MCX MORNING UPDATES 19TH SEP 2018

BULLION:-

Gold The dollar index, which measures the greenback against a basket of six major currencies, was down 0.1 per cent. China and the United States plunged deeper into a trade war on Tuesday after Beijing added $60 billion of US products to its import tariff list in retaliation for President Donald Trump's planned levies on $200 billion worth of Chinese goods. Asian stocks rose and US Treasury yields hovered near four-month highs on Wednesday, as investors looked past the latest escalation in the US-China trade conflict, seen by some market participants as less severe than expected. The US Senate voted overwhelmingly on Tuesday to pass a mammoth spending package including $675 billion for the Defense Department and a measure to keep the entire federal government open until Dec. 7, a step toward avoiding a Sept. 30 shutdown. 

METALS:-

London copper led the gains overnight and settled 2.36% higher at $6,091/mt when eased market worries buoyed most base metals. It broke resistance at the 40-day moving average as shorts exited, and may test pressure above at the 60-day moving average in the short run. The SHFE 1811 contract also closed higher at 49,610 yuan/mt after rising to a high of 49,730 yuan/mt. Spot premiums will remain firm at 250-310 yuan/mt today.   Both LME nickel and the SHFE 1811 contract closed slightly higher as investors reduced concerns over the China-US trade war. Fresh US tariffs imposed on Chinese goods are expected to cause limited impact on the downstream stainless steel sector as China barely exports such products to the US. We expect LME nickel to consolidate around $12,300/mt today with the 1811 contract trading at 101,500-103,000 yuan/mt. Spot prices are set at 101,500-108,000 yuan/mt today. 

ENERGY:-

Oil prices on Wednesday pulled back from gains racked up the previous day, pushed down amid a surprise climb in U.S. crude stockpiles. U.S. West Texas Intermediate (WTI) crude CLc1 fell 0.20 percent, or 14 cents, to $69.71 a barrel. U.S. crude inventories rose by 1.2 million barrels to 397.1 million in the week to Sept. 14, according to data released on Tuesday by the American Petroleum Institute (API). That compared with analyst expectations for a decrease of 2.7 million barrels. Stockpiles of distillate fuels, which include diesel and heating oil, rose by 1.5 million barrels, the API data showed, compared with expectations for a 651,000-barrel gain. U.S. crude build temporarily grabbed trader attention," said Chen Kai, head of commodities research at broker Shengda Futures.

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