MCX MORNING UPDATES 18TH SEP 2018

BULLION:-

Gold prices have declined over 12 per cent from April amid intensifying global trade tensions and under pressure from rising US interest rates. Hedge funds and speculators have swung sharply toward pricing in higher rates and yields at the short end of the curve, a sign that they are backing down and now think the Fed will stick to the pace and path of rate hikes it has long flagged. Bond traders are increasing bets the Federal Reserve will raise US short-term interest rates into 2019 as the jobs market tightens and with inflation seen climbing above its 2 per cent goal. Three South African unions have signed a three-year wage deal with AngloGold Ashanti, potentially inching the country's gold industry closer to ending a standoff over pay. 

METALS:-

LME copper opened at a low of $5,858/mt today as shorts surged on news that the US is on the cusp of implementing tariffs of 10% on $200 billion worth of Chinese goods. Spot premiums are expected to stay at highs on expectations of rising demand before the upcoming week-long National Day holiday. Premiums are set at 190-250 yuan/mt today. LME nickel faced resistance at the five- and 10- day moving averages overnight, and settled 1.13% lower, even though pressure from the US dollar eased. The SHFE 1811 contract also fell as spot products increased faster than demand amid opened import window. We expect LME nickel to hover around $12,300/mt today with the contract trading at 101,000-102,500 yuan/mt. Spot prices are set at 102,000-108,500 yuan/mt. 

ENERGY:-

  Oil markets fell on Tuesday as the latest escalation in the Sino-U.S. trade war clouded the outlook for crude demand from the two countries, which are the world's top two oil consumers. U.S. West Texas Intermediate (WTI) crude CLc1 was down 28 cents, or 0.4 percent, to $68.62 per barrel. U.S. President Donald Trump on Monday said he would impose 10 percent tariffs on about $200 billion worth of Chinese imports. growing trade dispute has hurt trading sentiment. The impact on economic growth is slowly dripping in, which again hurts oil prices," Wang Xiao, head of crude research at Guotai Junan Futures, said on Tuesday. Refineries in the United States consumed about 17.7 million barrels per day (bpd) of crude oil last week while China's refiners used about 11.8 million bpd in August, according to government data from the countries, the most among the world's countries.

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