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Showing posts with label Equity Tips Free Trading Tips. Show all posts
Showing posts with label Equity Tips Free Trading Tips. Show all posts

Monday, 3 December 2018


BULLION:-

Gold prices rose on Tuesday, after hitting a more than one-month high earlier in the session, as the dollar stumbled after the United States and China agreed to a temporary truce in their trade conflict that rattled global markets. "Dollar weakness is primarily driving gold prices higher," said Benjamin Lu, a commodities analyst at Phillip Futures. "Markets seem little doubtful about the success of this Sino-U.S. trade war truce... It seems a bit cautious," Lu added. The dollar weakened against its major peers on Tuesday, as the thaw in trade tensions between Washington and Beijing supported investor confidence though concerns about the fragility of the truce capped wider gains in risk assets. Analysts now expect market focus to move to the U.S. Federal Reserve's monetary policy. Markets are expecting a fourth rate hike at its Dec. 18-19 meeting. Gold has fallen about 10 percent from a peak in April as investors preferred the dollar as safe haven, with U.S.-China trade friction unfolding against a backdrop of higher U.S. interest rates.

METALS:-

London copper fell to close at $6,250/mt overnight after it climbed to a high of $6,328.5/mt. Despite an initial increase to a high of 50,370 yuan/mt, the SHFE 1902 contract fell into negative territory to close at 49,910 yuan/mt overnight. Copper prices are expected to stay at highs as a ceasefire in the US-China trade war, the Fed’s dovish tone and expected oil supply cuts prompt investors to shun safe-haven US currency and to turn to riskier assets. LME copper is likely to trade at $6,230-6,280/mt today with the SHFE 1902 contract at 49,800-50,250 yuan/mt. Spot premiums are seen at 100-200 yuan/mt. London nickel fluctuated to close at $11,195/mt overnight. The SHFE 1901 contract regained some losses to end at 91,500 yuan/mt after it fell to a low of 91,080 yuan/mt. Weak domestic fundamentals could provide SHFE nickel with limited upward momentum. We expect LME nickel to hover around $11,200/mt today with the SHFE 1901 contract at 91,000-92,500 yuan/mt. Spot prices are seen at 91,500-100,500 yuan/mt.

ENERGY:-


Oil prices rose on Tuesday, extending strong gains from the previous day amid expected OPEC-led supply cuts and a mandated reduction in Canadian output. The 90-day truce in the trade dispute between the United States and China was also still supporting markets, traders said. Both crude benchmarks climbed by around 4 percent the previous session after Washington and Beijing agreed a truce in their trade disputes and said they would negotiate for 90 days before taking any further action. Middle East dominated Organization of the Petroleum Exporting Countries (OPEC) will on Dec. 6 meet at its headquarters in Vienna, Austria, to agree a joint output policy. "A cut in OPEC and Russia production of 1.3 million barrels per day (bpd) will be required to reverse the ongoing counter-seasonally large increase in inventories," the bank said. It added that it expected a joint effort by OPEC and Russia to withhold supply to push Brent oil prices "above the mid-$60 per barrel level".


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Sunday, 2 December 2018


BULLION:-

Gold prices were steady early on Monday as the dollar weakened on U.S.-China trade truce that revived investor demand for riskier assets. Spot gold inched up 0.1 percent to $1,222.97 per ounce at the time of writing. U.S. gold futures were up 0.2 percent at $1,228.1 per ounce. The dollar index, which measures the greenback against a basket of six major currencies, was down about 0.2 percent. Asian shares rallied on Monday after U.S. and Chinese leaders brokered a truce in their trade conflict, a relief for the global economic outlook and a tonic for emerging markets. China and the United States agreed to halt additional tariffs in a deal that keeps their trade war from escalating as the two sides try again to bridge their differences with fresh talks aimed at reaching an agreement within 90 days. If no deal is reached within 90 days, both parties agreed that the 10 percent tariffs will be raised to 25 percent, the White House said. Speculators increased their net short position in gold by 8,464 contracts to 51,828 contracts, according to U.S. Commodity Futures Trading Commission data. Physical gold demand in the world’s second biggest bullion consumer India got a fillip this week from a slide in local rates due to gains in the rupee, while buying was steady in other top Asian hubs. The U.S. Mint sold 8,000 ounces of American Eagle gold coins in November, down 67.3 percent from the previous month, according to the latest data.

METALS:-

London and Shanghai industrial metals jumped on Monday after U.S. and Chinese leaders agreed to a ceasefire in a trade dispute that has shaken global markets. China and the United States agreed to halt additional tariffs in a deal that keeps their trade war from escalating as the two sides try again to bridge their differences with fresh talks aimed at reaching an agreement within 90 days. The White House said on Saturday that President Donald Trump told Chinese President Xi Jinping during high-stakes talks in Argentina that he would not boost tariffs on $200 billion of Chinese goods to 25 percent on Jan. 1 as previously announced. Three-month copper on the London Metal Exchange rose 2.3 percent to $6,338.5 a tonne at the time of writing, while the most-traded copper contract on the Shanghai Futures Exchange climbed 1.7 percent to 50,420 yuan ($7,248.63) a tonne. Other industrial metals also rose, with Shanghai zinc jumping 4.7 percent to 21,370 yuan a tonne. A total of 79 Chinese cities have triggered air pollution alerts as severe winter smog covers wide swaths of the country, the official Xinhua news agency reported on Saturday.  

ENERGY:-

Oil jumped on Monday after Russia and Saudi Arabia agreed to extend into 2019 their deal to manage the oil market, known as OPEC+, although Moscow and Riyadh have yet to confirm any fresh output cuts. U.S. West Texas Intermediate (WTI) crude futures were at $53.38 per barrel at the time of writing, up $2.45 per barrel, or 4.8 percent from their last close. International Brent crude oil futures were up $2.38 per barrel, or 4 percent, at $61.84 a barrel. China and the United States agreed during the meeting of the Group of 20 (G20) leading economies in Argentina over the weekend not to impose additional trade tariffs for at least 90 days while the pair hold talks to resolve existing disputes. The trade war between the world’s two biggest economies has weighed heavily on global trade, sparking concerns of an economic slowdown. Looking ahead, oil traders will eye a meeting by the Organization of the Petroleum Exporting Countries (OPEC) on Dec. 6. At the meeting, the producer group, as well as non-OPEC member Russia, is expected to announce supply cuts aimed at reining in a production overhang that has pulled down crude prices by around a third since October.  


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Wednesday, 21 November 2018


BULLION:-

Gold prices held firm on Thursday after hitting the highest in two weeks in the previous session, with improved risk appetite weighing on the U.S. dollar. The dollar was broadly lower as demand for safe haven currencies declined after a rebound in global equities and the euro strengthened on hopes for a resolution of Italy's budget dispute. Meanwhile, Asian shares stepped ahead cautiously, though rising U.S. interest rates and escalating trade tensions kept financial markets on edge amid signs of slackening global growth. The dollar has been under pressure this week as cautious comments by Fed officials about a potential global slowdown raised doubts on the pace of interest rate hikes. The doubts were heightened by data on Wednesday showing weekly jobless claims rose to a more than four-month high and new orders for U.S.-made capital goods were unexpectedly flat in October. Are seeing some impact of the weaker than expected durable goods number, which has reinforced investors to question their expectations of rate hikes in 2019 and weaker dollar followed," Hynes added.

METALS:-

London copper received support at the Bollinger middle band as it extended its increase of the daytime and mostly hovered above the daily moving average. It closed at $6,233/mt after rising to a high of $6,240/mt. With support at the five-day moving average, the SHFE 1901 contract settled at 49,530 yuan/mt with open interest up 2,704 lots to 518,000 lots. Market sentiment improved as the equity selloff eased. Development of China-US trade conflict will remain in focus in the near run. Today, the contract is expected to trade at 49,100-49,600 yuan/mt with its LME counterpart trading at $6,200-6,250/mt. Spot premiums is set at 50-120 yuan/mt as supplies are tight. Weak fundamentals grew confidence in short positions, which lowered LME nickel by 0.5% and the SHFE 1901 contract by 1.41% overnight. This was despite a softened US dollar. Limited upward momentum will see LME nickel hovering weakly around $11,000/mt, with the contract trading at 90,500-92,000 yuan/mt today. Spot prices are seen at 91,000-102,500 yuan/mt today. 

ENERGY:-

Oil markets started Thursday timidly, with rising U.S. crude inventories pressuring prices but an expected supply cut by producer cartel OPEC offering some support. U.S. commercial crude oil inventories C-STK-T-EIA rose by 4.9 million barrels to 446.91 million barrels last week, the Energy Information Administration (EIA) said in a weekly report on Wednesday. That was the highest level since December 2017. Crude oil production C-OUT-T-EIA remained at a record 11.7 million barrels per day (bpd), the EIA said. Some analysts have warned that despite high global production, oil markets have little spare capacity to handle unforeseen supply disruptions. However, Innes said that once U.S. pipeline bottlenecks were alleviated, which he said he expected in 2019, "the entire notion of a tight global spare capacity argument goes down the well".


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Tuesday, 20 November 2018


BULLION:-

Gold prices were steady on Wednesday, after moving in a tight range in holiday-thinned trading, holding above the 1,220 level as the dollar was pressured by weak U.S. economic data and a clouded interest rate outlook. Spot gold was little changed at $1220.20 per ounce at the time of writing. The dollar index, which measures the greenback against a basket of six major currencies, was trading near an over one-week low that it hit in the previous session. The currency came under pressure as U.S. Federal Reserve officials cautioned on the global growth outlook and weak data at home, pointing to a potentially slower pace of rate hikes. The Fed is still expected to raise interest rates again next month and three times next year, but a strong majority of economists polled by Reuters over the past week say the risk is it will slow that pace down. Higher U.S. interest rates tend to boost the dollar and also push up bond yields, reducing the appeal of non-yielding bullion. In a veiled criticism of Washington that further sours the tone of China-U.S. ties ahead of a G20 meet, a top Chinese diplomat said on Monday that the APEC summit’s failure to agree on a communique resulted from certain countries “excusing” protectionism. Meanwhile, holdings at SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.16 percent to 760.86 tonnes on Monday.

METALS:-

London copper prices eased on Wednesday as tensions between the United States and China escalated ahead of a major meeting between the two presidents next week. The United States administration on Tuesday said China has failed to alter its "unfair" practices, adding to tensions ahead of a high-stakes meeting later this month between U.S. President Donald Trump and Chinese President Xi Jinping. Three-month copper on the London Metal Exchange was down 0.2 percent at $6,170 a tonne, at the time of writing, while base metals on the Shanghai Futures Exchange lost ground, with copper slipped 1.3 percent to 49,150 yuan ($7,077.24) a tonne. Global primary aluminium output rose to 5.414 million tonnes in October from 5.301 million tonnes in September, data from the International Aluminium Institute (IAI) showed on Tuesday. Japan's top steelmaker Nippon Steel & Sumitomo Metal Corp is bracing for a weaker steel market in Asia because the escalating Sino-U.S. trade war may crimp steel demand in top buyer China and in Southeast Asia, a senior executive said.  

ENERGY:-

Oil prices on Wednesday recovered some of the previous day’s over 6 percent plunge, lifted by a report of an unexpected decline in U.S. commercial crude inventories as well as record Indian crude imports. But investors remained on edge, with the International Energy Agency (IEA) warning of unprecedented uncertainty in oil markets due to a difficult economic environment and political risk. International Brent crude oil futures were at $63.35 per barrel at the time of writing, up 82 cents, or 1.3 percent from their last close. U.S. West Texas Intermediate (WTI) crude future, were up 78 cents, or 1.4 percent, at $54.21 a barrel. Wednesday’s rebound came after a report by the American Petroleum Institute late on Tuesday that U.S. commercial crude inventories last week fell unexpectedly by 1.5 million barrels, to 439.2 million, in the week to Nov. 16. Yet Wednesday’s bounce did little to reverse overall market weakness, which saw crude tumble by more than 6 percent the previous session amid a selloff in global stock markets. With output surging and the demand outlook deteriorating, the Organization of the Petroleum Exporting Countries (OPEC) is pushing for a supply cut of between 1 million and 1.4 million bpd to prevent a repeat of the 2014 glut. U.S. crude oil production has jumped by almost a quarter this year, to a record 11.7 million bpd largely because of a surge in shale output.



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Monday, 19 November 2018



BULLION:-
Gold prices rose on Friday as investors sought safe haven assets amid fears of a chaotic departure for Britain from the European Union. Spot gold was up 0.2 percent at $1,214.77 per ounce at the time of writing, while U.S. gold futures rose 0.1 percent to $1,215.6 per ounce. The dollar index, which measures the greenback against a basket of six major currencies, inched up about 0.1 percent. Prime Minister Theresa May vowed to fight for her draft divorce deal with the EU on Thursday after the resignation of her Brexit secretary and other ministers put her strategy and her job in peril. A “really strong” U.S. economy is likely to continue growing, but softness in housing and high levels of corporate debt have caught the Federal Reserve’s eye, Chairman Jerome Powell said on Wednesday. U.S. retail sales rebounded sharply in October as purchases of motor vehicles and building materials surged, but data for the prior two months was revised lower and the underlying trend suggested that consumer spending was probably slowing down. China’s written response to U.S. demands for trade reforms is unlikely to trigger a breakthrough at talks between Presidents Donald Trump and Xi Jinping later this month, a senior Trump administration official told Reuters on Thursday. 

METALS:-
Shanghai zinc jumped more than 2.5 percent to the highest in more than two weeks on Thursday amid sliding stockpiles in London and signs that China may be taking steps to de-escalate its trade dispute with the United States. China has delivered a written response to U.S. demands for wide-ranging trade reforms ahead of expected talks between U.S. President Donald Trump and Chinese President Xi Jinping on the sidelines of a G20 summit in Argentina later this month. The most-traded January zinc contract on the Shanghai Futures Exchange rose as much as 3.3 percent to 21,645 yuan a tonne; it’s loftiest since Oct. 30. LME zinc stocks fell to a decade-low of 125,400 tonnes, data showed, while on-warrant or available stocks hit their lowest since February. The global zinc market deficit narrowed to 54,700 tonnes in September from a revised deficit of 81,800 tonnes in August, data from the International Lead and Zinc Study Group showed on Wednesday. Chinese copper smelter Jiangxi Copper and miner Antofagasta have agreed 2019 copper treatment and refining charges (TC/RCs) at $80.80 a tonne and 8.08 cents a pound, three sources familiar with the matter said. Chile’s state copper agency Cochilco lowered its average copper price prediction for this year by $0.03 to $2.97 per pound on Thursday in its second negative projection in six months.

ENERGY:-
Volatile natural gas plummeted 18 percent on Thursday, reversing nearly all of Wednesday’s sharp gains, after U.S. inventories showed a slight increase in supply. Selling was already underway even before the report from the Energy Information Administration showed natural gas supplies rose by 39 billion cubic feet. Total gas in storage now stands at 3.247 trillion cubic feet, but is still 15 percent below the 5-year average and 14 percent below last year. Gas supply is at a 15-year low for this time of year; at the same time, cold weather has driven strong early heating demand. Natural gas prices surged more than 18 percent Wednesday, as panicky buyers reacted to new weather reports showing a colder forecast amid concerns the U.S. has too little gas in storage. Futures were trading at about $3.98 per mmbtu on Thursday, after reaching $4.83 the day earlier. Wednesday’s move higher set the stage for the big decline, as analysts said much of the buying appeared to be traders who were caught on the wrong side of the trade and forced to react to a short squeeze. Natural gas is still 30 percent higher in November, and more cold forecasts could send it higher again. 


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Thursday, 15 November 2018



BULLION:-

Gold prices rose on Friday as investors sought safe haven assets amid fears of a chaotic departure for Britain from the European Union. Spot gold was up 0.2 percent at $1,214.77 per ounce at the time of writing, while U.S. gold futures rose 0.1 percent to $1,215.6 per ounce. The dollar index, which measures the greenback against a basket of six major currencies, inched up about 0.1 percent. Prime Minister Theresa May vowed to fight for her draft divorce deal with the EU on Thursday after the resignation of her Brexit secretary and other ministers put her strategy and her job in peril. A "really strong" U.S. economy is likely to continue growing, but softness in housing and high levels of corporate debt have caught the Federal Reserve's eye, Chairman Jerome Powell said on Wednesday. U.S. retail sales rebounded sharply in October as purchases of motor vehicles and building materials surged, but data for the prior two months was revised lower and the underlying trend suggested that consumer spending was probably slowing down.  

METALS:-

Shanghai zinc jumped more than 2.5 percent to the highest in more than two weeks on Thursday amid sliding stockpiles in London and signs that China may be taking steps to de-escalate its trade dispute with the United States. China has delivered a written response to U.S. demands for wide-ranging trade reforms ahead of expected talks between U.S. President Donald Trump and Chinese President Xi Jinping on the sidelines of a G20 summit in Argentina later this month. The most-traded January zinc contract on the Shanghai Futures Exchange rose as much as 3.3 percent to 21,645 yuan a tonne; it's loftiest since Oct. 30. LME zinc stocks fell to a decade-low of 125,400 tonnes, data showed, while on-warrant or available stocks hit their lowest since February. The global zinc market deficit narrowed to 54,700 tonnes in September from a revised deficit of 81,800 tonnes in August, data from the International Lead and Zinc Study Group showed on Wednesday.  

ENERGY:-


Volatile natural gas plummeted 18 percent on Thursday, reversing nearly all of Wednesday's sharp gains, after U.S. inventories showed a slight increase in supply. Selling was already underway even before the report from the Energy Information Administration showed natural gas supplies rose by 39 billion cubic feet. Total gas in storage now stands at 3.247 trillion cubic feet, but is still 15 percent below the 5-year average and 14 percent below last year. Gas supply is at a 15-year low for this time of year; at the same time, cold weather has driven strong early heating demand. Natural gas prices surged more than 18 percent Wednesday, as panicky buyers reacted to new weather reports showing a colder forecast amid concerns the U.S. has too little gas in storage. Futures were trading at about $3.98 per mmbtu on Thursday, after reaching $4.83 the day earlier. Wednesday's move higher set the stage for the big decline, as analysts said much of the buying appeared to be traders who were caught on the wrong side of the trade and forced to react to a short squeeze. 



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Monday, 12 November 2018



BULLION:-

Gold prices were steady on Monday, having dipped to a one-month low in the previous session after the U.S. dollar firmed on the Federal Reserve’s plans to gradually keep tightening borrowing costs. The dollar index, which measures the greenback against a basket of six major currencies, inched up 0.1 percent. The greenback built on last week’s gains and rose towards a 16-month high. Asian shares fell on Monday, extending weakness in global equity markets at the end of last week as soft Chinese economic data and falling oil prices rekindled anxiety about the outlook for world growth. U.S. producer prices rose more than expected in October and at their fastest pace in six years but measures of underlying price pressure cooled, bolstering the view that the U.S. central bank is not facing resurgence in inflation. Former British foreign minister Boris Johnson called again on Sunday for Prime Minister Theresa May to change course on Brexit, accusing her of forcing through a deal to keep the country locked in the EU’s customs union in a “total surrender”. Italy’s economy minister is looking to revise down the budget’s growth forecast for next year to try to reach a deal with the European Commission over fiscal policy, a government source said on Sunday.  

METALS:-

Nickel prices on both the London and Shanghai exchanges fell on Monday to near 11-month lows due to pressure from a strong U.S. dollar and concerns over economic growth in China. The dollar built on last week’s gains and rose towards a 16-month high on Monday as traders expect the U.S. Federal Reserve to keep tightening monetary policy. The stronger U.S. currency makes dollar-denominated metals more expensive for buyers paying in other currencies. Macroeconomic concerns such as U.S.-China trade tensions have been weighing on industrial metals. Nickel is used mainly in steelmaking. China’s northern province of Hebei, China’s top steel producer, asked 10 major cities and Xiongan new district in the region to issue an orange smog alert, the local government said in a statement on Monday. Under an orange alert, the second-highest warning behind red in China’s four-tier system, steel mills must halve their output, while coal-fired power utilities must operate at “minimum” levels.  

ENERGY:-


Oil prices rose on Monday after top exporter Saudi Arabia announced a cut in supply for December, seen as a measure to halt a market slump that had seen a crude decline by 20 per cent since early October. Saudi Arabia plans to reduce oil supply to world markets by 0.5 million barrels per day in December, its energy minister said on Sunday, as the Opec power faces uncertain prospects in its attempts to persuade other producers to agree a coordinated output cut. Khalid al-Falih told reporters that Saudi Aramco's customer crude oil nominations would fall by 500,000 bpd in December versus November due to seasonal lower demand. The cut represents a reduction in global oil supply of about 0.5%. The announcement came after crude prices declined by around 20 per cent over a month, as supply has surged, especially by the top-three producers USA, Russia and Saudi Arabia. A big concern for Saudi Arabia and other traditional producers from the Middle East dominated Organization of the Petroleum Exporting Countries (Opec) is the surge in US output. US energy firms last week added 12 oil rigs in the week to Nov. 9 looking for new reserves, bringing the total count to 886, the highest level since March 2015, Baker Hughes energy services firm said on Friday.  


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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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Tuesday, 23 October 2018


BULLION:-

Gold prices nudged up on Wednesday after hitting their highest in over three months in the previous session, with international political and economic uncertainty underpinning safe-haven demand for the metal. President Donald Trump said on Tuesday that Saudi authorities staged the "worst cover-up ever" in the killing of prominent journalist Jamal Khashoggi this month, as the United States vowed to revoke the visas of some of those believed to be responsible. Gold prices nudged up on Wednesday after hitting their highest in over three months in the previous session, with international political and economic uncertainty underpinning safe-haven demand for the metal. President Donald Trump said on Tuesday that Saudi authorities staged the "worst cover-up ever" in the killing of prominent journalist Jamal Khashoggi this month, as the United States vowed to revoke the visas of some of those believed to be responsible.  

METALS:-

London copper recovered some earlier losses and closed at $6,183/mt overnight as the US dollar index dipped. The SHFE 1812 contract opened lower overnight and dropped to the lowest so far this week at 49,820 yuan/mt. It then rose to 50,240 yuan/mt. As some longs booked profits, the contract edged down by closing but still stood above 50,000 yuan/mt. Copper prices may struggle to find much upside as China’s recent fiscal stimulus have yet to boost downstream demand and Q4 infrastructure. LME copper is likely to trade at $6,150-6,210/mt today with the SHFE 1812 contract at 49,800-50,400 yuan/mt. Spot prices are seen between discounts of 30 yuan/mt to premiums of 20 yuan/mt.


ENERGY:-


  Oil prices on Wednesday clawed back a fraction of their hefty losses the day before that came after Saudi Arabia said it would make up for supply disruptions from U.S. sanctions starting next month on Iran's petroleum exports. Energy Minister Khalid al-Falih said at an investment conference in Riyadh on Tuesday that despite expected supply disruptions from U.S. sanctions against Iran that kick in from Nov. 4, Saudi Arabia would step up to "meet any demand that materialises to ensure customers are satisfied". prices fell substantially as Saudi Arabia released assurances it could supply more to the global market," Australia's Rivkin Securities said. China's state planner said on Wednesday it would step up financial support for regions most hit by the ongoing trade war between Washington and Beijing in which both sides have slapped import tariffs on hundreds of goods. 


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Thursday, 18 October 2018


BULLION:-
There Gold prices held steady on Wednesday despite a rise in equities, with investors waiting for minutes from the US Federal Reserve's latest policy meeting for any fresh clues on the pace of interest rate hikes. Spot gold was up 0.1 per cent at $1,224.70 an ounce at 0100 GMT. On Monday, it touched its highest since July 26 at $1,233.26 an ounce. US President Donald Trump heaped more criticism on the Fed in an interview with Fox Business Network on Tuesday, extending his discontent beyond its chairman, Jerome Powell, whom he has frequently critiqued in public. Past US presidents have been reticent to criticize the central bank because its independence is seen as important for economic stability. But Trump in the past week has called the Fed "crazy," "loco," "ridiculous," and "too cute". Asian equities got some much needed relief on Wednesday after upbeat US earnings reports drove a rebound on Wall Street and helped restore a little confidence in emerging market stocks and currencies. 

METALS:-
As the dollar strengthened, LME copper tumbled in late trading on Thursday and ended at $6,132/mt. It has closed lower for four consecutive days. The SHFE 1812 contract became the most traded SHFE copper contract overnight. As longs added and shorts cut their positions, the contract crept past the 50,000 yuan/mt level after it dropped to a low of 49,720 yuan/mt. On the technical front, LME copper fell past the 10-day moving average and the middle Bollinger band. While the SHFE 1812 contract closed above its opening price overnight, open interest for the SHFE copper complex stood below 600,000 lots, suggesting a bearish outlook on demand. Purchases across the physical markets remained sluggish in the previous day with spot discounts offered at 70-40 yuan/mt. Declines in copper prices might trigger some downstream purchases.

ENERGY:-
Oil prices nudged higher on Friday but were set for a second weekly drop amid higher U.S. crude inventories, an ongoing Sino-U.S. trade war and concerns over the death of a prominent Saudi journalist. For the week, U.S. crude was down 3.5 percent,
while Brent was 1.1 percent lower, putting both on track for a second consecutive weekly decline. U.S. crude stocks last week climbed 6.5 million barrels, the fourth straight weekly build, almost triple the amount analysts had forecast, the U.S. Energy
Information Administration said on Wednesday. Inventories rose sharply even as U.S. crude production slipped 300,000 barrels per day to 10.9 million bpd last week due to the effects of offshore facilities closing temporarily for Hurricane Michael.



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