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Precious Metals Preview:

download (19)MCX Gold To Eye Strength In INR.

Gold should see continued rangebound moves as the yearend draws closer. COMEX Gold futures stayed supported last week on reports that Britain has detected a new variant of the coronavirus in contacts of cases who have travelled from South Africa. This strain has now reportedly spread to a number of other countries. Gold futures 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 futures ended up 0.26% at $1882 per ounce on Thursday. MCX Gold futures closed in red though, ending at Rs 50064 per 10 grams, down 0.17% on the day as Indian rupee saw excellent gains. The local equities edged near record highs yet again. INR closed at 73.55 per US dollar, rising 21 paise on the day.

Energy Preview:

crude-oil-price-compressedCrude Could See Corrective Action As Traders Eye Supplies.

WTI Crude oil could see some corrective action after a sharp spurt in last week. The commodity edged up near ten month highs above $48 per barrel amid weakness in the US dollar and supportive equities. However, Saudi Arabia has announced that Saudi Aramco had discovered four new oil and gas fields in the Kingdom, media reports quoted. Saudi Aramco continues to work on determining the size and volume of discovered fields and estimating the amount of oil, gas, and condensate in these fields.

Base Metals Preview:

shutterstock_546669673-minCopper Likely To See Steady Moves, Economic Outlook In Focus.

COMEX Copper stayed supported just below its 32 month high in last session. The US stocks edged up in thin moves during the holiday-shortened trading session Thursday. The red metal ended up 0.42% at $3.57 per pound and should see steady moves as the world heads into last week of the year 2020. MCX Copper futures ended at Rs 605 per kg, up marginally on the day as a break above Rs 600 mark extended.
Meanwhile, in a key update for industrial metals, Centre for Economics and Business Research (CEBR) noted in an annual update that the Covid-19 has affected long term global GDP in four major ways. First, it has created a government debt build up, second, it has affected demand, though much of this should recover over time, third, it has affected the supply side through hitting investment and reducing productivity as a result of measures to prevent the spread of the disease and finally, it has given a kickstart to a large number of trends which have been fast forwarded, most notably in the areas of digitalisation and remote working.
The increasingly widespread availability of various vaccines means that economies can start to move forward and abandon economic constraints put into place to limit the spread of the disease. By the end of 2021 we expect relatively few official constraints to be in place, though the economic hangover will last longer in many countries. CEBR’s forecast for the impact on the world economy from the virus has in aggregate remained essentially unchanged since March 2020. In March it expected world GDP to be down by ‘at least 4.0%’. The latest estimate is a decline of 4.4%.

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

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