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Precious Metals Preview:

download (19)MCX Gold Futures End Above Rs 50K Level.

COMEX Gold futures rose on reports that Britain has detected a new variant of the coronavirus in contacts of cases who have travelled from South Africa. South Africa’s health department said last week that a new genetic mutation of the virus had been found. The commodity also eyed a weak movement in the US dollar. The global ETF buying seems to be steadying and local retail demand is also expected to see some uptick as spot prices linger around Rs 50000 per 10 grams. COMEX Gold quotes at $1879 per ounce, up 0.06% on the day. MCX Gold futures closed at Rs 50175 per 10 grams, up 0.19% on the day after testing lows under Rs 49700 per 10 grams mark.

Energy Preview:

crude-oil-price-compressedUS Crude Oil Inventories Drop.

The US Energy Information Administration reported an inventory draw of 600,000 barrels for the week to December 18. This followed a draw of 3.1 million barrels estimated for the previous week. At 499.5 million barrels, US crude oil inventories were about 11% above the five-year average for this time of year.According to the EIA, total motor gasoline inventories decreased by 1.1 million barrels last week and were about 4% above the five-year average for this time of year. Finished gasoline inventories increased while blending components inventories decreased last week. Distillate fuel inventories increased by 2.3 million barrels last week and were about 10% above the five-year average for this time of year. Propane/propylene inventories decreased by 2.3 million barrels last week and were about 4% above the five-year average for this time of year. Total commercial petroleum inventories fell by 10.7 million barrels last week.

Base Metals Preview:

shutterstock_546669673-minCopper Extends Recovery From One Week Low.

COMEX Copper edged up yesterday as a pullback from one week low extended. US stocks remained well supported. European markets edged up on Brexit talk hopes. COMEX Copper added 1% to approach at $3.55 per pound in last session. MCX Copper also rose above Rs 600 per kg and ended up 0.34% at Rs 601 per kg. Economic cues were mixed though. The US Commerce Department said new home sales fell by 11% to an annual rate of 841,000 in November after sliding by 2.1% to a revised rate of 945,000 in October. A report released by the University of Michigan on Wednesday showed US consumer sentiment improved by less than initially estimated in the month of December. The consumer sentiment index for December was downwardly revised to 80.7 from the previously reported 81.4. The US initial jobless claims slid to 803,000, a decrease of 89,000 from the previous week’s revised level of 892,000.

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