BULLION:-
Gold prices tiptoed lower while crude oil prices
rose tepidly with stocks amid a brief interlude in the broad-based risk
appetite collapse defining financial markets this week (as expected).
These moves’ corrective character was made plain soon enough however as
sentiment soured anew in Asia Pacific trade. Third-quarter US
GDP data may amplify the risk-off push. Growth is seen slowing to an
annualized rate of 3.3 percent, down from the four-year high of 4.2 percent
previously. That is both a large-enough comedown to rattle already jittery
investors and a strong-enough print to keep Fed rate hikes on track.
METALS:-
On Thursday, LME copper rebounded
to $6,200/mt from a two-week low of $6,113.5/mt after data showed
that LME inventory decreased to a 12-year low. A robust dollar then forced it
to give up some gains before the contract refreshed day-highs of $6,227.5/mt
on short-covering. As shorts took profits, the SHFE 1812 contract crept to
session-highs of 50,390 yuan/mt before it edged down by closing. In the
physical market, spot discounts are likely to widen after long-term contracts
were completed and as copper prices rose. Downstream consumers stood on
sidelines. LME copper is likely to trade at $6,150-6,220/mt today with the SHFE
1812 contract at 49,900-50,400 yuan/mt. Spot discounts are seen at 80-30
yuan/mt.
ENERGY:-
Oil prices fell on Friday and were heading for a third
weekly loss, pulled down as Saudi Arabia's OPEC governor said the market may
become oversupplied soon and after a slump in global equities clouded the
outlook for demand. Saudi Arabia's OPEC governor said on Thursday that the oil
market could face oversupply in the current quarter. Saudi Arabia Energy
Minister Khalid Al-Falih said there could be a need for intervention to reduce
oil stockpiles after increases in recent months. Crude oil stockpiles rose last
week for the fifth consecutive week, while gasoline and distillate inventories
fell, the Energy Information Administration said this week. in stock markets
have roiled oil prices this week as Wall Street had its biggest daily decline
since 2011 near $10 per barrel drop in Brent crude seen over October is a
spillover from the global sell-off in equities and broader risk-off sentiment
in the market," said Fitch Solutions.
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