil futures market last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday. The non-commercial futures contracts of WTI Crude Oil futures, traded by large speculators and hedge funds, totaled a net position of 472797 contracts in the data reported through October 12th 2020. This was a weekly rise of 1261 net contracts. The commercial trader’s position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -496915 contracts on the week. This was a weekly change of -8551 net contracts.



Investment & Trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.

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