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CAPITALSTARS – MCX COMMODITY GOLD, COPPER, CRUDE OIL NEWS UPDATE : 24 SEPTEMBER 2020

MCX COMMODITY DAILY UPDATES

Precious Metals Preview:

download (1)Bullion Futures Melt, Silver Tumbles Under Rs 59K On MCX.

COMEX Gold futures tanked yesterday as sentiments remained stressed after the sharp tumble in Gold earlier this week. Gold has moved lower and the break under $1900 per ounce is keeping buying limited now. The US dollar index has surged above 94 mark to hit a two month high of 94.60. Gold fell near a two month low around $1860 per ounce.The metal is down 0.38% at $1861 per ounce right now. MCX Gold futures closed at Rs 49444 per 10 grams, down 1.86% on the day as the break under Rs 50K has hurt the sentiments heavily. COMEX Silver also slumped around 7% yesterday and currently trades at $22.29 per ounce,down 3.50% on the day. MCX Silver futures sank 4.47% to close at Rs 58476 per kg. Gold is likely to see some buying now traders would be looking at some uptick in retail demand in India following the slide well under the watershed Rs 50K mark.

Base Metals Preview:

download (2)Copper Tests One Month Low As Equities Slide.

COMEX Copper plunged as weak global economic cues and sliding US equities hurt the metal. US stocks saw heavy selling pressure yet again amid worries over economic front. The US President Donald Trump announced a new series of economic sanctions on Cuba. This also hurt the market mood. DOW tanked near seven week low. COMEX Copper tumbled under $3 per ounce and marked a 4% cut to test one month low. MCX Copper ended at Rs 528.60 per kg, down 0.56% on the day and should slide today to factor in the late crash in COMEX Copper last night.

IHS Markit said its flash US Composite PMI Output Index eased to 54.4 this month from 54.6 in August. A reading above 50 indicates growth in private sector output. Though the private sector continues to expand, the dip in the index reflects that the economy’s momentum was moderating.

The Euro area private sector stagnated in September as rebound faltered, flash survey data from IHS Markit showed Wednesday. The composite output index dropped to 50.1 in September from 51.9 in August. The PMI has indicated a near stalling of the economy as rising infection rates and ongoing social distancing measures curbed demand.

Japan manufacturing sector continued to contract in September, with a manufacturing PMI score of 47.3, the latest survey from Jibun Bank revealed. Australia’s private sector recovered at the end of the third quarter after the coronavirus containment measures were loosened in parts of the country, flash survey data from IHS Markit showed Wednesday. The flash composite output index rose to 50.5 in September from 49.4 in August.

Energy Preview:

capitalstars Crude oilEIA Reports Modest Drop In US Crude Oil Inventories.

The US Energy Information Administration (EIA) reported an oil inventory draw of 1.6 million barrels for the week to September 18 following a draw of 4.4 million barrels for the previous week. Crude stocks at the Cushing, Oklahoma, delivery hub for WTI Crude rose by 4,000 barrels in the last week, EIA said. US Crude production eased to 10.7 million barrels per day.

In gasoline, the EIA estimated an inventory draw of 4 million barrels for the week to September 18, compared with a decline of 400,000 barrels for the previous week. US Gasoline production averaged 9.3 million bpd last week, up on a week earlier, when gasoline output averaged just 8.8 million bpd.

In distillate fuels, the EIA reported a draw in stocks of 3.4 million barrels. This compares to a build of 3.5 million barrels estimated for the previous week. Distillate fuel production last week averaged 4.5 million bpd, compared with 4.4 million bpd a week earlier.


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

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