MCX MORNING UPDATES 15TH OCT 2018

BULLION:-

There were a recent combination short covering and a flight to safety that lead to gold's rapid increase in price with the precious metal climbing through the descending channel's resistance to set a fresh high of $1,226/oz up from $1,180 recent double bottom lows. However, US equity markets set a firmer tone on Friday with respect to investor risk appetite which leaves gold bulls exposed to the risk of a deeper correction should market's continue to recover - Gold had already retreated back to $1,216 which has been marked out by the bears in the last two full day's of trade since its advance.  Eyes will stay focussed on US rates, the US dollar and stock markets with investor sentiment on shaky grounds considering the heightened tensions with respect to global trade relations and geopolitical risks

METALS:-

London copper reversed some early gains on Friday as the dollar climbed. The SHFE 1812 contract on Friday night fell below the daily moving average and ended at 50,720 yuan/mt after it rose to a high of 51,090 yuan/mt. Copper prices recovered as the markets settled from the US equity rout. In late trading on Friday, LME nickel lost all the gains it made earlier in the day and fell to a low of $12,610/mt before hovering around $12,670/mt and settling at $12,685/mt. The SHFE 1811 contract on Friday night rebounded to hover around 105,000 yuan/mt and end at 104,950 yuan/mt after it fell to a low of 104,430 yuan/mt. SHFE nickel prices are likely to remain rangebound as supply and demand both grow. LME nickel is expected to hover around $12,650/mt today and the SHFE 1811 contract is expected to trade at 104,000-106,000 yuan/mt. Spot prices are seen at 104,000-111,000 yuan/mt

ENERGY:-

Crude oil futures rose on Monday as geopolitical tensions over the disappearance of a prominent Saudi journalist stoked worries about supply, although concerns about the long-term outlook for demand dragged on prices. "The market has again expressed concerns over geopolitical tensions in the Middle East after U.S. and Saudi traded comments over the disappearance of the Saudi journalist, leading to a jump in prices," Wang Xiao, head of crude research with Guotai Junan Futures, wrote in a research note. Saudi Arabia has been under pressure since Jamal Khashoggi, a prominent critic of Riyadh and a U.S. resident, disappeared on Oct. 2 after visiting the Saudi consulate in Istanbul. Kingdom would retaliate against possible economic sanctions taken by other states over the case, its state news agency SPA reported on Sunday quoting an official source.

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