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CAPITALSTARS – MCX COMMODITY GOLD, COPPER, CRUDE OIL NEWS UPDATE : 23 SEPTEMBER 2020

MCX COMMODITY DAILY UPDATES

Precious Metals Preview:

Download-Gold-PNGCOMEX Gold Under $1900 Per Ounce In Asia.

Gold was unable to see much buying after the massive destruction seen on Monday. The US stocks tried to recover after the beating on Monday. Federal Reserve Chair Jerome Powell has said that the US economy has a long way to go before fully recovering from the coronavirus pandemic and will need further support. Fed has not explicitly announced fresh liquidity boosting measures in last few days despite talking repeatedly about the stress in economy. Gold is quoting just off five week low tested on Monday and traders are little anxious now after the heavy correction as worries over retail gold buying continue to weigh. COMEX Gold is down 0.46% at $1898 per ounce. MCX Gold ended at Rs 50380 per 10 grams, down 0.18% on the day.

Base Metals Preview:

download (16)MCX Copper Ends Above Rs 530 Per Kg.

COMEX Copper saw a good recovery from one week low as low inventories on LME and some stability in equities supported the red metal. Falling mining output also offered some impetus for bulls. The International Copper Study Group (ICSG) released preliminary data for June 2020 world copper supply and demand in its September 2020 Copper Bulletin. Preliminary data indicated that world copper mine production declined by 1% in the first half of 2020, with concentrate production declining by 1.2% and solvent extraction-electrowinning (SX-EW) falling by 0.4%. World ex-China refined copper usage is estimated to have declined by about 9%: among the biggest copper using regions, refined usage declined by 12% in Japan, 10% in the EU, 4.5% in the United States and by about 8% in Asia (Ex-China).In the first half of 2020, the world refined copper balance, based on Chinese apparent usage (excluding unreported/bonded stocks), indicated a deficit of 235,000 t. COMEX Copper futures rose around 1.5% yesterday. However, the metal slipped today and is currently trading at $3.04 per pound, down 0.88% on the day. MCX Copper ended at Rs 531.20 per kg, up 1.20% on the day.

Energy Preview:

imagesCrude To See Choppy Action Ahead Of Weekly US Inventories Data.

Crude oil saw mixed movement in last session but sentiments were mostly supported. Economic cues were good as well. The existing home sales in the US climbed to their highest level in nearly fourteen years in the month of August, according to a report released by the National Association of Realtors on Tuesday. NAR said existing home sales rose 2.4% to an annual rate of 6.000 million in August after skyrocketing by 24.7% to a rate of 5.860 million in July. The US median existing-home price for all housing types in August was $310,600, up 11.4% from $278,800 in August of 2019.
The Eurozone consumer confidence rose in September to its highest level in six months, preliminary data from the European Commission showed on Tuesday. The flash consumer confidence index climbed to -13.9 from -14.7 in August. The corresponding index for EU rose to -14.9 from -15.5 in August. That is also the highest since March, when the coronavirus, or Covid-19, pandemic was just starting to spread in the region.
Oil is likely to see choppy moves ahead of the weekly inventories data from the US Energy Information Administration tonight. WTI Crude currently quotes at $39.45 per barrel, down 0.80% on the day. MCX Crude ended at Rs 2925 per barrel, up 1.30% on the day.


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

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