BULLION:-
Gold prices traded sideways during early trades on Tuesday,
in the previous session also it closed flat amid thin trade with US and
Canadian financial markets closed for their respective Labor Day holidays. On a
wider perspective, gold remains depressed amid US interest rate outlook and is
not seen as a safe haven asset, to protect from trade wars, Brexit concerns and
emerging-market jitters. With no major economic reports out Monday due to the
U.S. holiday, investors looked forward to the publication of the August nonfarm
payrolls report on Friday. The consensus forecast is for the creation of
191,000 jobs last month, while the unemployment rate is expected to hold steady
at 3.9%. With expectations pointing to another solid reading for the U.S. labor
market, the report is not likely to move market expectations for the Federal
Reserve to hike interest rates by a quarter point at the next policy meeting on
September 25-26. Fed fund futures currently put the probability of an
additional increase in December at just under 70%, according to Investing.com’s
Fed Rate Monitor Tool. Higher interest rates tend to weigh on demand for gold,
which doesn’t bear interest, in favor of yield-bearing investments. Growing
turbulence in Argentina once again focused global attention on emerging
markets. On Monday, Argentine President Mauricio Macri announced new taxes on
exports and steep cuts to government spending in what he termed
"emergency" measures to balance next year's budget.
METALS:-
London metal prices steadied on Tuesday, but a trade dispute
between China and the United States chilled factory activity in August and
tempered appetite for metals. Other ShFE metals were also weaker, with nickel ,
zinc and tin all down around 1 percent. Manufacturing activity in China took a
hit from weak orders in August, surveys showed, a sign firms are feeling the
pinch from the intensifying trade war between the Sino U.S. trade war that
could derail global growth. Chilean state miner Codelco halted the operations
of three out of four furnaces at its Ventanas copper foundry on Monday morning
after high levels of sulphur dioxide were detected, it said in a statement.
U.S. President Donald Trump is likely to impose 25 percent tariffs on $200
billion of additional Chinese goods as soon as this Friday. Nickel sank to its
lowest in more than seven months on Monday, weighing on nickel, mainly used to
make stainless steel, was another fall in construction steel rebar prices in
Shanghai after they posted their weakest weekly performance since late March.
LME lead was the biggest gainer, rising 1.2 percent to $2,103 a tonne as
inventories continued to fall. On-warrant LME stocks fell by 1,050 tonnes to
59,050, the lowest since June 2013, data showed on Monday.
ENERGY:-
US oil prices edged up on Tuesday, rising back past $70 per
barrel, after two Gulf of Mexico oil platforms were evacuated in preparation
for a hurricane. Anadarko Petroleum Corp said on Monday it had evacuated and
shut production at two oil platforms in the northern Gulf of Mexico ahead of
the approach of Gordon, which is expected to come ashore as a hurricane.
International Brent crude futures, by contrast, lost ground, trading at $78.10
per barrel, down 5 cents from their last close. This came as India allowed
state refiners to import Iranian oil if Tehran arranges and insures tankers.
Many international shippers have stopped loading Iranian oil as U.S. financial
sanctions against Tehran prevents them from insuring its cargoes. Mirroring a
step by China, where buyers are shifting nearly all their Iranian oil imports
to vessels owned by National Iranian Tanker Co (NITC), this means that Asia’s
two biggest oil importers are making plans to continue Iran purchases despite
pressure by Washington to cut orders. Russia's crude and condensate production
averaged 11.21 million b/d in August, dipping 8,000 b/d from July, when the
country cranked up production significantly, according to preliminary data
released Sunday by the Central Dispatching Unit, the energy ministry's
statistics arm.
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