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CAPITALSTARS – MCX COMMODITY GOLD, COPPER, CRUDE OIL NEWS UPDATE : 21 SEPTEMBER 2020

MCX COMMODITY DAILY UPDATES

Precious Metals Preview:

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Sentiments Supported For Gold.

COMEX Gold rose amid soft US equities on Friday. The metal stayed well supported on economic worries posed by rising global Covid-19 cases. The COVID-19 pandemic threatens hard-won gains in health and education over the past decade, especially in the poorest countries, a new World Bank Group analysis finds. Investments in human capital—the knowledge, skills, and health that people accumulate over their lives—are key to unlocking a child’s potential and to improving economic growth in every country. Gold came off a one week low last Thursday and closed at $1958 per ounce, up 0.40% on the day. MCX Gold futures ended at Rs 51720 per 10 grams, up 0.52% on the day. Expect a mixed start today with local traders eyeing the movement in Indian Rupee. Indian Rupee rose sharply in last session, as a recovery from one week low continued. INR closed at 73.45, rising 20 paise on the day.

Base Metals Preview:

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Copper Spikes, MCX Futures Near Rs 440 Mark.

Copper extended gains amid supportive economic cues. Traders focused on the strong momentum as the metal broke above the recent 27 month high and approached $3.10 per pound – highest in around two and half years now. MCX Copper ended at Rs 537 per kg, up 1% on the day. The US Conference Board showed a continued increase by its reading on leading US economic indicators in the month of August. The Conference Board said its leading economic index rose by 1.2% in August after surging up by 2% in July and surging by 3.1% in June. The University of Michigan released a report on Friday showing consumer sentiment continued to improve in the month of September. The preliminary report said the consumer sentiment index climbed to 78.9 in September from 74.1 in August.

Energy Preview:

imagesWTI Crude Stabilises Around Two Week Top.

WTI Crude oil futures broke above $41 per barrel but stayed cautious as US stocks extended losses on weak tech counters. Oil stabilized around two week high as a new Tropical Storm emerged in the Gulf of Mexico off the coast of Mexico and energy firms continued to reopen offshore crude oil production shut just days earlier on Tropical storm Sally. Oil has been witnessing good traction and the break above the key $40 per barrel has emerged despite weakness in US equities. MCX Crude oil futures ended at Rs 3004 per barrel, down 0.66% on the day after hitting a high of Rs 3042 per barrel.


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

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