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Showing posts with label Best Intraday Tips. Show all posts
Showing posts with label Best Intraday Tips. Show all posts

Sunday, 9 December 2018


BULLION:-

Gold traded firm near a five-month peak hit early on Monday, supported by a disappointing U.S. jobs data that fuelled speculation that the Federal Reserve may stop raising interest rates sooner than expected. The dollar slipped against the yen and the euro, while stocks extended their slump as worries over U.S.-China trade tensions battered investor sentiment. Nonfarm payrolls increased by 155,000 jobs in November, while economists polled by Reuters had forecast payrolls increasing by 200,000 jobs. The U.S. central bank is flagging a turning point in monetary policy, as a Fed policymaker on Friday backed interest rate hikes in the "near term" but nodded to increasingly less certainty ahead. U.S.-China trade negotiations need to reach a successful end by March 1 or new tariffs will be imposed, U.S. Trade Representative Robert Lighthizer said on Sunday, clarifying there is a "hard deadline" after a week of seeming confusion among President Donald Trump and his advisers

METALS:-

London copper fluctuated to close slightly higher at $6,149/mt on Friday. Despite a positive start, the SHFE 1902 contract weakened on Friday night, with pressure from the daily moving average. It closed at 49,060 yuan/mt. Open interest for the SHFE copper complex remained below 500,000 lots, suggesting limited confidence among investors. LME copper is expected to trade at $6,120-6,170/mt today with the SHFE 1902 contract at 48,900-49,200 yuan/mt. Spot premiums are seen at 150-420 yuan/mt. Tight supplies are likely to keep buyers chasing high-quality materials. London nickel fluctuated to close higher at $10,955/mt on Friday. The SHFE 1905 contract fell to close at 89,350 yuan/mt on Friday night after climbing to a high of 90,140 yuan/mt. LME nickel is expected to hover around $10,900/mt today with the SHFE 1905 contract at 88,500-90,000 yuan/mt. Spot prices are seen at 88,500-98,000 yuan/mt.

ENERGY:-

ONGC has sold a cargo of Russian Sokol crude cargo at a similar premium from the previous month, trade sources said on Monday. The cargo, loading on Feb. 10 to 16, was sold to a European trading house at a premium of $4.80 a barrel above Dubai quotes, they said. The deal marked the first February Sokol cargo to trade this month. The premium surprised the sources as they were expecting Sokol premiums to fall in line with other light sour grades sold to Asia and to reflect weaker refining margins. International oil prices rose on Monday, extending gains from Friday when producer club OPEC and some non-affiliated producers agreed a supply cut of 1.2 million barrels per day (bpd) from January. Prices surged on Friday after the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC producers including heavyweight Russia announced they would cut oil supply by 1.2 million bpd, with an 800,000 bpd reduction planned by OPEC-members and 400,000 bpd by countries not affiliated with the group.



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Wednesday, 5 December 2018



BULLION:-

U.S. stock futures tumbled on Thursday and Asian markets followed after Canadian authorities arrested a top executive of Chinese tech giant Huawei Technologies, fanning fears of further tensions between China and the United States. MKTS/GLOB The dollar, which has enjoyed an unrivalled surge against its peers this year, will be undermined in 2019 on increasing concerns about slowing U.S. economic growth, a Reuters poll of foreign exchange strategists showed. Tariff-driven price increases have spread more broadly through the U.S. economy, though on balance inflation has risen at a modest pace in most parts of the country, the Federal Reserve said on Wednesday in its latest report on the economy. China expressed confidence on Wednesday that it can reach a trade deal with the United States, a sentiment echoed by U.S. President Donald Trump a day after he warned of more tariffs if the two sides could not resolve their differences.

METALS:-

London copper rebounded to close at $6,193.5/mt overnight as shorts cut their bets after the contract fell to a low of $6,158.5/mt. LME copper snapped a four-day losing streak and came under pressure at the five- and 10-day moving averages. With a lower open, the SHFE 1902 contract fluctuated to close at 49,310 yuan/mt overnight. This lowered it below all short-term moving averages and the middle Bollinger band. Open interest for the SHFE copper complex decreased below 500,000 lots, reflecting limited confidence among investors. LME copper is expected to trade at $6,140-6,190/mt today with the SHFE 1902 contract at 49,100-49,400 yuan/mt. Spot premiums are seen at 130-300 yuan/mt. In the physical market, sellers were reluctant to offload cargoes and these tightened supplies across the market. London nickel rebounded from earlier lows and closed at $11,220/mt overnight. After initially falling to a low of 90,250 yuan/mt, the SHFE 1901 contract clawed back losses and ended at 91,250 yuan/mt overnight. Investors remained cautious on lingering concerns over US-China trade.  

ENERGY:-


Oil prices fell along with weak stock markets on Thursday, but trading was tepid ahead of a meeting by producer group OPEC that is expected to result in a supply cut aimed at draining a glut that has pulled down crude prices by 30 percent since October. Traders said oil prices were being weighed down by weak global financial markets, which saw stock markets tumble on Thursday. Early October, crude oil has lost around 30 percent of its value amid surging supply and fears that an economic downturn will erode fuel demand. The Organization of the Petroleum Exporting Countries (OPEC) is meeting at its headquarters in Vienna, Austria, on Thursday to decide its production policy. Led by Saudi Arabia, OPEC's crude oil production PRODN-TOTAL has risen by 4.1 percent since mid-2018, to 33.31 million barrels per day (bpd). Oil output from the world's biggest producers - OPEC, Russia and the United States - has increased by a 3.3 million bpd since the end of 2017, to 56.38 million bpd, meeting almost 60 percent of global consumption. PRODN-TOTAL C-RU-OUT C-OUT-T-EIA.

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Sunday, 25 November 2018


BULLION:-

Gold prices were little changed on Monday with investors looking to a G20 meeting this week for signs of a thaw in the Sino-US trade conflict, although a stronger dollar amid fears of a slowdown in global growth weighed on bullion. Officials from some G20 countries, anxious to see a swift end to the U.S.-China trade war, are hopeful but not confident that a meeting between Trump and Chinese President Xi Jinping on the sidelines of a G20 summit in Argentina may yield at least a partial ceasefire. The two-day summit ends on Dec. 1. China on Friday urged the World Trade Organization (WTO) to close loopholes and correct practices by some member states that damage global trade, warning of a “profound crisis” facing the institution’s existence. European Union leaders finally sealed a Brexit deal on Sunday, saying the package agreed with Prime Minister Theresa May was the best Britain will get in a warning to the British parliament not to reject it. Euro zone business growth has been much weaker than expected this month as a slowing global economy and the trade war have led to a sharp fall in exports, a survey showed on Friday. Italian Deputy Prime Minister Matteo Salvini hinted on Sunday at the possibility of tweaking the country’s deficit goal for next year, a move that could open a negotiation between Rome and Brussels to avoid a disciplinary procedure against Italy.  

METALS:-

Oil prices won back some ground after hefty losses on Friday, but remained under pressure with Brent crude below $60 per barrel amid weak fundamentals and struggling financial markets. U.S. West Texas Intermediate (WTI) crude futures, were up 16 cents, or 0.3 percent, at $50.58 per barrel. But Monday’s gains did little to make up for the almost 8-per cent plunge on Friday, which traders have already dubbed ‘Black Friday’. The downward pressure comes from surging supply and a slowdown in demand-growth which is expected to result in an oil supply overhang in 2019. Beyond weak fundamentals, oil markets are also being impacted by a downturn in wider financial markets. Oil markets have also been weighed down by the strong U.S.-dollar, which has surged against most other currencies this year, thanks to rising interest rates that have pulled investor money out of other currencies and also assets like oil, which are seen as more risky than the greenback. Another risk to global trade and overall economic growth is the trade war between the world’s two biggest economies, the United States and China.

ENERGY:-

Nickel extended loss on Monday after Friday’s slump to its lowest since October last year, pulled down by worries about a supply surplus in 2019 and weaker demand from China, the largest consumer of the metal. Most other base metal prices also fell sharply on concerns that U.S.-China trade talks next week could fail, leading to weaker economic growth. Adding to the bearish mood for nickel was news that German chemicals giant BASF plans to use less of the metal in its electric car batteries. Electric vehicles have been touted as a major new source of demand. Expectations of a supply avalanche hitting the nickel market next year due to new capacity in Indonesia have sent prices down more than 15 percent since September. U.S. President Donald Trump and his Chinese counterpart Xi Jinping are expected to hold talks during the G20 summit next week. Shanghai equities fell by the most in five weeks on Friday and the yuan weakened, making dollar-priced metals more expensive for Chinese buyers. Germany’s BASF has a new recipe for electric car batteries which cuts the nickel content by more than half and uses more manganese. China’s October scrap metal imports fell to their lowest since at least 2014 amid tightening regulations on waste imports. Arrivals of scrap copper last month fell to 170,000 tonnes from 200,000 tonnes in September and scrap aluminium imports fell to 90,000 tonnes from 100,000 tonnes.


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Thursday, 22 November 2018


BULLION:-

Gold (futures on Comex) found buyers in Asia once again near the 1227 level, now heading back towards the two-week tops of 1229.70 reached a day before. The yellow metal remains on the front foot so far this Friday, as the US dollar extends its softness across the board into a third straight session, as markets remain wary over the Fed’s rate hike outlook amid mounting concerns about a potential global slowdown. The US dollar index trades weaker near 96.50 level, looking to test Thursday’s low at 96.32. Moreover, gold prices derive support from the mixed tone seen on the Asian equities, as the Chinese stocks get sold-off into looming US-China trade concerns and Chinese growth concerns. However, it remains to be seen if the bullion can sustain the upbeat momentum, as positive Treasury yields combined with sowing volumes could limit further upside.

METALS:-

Rising longs buoyed prices of LME copper and the SHFE contracts on a softened US dollar. LME copper rose above the five-day moving average and closed at the highest overnight at $6,267/mt. The SHFE 1901 contract ended three consecutive trading days of decline as it closed at 49,660 yuan/mt after rising to a high of 49,680 yuan/mt. We expect it to trade at 49,400-49,800 yuan/mt today with LME copper trading at $6,220-6,270/mt. Tight supplies in domestic market will keep spot premiums at 50-120 yuan/mt. Macro pessimism continued to lower LME nickel and the SHFE 1901 contract overnight, by 0.63% and 1.14%, respectively. Weak fundamentals failed to provide the contract effective support at the 90,000 yuan/mt level. We expect LME nickel to hover weakly around $10,900/mt, with the 1901 contract trading at 89,500-91,000 yuan/mt today. Spot prices are seen at 90,000-101,500 yuan/mt today.

ENERGY:-


Oil prices renewed their fall on Friday, pressured by concerns that producers are churning out more oil than the world needs amid a bleak economic outlook. The divergence between U.S. and international crude comes as surging North American supply is clogging the system and depressing prices there, while global markets are somewhat tighter - in part because of reduced exports from Iran due to newly imposed U.S. sanctions. However, global oil supply has surged this year, with the top-three producers of the United States, Russia and Saudi Arabia pumping out more than a third of global consumption, which stands around 100 million barrels per day (bpd). High production comes as the demand outlook weakens on the back of a global economic slowdown. prices have plunged by around 30 percent since their last peaks in early October, as global production started to exceed consumption in the fourth quarter of this year, ending a period of undersupply that started in the first quarter of 2017, according to data in Refinitiv Eikon.


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Wednesday, 31 October 2018


 BULLION:- 
Gold prices fell on Wednesday while extending yesterday’s drop as the U.S. dollar firmed on renewed fears of intensification in the Sino-U.S.trade war and worries over slowing global economic growth. Investors took cover in the greenback after Bloomberg reported that Washington is preparing to announce tariffs on all remaining Chinese imports by early December if talks next month between U.S. President Donald Trump and Chinese President Xi Jinping fail to ease the trade war. A stronger dollar makes bullion more expensive for holders of other currencies. Spot gold was down 0.4 percent at $1,217 an ounce at the time of writing. Gold prices have gained about 6 percent since declining to $1,159.96 an ounce in mid-August, the lowest since January 2017. Choppy sessions in global equity markets last week pushed gold to $1,243.32, its highest since July 17on Friday. However, the yellow metal is still down about 10 percent from its April peak after investors turned to the dollar as a safe-haven as the U.S.-China trade war unfolded against a background of higher U.S. interest rates. Asia shares recouped early losses and crept higher as China made a fresh attempt to stabilise its stock markets, but the gains looked fragile. Holdings in SPDR Gold Trust, the world’s largest gold-backed exchange traded fund, rose 0.7 percent to 24.27 million ounces on Monday, the highest in nearly two months.


ENERGY:- 
                   
Oil prices climbed for the first time in three days on Wednesday, but rising supply and fears over the outlook for demand amid the U.S.-China trade war kept pressure on the market. Brent crude futures had gained 52 cents, or 0.7 percent, to $76.43 a barrel. They fell 1.8 percent on Tuesday, at one point touching their lowest since Aug. 24 at$75.09 a barrel. U.S. West Texas Intermediate (WTI) crude futures advanced 29 cents, or 0.4 percent, to $66.47 a barrel on Wednesday. They dropped 1.3 percent the day before, after hitting their weakest since Aug. 17 at $65.33 a barrel. Both crude benchmarks have fallen about $10 a barrel from four-year highs reached in the first week of October, and are on track to post their worst monthly performance since July 2016. Oil has been caught in the global financial market slump this month, with equities under pressure from the trade scrap between the world's two largest economies. In a bearish signal, the American Petroleum Institute reported U.S. crude inventories rose 5.7 million barrels last week, more than analyst forecasts for a 4.1 million-barrel build. Investors will look to official government data on U.S. inventories due on Wednesday. Meanwhile, the International Energy Agency (IEA) said high oil prices were hurting consumers and could dent fuel demand at a time of slowing global economic activity.


BASEMETAL :- 
                 
Zinc and copper prices fell in Shanghai on Wednesday after data showed that China’s manufacturing sector grew at its weakest pace in more than two years, dampening the outlook for demand in the world’s top metals consumer. Amid rising headwinds from the Sino-U.S. trade row, China’s official Purchasing Managers’ Index dropped to 50.2 in October from 50.8 in September, only slightly above the 50-point mark that separates growth from contraction. The latest reading suggests a further slowing in the world’s second-biggest economy and could prompt more policy support from Beijing on top of a raft of recent initiatives. s China’s yuan approaches the 7 to the dollar barrier, investors are betting authorities will eventually let the currency fall beyond the historic level. Yet they are just as confident that China won’t allow the kind of capitulation seen in past market meltdowns. The most-traded December zinc on the Shanghai Futures Exchange was down 1.8 percent at 21,545 yuan ($3,093) a tonne. Copper dropped 1.4 percent to 49,160 yuan. Three-month copper on the London Metal Exchange was up 0.1 percent at $6,039 a tonne and zinc was flat at $2,549. Asian stocks pulled away from 20-month lows to eke out small gains, thanks to a rebound on Wall Street. The dollar hovered near 16-month highs versus a basket of its major rivals


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Sunday, 28 October 2018


BULLION:-

Gold rose on Friday to a more than three-month peak as investors rushed to the safety of bullion as stock markets around the globe plunged, putting the metal on track for its fourth week of gains. Spot gold was on course for a fourth weekly gain, its longest winning streak since January. Stocks worldwide spiraled downward on Friday and were set to post their worst weekly losing streak in more than five years. Rising rates are normally negative for gold because they increase the opportunity cost of holding non-yielding bullion and could boost the dollar, in which gold is priced. Gold demand in India this week was muted as a recent rally in domestic prices prompted buyers to postpone purchases despite the approaching festival and wedding season. Prices are up more than 6 percent after falling to $1,159.96 an ounce in mid-August, the lowest since January 2017.

METALS:-

The SHFE 1812 contract lost support at the Bollinger middle band as exiting longs lowered it to an intraday low of 49,720 yuan/mt. It settled at 49,750 yuan/mt with open interest shrinking 2,268 lots. The SHFE 1901 contract gained 3,084 lots in open interest today. With pressure at the five-day moving average and an extended MACD green line, the 1812 contract will test support at 49,500 yuan/mt tonight. The SHFE 1901 contract fell below the 100,000 yuan/mt level in the afternoon and failed to rebound till closing as shorts accumulated. It slid to an intraday low of 99,220 yuan/mt, the lowest in half a year. Some 435 million yuan of capital entered all SHFE nickel contracts, the greatest among base metals contracts. We expect the contract to test pressure at 100,000 yuan/mt tonight as its KDJ indicators expanded downwards. Investors may take more cues tonight from the US GDP for the third quarter and University of Michigan consumer sentiment index for October.


ENERGY:-


Oil prices rose on Friday, supported by expectations that sanctions on Iran would tighten global supplies, but futures posted a weekly drop as a slump in stock markets and concerns about trade wars clouded the fuel demand outlook. Prices got some support when two sources said on Friday Iraq will stop trucking crude oil from its northern Kirkuk oil field to Iran in November to comply with U.S. sanctions. has said it wants to reduce Iranian oil sales to zero, although this looks unlikely. Still, many buyers, including Iran's biggest customer, China, appear to be falling in line, forcing Tehran to store unsold oil on tankers. You move forward and see people playing by the rules, which I don't believe ever really happens, you'll see supply come off and we could run into an issue later," said Michael McAllister, director of equity research at MUFG Securities.

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Thursday, 27 September 2018



BULLION:-

Gold prices held close early Friday to near six-week lows hit in the previous session, as the dollar firmed after upbeat U.S. economic data supported the Federal Reserve’s resolve for steady interest rate hikes over the next year. Spot gold was up 0.1 percent to $1,183.58 at the time of writing. On Thursday, the metal fell about 1 percent and touched its lowest since Aug. 17 at $1,181.61 an ounce. Spot gold is down about 1.3 percent for the week, on track for its fourth weekly decline in five. The dollar stood tall against its peers on Friday, and hovered near a nine-month high versus the yen. U.S. economic growth accelerated in the second quarter at its fastest pace in nearly four years as previously estimated, putting the economy on track to hit the Trump administration’s goal of 3 percent annual growth. The U.S. economy does not face a large chance of a recession in the next two years and the Fed plans to keep gradually raising interest rates, Fed Chairman Jerome Powell said on Thursday.  

METALS:-

Shanghai aluminium prices dropped for a fourth session on Friday and were on course for their steepest monthly drop since March after China decided not impose blanket cuts on industrial output in 28 northern cities this winter. The production cuts are to be determined by local authorities, which the market expects to mean less restrictions on aluminium supply. Shanghai aluminium fell as much as 1.5 percent to 14,275 yuan ($2,073.02) a tonne, the lowest since July 23. The metal is heading for a 4.3 percent drop in September. London Metal Exchange aluminium nudged up 0.1 percent to $2,031.50 a tonne. Three-month copper on the London Metal Exchange was up 0.5 to $6,214 a tonne, at the time of writing, snapping four straight sessions of declines. It has fallen 2.6 percent this week, putting it on course for its steepest weekly fall in six, although it is also heading for a 3.7 percent gain over September, which would be its best month since December 2017.  

ENERGY:-

Oil prices inched up on Friday, with investors trying to gauge the potential impact on supply from looming U.S. sanctions on Iran’s crude exports. The most-active Brent crude futures contract, for DecemberLCOZ8, had risen 18 cents, or 0.22 percent, to $81.56 per barrel at the time of writing. That was close to a four-year high of $82.55 struck on Tuesday. With the expiration of the Brent November futures contract later on Friday, the front-month contract will become the December contract. U.S futures were up 21 cents, or 0.29 percent, at $72.33 per barrel, on track for a weekly gain. The sanctions kick in on Nov. 4, with Washington asking buyers of Iranian oil to cut imports to zero to force Tehran to negotiate a new nuclear agreement and to curb its influence in the Middle East. Saudi Arabia is expected to quietly add extra oil to the market over the next couple of months to offset the drop in Iranian production, but is worried it might need to limit output next year to balance global supply and demand as the United States pumps more crude.  




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Saturday, 15 September 2018


 The commodity trading is a commodity selling and buying through exchange. Where different commodities are online business Through this, most of the agricultural products and other raw products (like wheat, sugar, pulses, oil, cotton and metals) do business. If you want to do business yourself, then you have the facility of computer and internet.

Commodity trading is not like normal trading. All the trading here is done for the future. There are many commodity exchanges in India, through which the commodity turnover is done. Among these, MCX, NCDEX, NMCE and ICEX are prominent.


How to Start Commodity Business
To start a commodity business you must have a trading account with a computer and internet facility. Your trading account is to be opened with the same broker, who has subscribed to major commodity exchanges such as MCX, NCDEX etc. You will get a list of these brokers associated with these exchanges website.


How to open trading account
You must have a PAN card, address proof and bank account to open a trading account. Brokers charge you a fee for this account. But if you trade with the broker, then you can call it to call your call. After taking up all this, you increase understanding about commodity trading and make mock trading. After this you can start trading in commodity.



Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance. CapitalStars Investment Adviser: SEBI Registration Number: INA000001647.

Friday, 14 September 2018

BULLION:-

Gold edged higher on Friday, lifted by a weaker dollar, but gains were tempered by expectations of a U.S. rate hike later this month. pot gold XAU= was up 0.4 percent at $1,206.01 an ounce by 1000 GMT, having hit its highest since Aug. 28 at $1,212.65 on Thursday. It has risen 0.9 percent so far this week, on track for its first weekly gain in three. Gold has shown a close correlation to the currency of China, the biggest gold consuming nation, analysts say. Investors widely expect another 0.25 percentage point interest rate hike when the U.S. central bank meets on Sept. 25-26, and there is a strong chance of another increase in December. rates make gold less attractive since it does not pay interest but costs money to store and insure.  

ENERGY:-

Oil rose on Friday, clawing back some territory after prices fell by the most in a month in the previous session, as the focus returned to supply concerns ahead of a November deadline for U.S. sanctions on Iranian crude. Price rises were capped after U.S. Energy Secretary Rick Perry said Saudi Arabia, other members of OPEC and Russia were to be admired for trying to prevent a spike in global oil prices. think the oil market will have another go at pushing Brent above $80 a barrel," Harry Tchilinguirian, oil strategist at French bank BNP Paribas. The United States is renewing sanctions on Iran after withdrawing from a nuclear deal forged in 2015 between Tehran and world powers.  



Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance. CapitalStars Investment Adviser: SEBI Registration Number: INA000001647.

Wednesday, 5 September 2018



BULLION:-

Gold on Thursday held on to gains from the previous session, when it rose 0.5 percent, as the dollar remained weak amid a looming deadline in the U.S.-China trade conflict. The dollar index, which measures the greenback against a basket of currencies, was down 0.3 percent at 94.949. The greenback slipped on Wednesday after a report that Germany would be ready to accept a less detailed agreement on the UK’s future economic and trade ties with the EU in a bid to get a Brexit deal done. That boosted the pound and the euro. Meanwhile, trade concerns continued to keep investors nervous, with a deadline looming in the U.S.-China trade dispute and a refusal by Canada to bow to key U.S. demands in its trade talks with Washington. The United States and Canada resumed talks about revamping the North American Free Trade Agreement (NAFTA). Canada insisted there was room to salvage the pact despite few signs a deal was close. U.S. President Donald Trump said talks with Canada were coming along. Emerging market currencies remained weak, on fears export-oriented economies would be caught in the crossfire of any escalating trade conflict. The emerging market crisis could boost gold’s appeal as a safe haven asset as people might buy the yellow metal as a hedge against inflation. India’s gold imports more than doubled in August to hit their highest level in 15 months as lower prices prompted manufacturers to replenish inventory for a jewellery exhibition, provisional data from metals consultancy GFMS showed.

METALS:-

Copper trading steady on Thursday after rising on Wednesday after five straight days of losses as a dollar rally paused, but gains were firmly capped by persistent fears over escalating trade tensions between the United States and top metals consumer China. A public comment period on the possibility of fresh U.S. tariffs on another $200 billion of Chinese goods ends on Thursday, with expectations that the additional levies will be imposed by U.S. President Donald Trump. The dollar has benefited from these tensions, though it slipped on Wednesday, off a two week high hit in the previous session, making dollar-priced metals less costly for non-U.S. investors. Alcoa’s alumina production has likely been hit by a four-week strike at its Western Australian operations, the Australian Workers’ Union said, raising the prospect of a widening supply deficit in the key aluminium-making ingredient. The most active steel rebar future on the Shanghai Futures Exchange notched up its ninth day of losses out of the past 11 sessions as worries lingered about slowing demand in the world’s top producer.

ENERGY:-

Oil prices fell on Thursday as the American Petroleum Institute (API) reported a draw of 1.17 million barrels of United States crude oil inventories for the week ending September 1, compared to analyst expectations that this week would see a draw in crude oil inventories of 1.29 million barrels. Other analysts had anticipated a 2.9 million barrel draw. Last week, the American Petroleum Institute (API) reported a surprise build of 38,000 barrels of crude oil. The API reported a build in gasoline inventories for week ending September 1 in the amount of 1 million barrels. Analysts predicted a draw of 81,000 barrels. Wednesday’s falling prices—the lowest of the week, in fact—were largely the result of tropical storm Gordon that ripped through the Gulf of Mexico without much disruption to energy infrastructure. Despite the fact that Gordon did claim at least one life, it managed to miss nearly every oil and gas operation in the GoM. Also weighing on prices is Iran’s persistence in finding future markets for its oil come November when US sanctions against Tehran go into full effect. On Wednesday, Tehran reported that Europe was looking to open bank accounts in Europe for Iran to deposit oil revenues and secure Iranian oil exports. US crude oil production as estimated by the Energy Information Administration was unchanged for the week at 11.0 million bpd for the week ending August 24. Distillate inventories were also up this week—by 1.8 million barrels, compared to an expected build of 742,000 barrels. Inventories at the Cushing, Oklahoma site increased this week by 613,000 barrels. The U.S. Energy Information Administration report on crude oil inventories is due to be released on Thursday at 8:30 PM IST.




Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance. CapitalStars Investment Adviser: SEBI Registration Number: INA000001647.