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Showing posts with label MCX commodity tips. Show all posts
Showing posts with label MCX commodity tips. Show all posts

Tuesday, 19 February 2019

MCX UPDATES

BULLION - MCX Gold and Silver may note some gains tracking cues from international exchange. COMEX gold trades higher near $1348/oz and has tested the highest level since April 2018. Gold has benefitted from general correction in US dollar index as market players position for FOMC minutes and US-China trade talks. FOMC minutes due today will reflect on Fed�s stance on rate hikes as well as bond reduction plan. Disappointing US economic data and global economic challenges indicate that Fed may maintain patient rate hike stance. Meanwhile, minutes may show that there were discussions on ending bond reduction plan. US-China negotiations resume Tuesday and are scheduled to continue through Friday. Meanwhile, he US is asking China to keep its currency stable as part of the negotiations. It is likely that we may not see a major breakthrough this week amid possibility of US extending the March 1 deadline and amid possibility of a meeting between US and Chinese President. Gold and other precious metals have also benefitted from rally in palladium price which has hit record high level today on supply tightness concerns. ETF outflows however show weaker investor interest in gold at higher price. Gold holdings with SPDR ETF fell by 0.58 ton to 792.446 tonnes. Gold has rallied sharply after breaking past the $1330/oz level and the rally will sustain only if we see further signs of dovish tilt in Fed�s monetary policy stance.

ENERGY- Crude Oil- MCX Crude may note choppy trade tracking cues from international exchange but overall bias is still on the upside. NYMEX crude trades in a narrow range above $56 per barrel holding on to recent gains. Supporting crude price is supply disruption at Saudi�s Safaniyah oilfield and Saudi Arabia�s pledge to deepen production cuts as part of OPEC-non OPEC production cut deal. Meanwhile, reports noted that Russian President Vladimir Putin and Saudi King Salman Bin Abdulaziz agreed to extend their joint cooperation on the global oil market. This will ease market concerns that Russia�s hesitance on continuing with production cuts. However, weighing on crude price is higher US output. As per US EIA latest drilling report, crude production from shale resources is expected to rise by another 1% in March. Also weighing on price is expectations of another increase in US crude oil stocks. Amid other factors, crude remains in a range as market players focus on US-China trade talks. US-China negotiations resume Tuesday and are scheduled to continue through Friday. As per reports, the US is asking China to keep its currency stable as part of the negotiations. Weakness in US dollar ahead of FOMC minutes has also lent some support to commodities at large. Crude may witness choppy trade amid positioning near contract expiry but buying on dips is recommended as supply concerns persist and US-China trade talks continue to progress.

Natural Gas- MCX Natural gas may note mixed trade in line with international market but selling could be considered at higher levels. NYMEX natural gas trades marginally lower near $2.65/mmBtu after a 1.4% gain in previous session. Forecast of cold weather in some parts of US and expectations of a bigger than average decline in gas stocks has lent some support to price. The sharp rise in crude oil price has also lent some support to gas price. However, weighing on price is nearing end of high demand winter season and higher US output. Mixed factors may keep gas in a range however selling could be considered at higher levels as ending winter season may keep a check on demand expectations.

BASE METAL - Base metals on LME trade sideways to higher today after most metal ended in green yesterday. LME Nickel was the best performer with 1.65% gains followed by 0.7% rise in Copper and Zinc prices. In other metals however Aluminium ended unchanged while Lead closed 0.4% lower.


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Monday, 28 January 2019

mcx update

BULLION â�� Bullion counter may trade with positive bias as it edged up to a seven-month high on Tuesday, as the dollar weakened ahead of a two-day U.S. Federal Reserve meeting, which will likely keep interest rates steady, and on worries over a rise in Sino-U.S. trade tensions. Gold (Apr) can test 32800 taking support near 32250. Silver can test 40200 taking support near 39600. Investors are focusing on the Fedâ��s two-day policy meeting, starting later in the day, when the U.S. central bank is expected to leave interest rates unchanged. Some U.S. central bank officials have said they will be patient in raising rates given the stalemate over global trade, the U.S. federal government shutdown, and waning business and consumer confidence. Chinaâ��s net gold imports via main conduit Hong Kong in December halved from the previous month, data showed on Monday, as the worldâ��s top gold consumer likely limited import quotas for its banks while demand for jewellery waned towards end-2018. 

ENERGY- Crude Oil- Crude oil may trade in green as oil prices oil prices crept higher on Tuesday after the U.S. government slapped sanctions on Venezuela�s state-owned oil firm PdVSA in a move aimed at severely curbing the OPEC member�s crude exports to the United States.. Despite their political differences, the United States remains a major destination for Venezuelan oil, although volumes have steadily declined over the past years amid Venezuela�s economic crisis and as the U.S. government has started targeting Caracas� financial sector with sanctions. The U.S. government is supporting Venezuelan opposition leader Juan Guaido, who proclaimed himself interim president last week and is demanding the resignation of sitting President Nicolas Maduro. Crude oil can test 3750 levels while taking support near 3640. Venezuela has the world�s biggest proven oil reserves and is a member of the Organization of the Petroleum Exporting Countries (OPEC).

Natural Gas- Natural gas may tumble further lower as it can move in range of 200- 215. Weeks of extreme volatility persisted as U.S. natural gas futures plunged over 8 percent to a four-month low on Monday on forecasts for warmer-than-normal weather next week despite predictions for arctic cold and record demand later this week.

BASE METAL - Base metals prices may trade with sideways path. Copper may trade on weaker path as it can test 416 while facing resistance near 428 in MCX. Zinc can move sideways to negative path as it can test 188. Lead can witness profit booking at higher levels as it can test 145. Nickel can move sideways in range of 825-845. Aluminum prices can move further lower and can test 130. London aluminum prices inched up early on Tuesday following a plunge in the previous session, with investors' focus returning to inventories and the upcoming U.S. Federal Reserve meeting. Aluminium users around the world will pay less for their material after the United States lifted sanctions on major producer Rusal, but U.S. tariffs on imports of the metal mean limited gains for the country's consumers. Inventories of aluminum stand at 1.3 million tonnes in warehouses approved by the LME, near their lowest since May 2018. The LME said on Monday it would start accepting all Rusal metal into its warehouses again.




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Monday, 7 January 2019




BULLION-
MCX Gold and Silver may note choppy trade in line with the international market but the overall bias is on the upside. COMEX gold trades mixed near $1290/oz after a 0.3% gain yesterday. Gold has turned choppy after testing $1300/oz level for the first time since June 2018. The rally in gold price came to a halt amid improved risk sentiment. Progress over US-China trade talks, upbeat US labour data, Feds patient stance on interest rate hikes and Chinas move to cut reserve requirement rate helped global equity market stabilize. Commerce Secretary Wilbur Ross said there's a "very good chance" the US gets a reasonable deal with China. ETF outflows also show some profit taking in gold. Gold holdings with SPDR ETF fell by 1.47 tonnes to 796.78 tonnes. However, supporting price is the weaker outlook for US dollar amid Feds cautious tone on US economy and patient stance on interest rate hikes. Atlanta Fed President Raphael Bostic said the US central bank should only raise interest rates once this year but keep going with its plan to gradually shrink the balance sheet. While risk sentiment has improved, global uncertainty persists amid a slowdown in the Chinese economy, US government shutdown and Brexit uncertainty. Gold may witness mixed trade as market players await fresh cues. However, we maintain buy on dips view as US dollar is likely to remain choppy while risk sentiment may not improve significantly. COMEX Silver trades weaker near $15.7/oz amid rangebound movement in gold and weakness in industrial metals. Gold has turned choppy amid lack of fresh cues. Industrial metals are pressurized by concerns about the Chinese economy. ETF outflows also show weaker investor interest. Silver holdings with iShares ETF fell by 72.98 tonnes to 9790.1 tonnes, lowest since June 2018. The spot gold-silver ratio rose from 81.9 to 82.4 as silver ended lower yesterday. 

BASE METAL - Basemetal on LME trade sideways to lower today after ending on a higher note yesterday. LME Zinc was the top performer with 2.5% gains following a 0.7% rise in Aluminum prices and 0.4% gains in Nickel prices. In other metals, Copper and Lead too ended modestly higher. The metals pack trades sideways to lower in early trades today after two days of gains amid caution ahead of US-China trade talks outcome. Markets are in a wait and watch mode as they await the outcome of US-China trade talks. The Trump administration has expressed optimism it can reach a reasonable trade deal with China as President Xi Jinping dispatched one of his top aides to negotiations in Beijing. Also putting pressure on the prices is demand worries especially from top consumer China along with and a mixed trend in the global equity market. 


ENERGY -Crude Oil- MCX Crude may note choppy trade in line with international prices but overall bias may be on the upside. NYMEX crude trades mixed near $48.5/bbl after a 1.2% gain yesterday. Crude hit a session high of $49.79/bbl yesterday but retreated to end the day at $48.52/bbl. Crude has rallied more than 15% from recent lows amid lower output from OPEC and recovery in the US equity market. OPECs production fell last month while OPEC and allies have promised adherence to the 1.2 million barrels per day cut deal which will run from January to June. US and global equity market recovered amid upbeat US labour data, Chinas move to cut reserve requirement and progress over US-China trade talks. Also supporting crude is decline in US crude oil rig count which indicates weakening production interest. Early forecasts indicate that US weekly report may note a 1.1 million barrels decline in US crude oil stocks. While crude has recovered sharply from recent lows, the rally will be challenged by higher US output and demand concerns amid uncertainty about US and Chinese economy. US crude production is at record high level and is expected to rise further. Concerns about US economy are high amid mixed economic data, continuing government shutdown and impact on corporate earnings from trade war and higher interest rates. Chinese economic data continues to show a slowdown in the economy. Crude may witness choppy trade amid lack of fresh cues but general improvement in risk sentiment and lower OPEC supply will
support price.Natural Gas- MCX Natural gas may note mixed trade in line with the international market but sell on rising is suggested. NYMEX natural gas trades marginally higher near $2.96/mmBtu after a 3.3% decline yesterday. Lack of fresh cues has resulted in some short covering in natural gas. However, weighing on price is a forecast of mild weather in US which will keep a check on heating demand. Also weighing on price is expectations of another smaller than average decline in gas stocks which will further ease tightness concerns. Natural gas may witness choppy trade amid lack of fresh cues but slack demand expectations may keep the pressure on price. The focus will be on US weather and trend in energy prices. 


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Sunday, 6 January 2019


BULLION:- counter may continue its last week upside momentum following comments by U.S. Federal Reserve Chairman Jerome Powell that the central bank would be patient and flexible in steering the course of interest rates. The Fed chairman on Friday sought to ease market concerns that the U.S. central bank was ignoring signs of an economic slowdown, saying he was aware of the risks and would be patient and flexible in policy decisions this year. Gold can test 31650 in MCX taking support near 31370 in MCX and silver can move further upwards towards 39500. U.S. employers hired the most workers in 10 months in December while boosting wages, pointing to sustained strength in the economy that could ease fears of a sharp slowdown in growth. Gold discounts in India widened to a two-month high last week as prices surged to a more than six-month peak and demand remained subdued due to New Year holidays. Chinese officials will meet their U.S. counterparts for trade negotiations starting later Monday, the first face-to-face talks of the year.

BASE METALS:- prices may continue last week recovery on the hope of trade deal between US and China this week. Copper can take key support near 400 and can recover towards 416. Zambia's Konkola Copper Mines (KCM), majority owned by Vedanta Resources, suspended operations at its Nchanga mine following the introduction of import duty on copper concentrates, the company said. Zambia, Africa's No.2 copper producer, introduced new mining duties, increased royalties and plans to replace Value Added Tax (VAT) with a sales tax by April to help bring down mounting debt. Zinc can recover towards 175 taking support near 168. China's steel and iron ore futures started the week firmly on Monday, buoyed by central bank policy easing and by hopes that talks could help end Sino-U.S. trade tensions. China's central bank on Friday cut the amount of cash that banks have to hold as reserves for the fifth time in a year, freeing up $116 billion for new lending. Lead can take support near 134 and can face resistance near 138. Nickel can take witness further recovery as it can test 785. Aluminium can take improve further towards 131 levels taking support near 128 levels. 

ENERGY:- Crude oil may trade in green as oil prices rose by more than 1 per cent on Monday, lifted by optimism that talks could soon resolve the trade war between the United States and China, while supply cuts by major producers also supported the market. Financial markets were riding a relief rally on Monday on expectations that face-to-face trade negotiations between delegates from Washington and Beijing, due to start on Monday, would lead to an easing in tensions between the two biggest economies in the world. Crude oil can test 3400 while taking support near 3300. Despite the likelihood of a slowdown, crude future prices were being supported by supply cuts started late last year by a group of producers around the Middle East-dominated Organization of the Petroleum Exporting Countries (OPEC) as well as non-OPEC Russia. Natural gas may open in red as it can tumble lower towards 200 in MCX. The number of rigs drilling for natural gas in the United States remains unchanged this week at 198, data from oil services firm Baker Hughes showed on Friday. Horizontal rigs -- the type most often used to extract oil.


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Thursday, 27 December 2018


Gold prices rose by Rs 100 to Rs 32,500 per 10 grams on Wednesday in the Delhi Sarafa Bazar market due to demand from local jewellery demand at the highest level of six months on the yellow metal. In the meantime, silver gained Rs. 125 to Rs. 38,125 per kg from the demand for industrial demand. Globally, London's gold spot jumped by $ 4.33 to $ 1,273.40 an ounce. In February, the US gold futures also increased by $ 5.10 to $ 1,276.90 per ounce.

Dollar downgrade by trump
According to analysts, investors' tension has been reduced in risky investments due to increased stress on monetary policy between US President Donald Trump and the US Federal Reserve. At the same time, the interest in safe investment has increased due to the insistence of Trump to refuse to sign the federal expenditure to pass a $ 5 billion bill to fencing the US border with Mexico. Government work in the US is partially stalled due to Trump's stumbling attitude. In the overseas markets, silver gained Rs 0.12 to $ 14.85 an ounce.


Silver crosses Rs 38 thousand counter

Gold standard rose by Rs 100 to Rs 32,500 per ten gram after the 12th day of December, after gold demanded for the third consecutive day as demand of domestic pearls rose. Gold Bitur also reached the same level of Rs 32,350 per 10 grams. However, the eight-gramy gini was steady at Rs 25,000. Silver coins continued to rise by Rs 125 to Rs 38,125 per kilogram on industrial demand. Silver futures also rose by Rs 140 to Rs 37,680 per kg. Coin and selling remained steady at Rs 74 thousand and Rs 75 thousand per sq.


Price of both precious metals in Delhi Sarafa Bazar (Rs.

  •  10 grams per standard gold: 32,500
  •   10 grams per golden bitur: 32,350
  •  Silver Spot Per Kg: 38,125
  •  Silver futures per kilogram: 37,680
  •  Coin sold per hundred: 74,000
  •  Coin sold per hundred: 75,000
  •  Eight grams per Guinean: 25,000
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Tuesday, 25 December 2018



BULLION:-

Gold rose 1 percent to scale a six-month peak on Monday as sliding stock markets and concerns about a global economic slowdown sapped risk sentiment, driving investors to seek safety in the precious metal. "Gold has continued to be firm here in the course of equity market weakness and an ongoing bevy of factors that are concerns for the market such as trade wars, interest rate hikes and others," said David Merge, director of metals trading at High Ridge Futures. Global stocks continued their downward trend for the seventh straight session as possibilities of a prolonged U.S. government shutdown and a deteriorating global economy unnerved investors. The dollar was pressured amid concerns that the U.S. Federal Reserve will keep raising rates into a weakening economy. USD/ the Fed are going to continue its aggressive stance, then our economy will slow down and a recession is a possibility. There is just so much negative news, that I cannot see gold do anything but go up," said Walter Pehowich, executive vice president of investment services at Dillon Gage Metals. Gold, seen as a safe investment during political and financial uncertainties, has risen over 9 percent from a 19-month low of $1,159.96 in mid-August.

METALS:-

London copper extended its losses to end at $5,959/mt on Monday and touched a three-month low of $5,941/mt during American trading hours. The SHFE 1902 contract fluctuated to end at 48,020 yuan/mt overnight. Most markets will shut for Christmas today, and SHFE copper is expected to continue to hover at lows with most transactions at 47,850-48,250 yuan/mt.As oil prices declined, LME nickel relinquished earlier gains to close flat at $10,875/mt on Monday. The SHFE 1905 contract edged down to close at 90,030 yuan/mt overnight. Investors were cautious overnight, with trading volumes thinning. SHFE nickel is expected to trade range bound today as the year-end eroded trading enthusiasm among investors. The SHFE 1905 contract is likely to trade between the five- and 10-day moving averages today with a range of 89,900-90,500 yuan/mt. Spot prices are seen at 90,500-93,500 yuan/mt.

ENERGY:-

Oil prices plunged more than 6 per cent to the lowest level in more than a year on Monday, pulling back sharply late in the session as fears of an economic slowdown rattled the market.US crude futures and global benchmark Brent hit their lowest levels since 2017 during the session, putting both benchmarks on track for losses of about 40 per cent in the fourth quarter. What happening in the stock market is raising fears that the economy is grinding to a halt and thereby will basically kill any future oil demand,  said Phil Flynn, an analyst at Price Futures Group in Chicago. They repricing in a slowdown in the economy if not a recession with this drop.  The fourth-quarter price decline is likely to cause producers to throttle back on their output, he said. A gauge of stocks worldwide hurtled toward an eighth straight decline on Monday as investors ignored the US Treasury secretary actions to reinforce confidence in the economy and US President Donald Trump criticized the Federal Reserve as the only problem our economy has. 


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Monday, 17 December 2018



BULLION:-

Gold prices were largely steady on Tuesday ahead of a U.S. Federal Reserve meeting that starts later in the day, with investors looking for clues on the central bank's outlook for next year. Asian share markets stumbled on Tuesday as heightened concerns about a slowing global economy sent Wall Street stocks skidding to their lowest levels in more than a year. The Federal Open Market Committee (FOMC) is widely expected to raise interest rates at its two-day meeting starting later in the day. However, the focus will be on the outlook for 2019, with many investors expecting signs of economic turbulence to prompt the Fed to signal a slowdown in the pace of tightening next year. Days before the Fed is expected to raise interest rates for a fourth time this year, U.S. President Donald Trump and his top trade adviser on Monday ratcheted up their criticism of the central bank's monetary tightening. Investors are looking to a major speech by China's President Xi Jinping at 0200 GMT to mark the 40th anniversary of China's market reforms. China is also expected to hold its annual Central Economic Work Conference later this week, where key growth targets and policy goals for 2019 will be discussed.

METALS:-

London copper fell to the day’s lows of $6,079/mt on Monday before it recovered from those losses and closed at $6,133.5/mt. The SHFE 1902 contract rebounded from a low of 48,860 yuan/mt and ended at 49,130 yuan/mt overnight. With pressure at moving averages, both LME and SHFE copper are expected to remain rangebound at lows today. LME copper is likely to trade at $6,100-6,150/mt with the SHFE 1902 contract at 48,700-49,200 yuan/mt. Spot prices are seen at discounts of 60 yuan/mt to premiums of 20 yuan/mt. London nickel fell to close at $10,995/mt on Monday after it climbed past the $11,100/mt level. The SHFE 1905 contract pared some earlier gains to close at 90,620 yuan/mt overnight as longs took profits after the contract crept to highs of 91,290 yuan/mt. LME nickel is likely to hover around $11,000/mt today with the SHFE 1905 contract at 90,000-91,500 yuan/mt. Spot prices are seen at 90,000-97,000 yuan/mt.

ENERGY:-

Oil prices dropped over 1 percent on Tuesday, falling for a third straight session, as reports of inventory builds and forecasts of record shale output in the United States, currently the world's biggest producer, stoked worries about oversupply. Concerns around future oil demand amid weakening global economic growth and doubts over the impact of planned production cuts led by the Organization of the Petroleum Exporting Countries (OPEC) were also pressuring prices, traders said. Both U.S. crude and Brent have shed more than 30 percent from early October amid swelling global inventories, with WTI currently trading at levels not seen since October 2017. Inventories at the U.S. storage hub of Cushing, Oklahoma, which is the delivery point for the WTI futures contract, rose by more than 1 million barrels from Dec. 11 to 14, traders said, citing data from market intelligence firm Genscape on Monday.



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Thursday, 13 December 2018



BULLION:-

Gold prices steadied on Friday, after slipping to a week-low in the previous session, supported by the uncertainty around the Federal Reserve's next year's policy outlook, while the dollar strengthened on expectations of a rate hike next week. The dollar firmed against major counterparts as investor focus shifted to an expected U.S. interest rate hike next week, although gains are likely to be capped on greater uncertainty about next year's policy outlook. Asian shares were on the defensive as investors kept a wary eye on economic tensions between Washington and Beijing, while the euro was steady after the European Central Bank halted new bond purchases as expected. The number of Americans filing applications for jobless benefits tumbled to near a 49-year low last week, which could ease concerns about a slowdown in the labour market and economy. The risk of a U.S. recession in the next two years has risen to 40 per cent, according to a Reuterâ poll of economists who also found a significant shift in expectations toward fewer Federal Reserve interest rate rises next year. European Union leaders assured Prime Minister Theresa May on Thursday that the Brexit treaty she agreed last month but is struggling to get through UK parliament should not bind Britain forever to EU rules.


METALS:-

London copper pared earlier gains to close at $6,153/mt on Thursday. The SHFE 1902 contract came off from a high of 49,440 yuan/mt overnight, ending at 49,260 yuan/mt. As the US dollar strengthened, copper prices are expected to remain range bound at lows today. LME copper is likely to trade at $6,150-6,200/mt with the SHFE 1902 contract at 49,000-49,500 yuan/mt. Spot premiums are seen lower at 20-70 yuan/mt.London nickel initially fell to a low of $10,725/mt, just above the year-low of $10,720/mt on November 27. It then clawed back those losses to close 0.6% higher at $10,850/mt. The SHFE 1905 contract fluctuated to close 0.4% higher at 89,380 yuan/mt overnight. Market focus is largely attuned to the fundamentals as investors await an upcoming two-day meeting of the Federal Open Market Committee (FOMC), which is scheduled to take place on December 18-19. The recent improvement in spot trades limited losses in nickel prices. LME nickel is expected to hover around $10,800/mt today with the SHFE 1905 contract at 88,500-90,000 yuan/mt. Spot prices are seen at 89,000-96,500 yuan/mt.

ENERGY:-

Oil prices fell on Friday as investors cashed in gains of more than 2 percent made during the previous session on concerns demand may slump amid slowing economic growth, though there are still expectations for producer supply cuts to support prices. China, the world's second-largest economy and the largest crude importer, on Friday reported some of the slowest retail sales and industrial output growth in years for November, highlighting the risks of the country's trade dispute with the United States. Refinery throughput in November in China fell from October, which was the second-highest month on record, suggesting an easing in Chinese oil demand, though runs were 2.9 percent higher than a year earlier. Some support for prices remains because of the output cuts agreed between the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers including Russia. That could create a supply deficit by the second quarter of next year, the International Energy Agency (IEA) said on Thursday. International benchmark Brent crude rose 2.2 percent on Thursday, while WTI climbed 2.8 percent.


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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.



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