BULLION:-
Gold fell on Wednesday, as a rising dollar spurred investors to take profits after tumbling stocks pushed the metal to a more than three-month peak in the previous session. The dollar, as measured against a basket of other currencies .DXY , hit its highest since Aug. 17, potentially weighing on demand by making bullion more expensive for holders of non-dollar currencies. U.S equities were in the red, pressured by disappointing earnings, concerns over Italy's budget and worries that world economic growth is losing steam. Gold was expected to stay supported as investors were likely to use bullion as insurance against growing political and economic tensions in the world, some analysts said.
METALS:-
Downbeat economic data across Europe and upbeat data for the US shored up the US dollar index overnight and weighed on LME copper. LME copper fell past $6,200/mt to a low of $6,171/mt overnight. The SHFE 1812 contract ended in the red overnight even as it rebounded from a low of 49,980 yuan/mt. In addition to the robust US dollar, weakness across equity markets which dented investor risk appetite also pressured copper prices. LME inventories have gained for two consecutive days while downstream consumption has yet to pick up. Long-term contracts would be delivered today, which is likely to activate the physical market today. LME copper is expected to trade at $6,120-6,180/mt today with the SHFE 1812 contract at 49,900-50,180 yuan/mt. Spot discounts are seen up to 50 yuan/mt.
ENERGY:-
Oil prices fell by around one percent on Thursday, coming under pressure from sharp selloffs in global stock markets, with U.S. stocks posting the biggest daily decline since 2011 to wipe out the year's gains. Oil prices fell under extreme selling pressure ... as the steep selloff across stock markets fuelled fears over a possible drop in oil demand growth," said Lukman Otunuga, analyst at futures brokerage FXTM. Markets have been hit hard this month by a range of worries, including the Sino-U.S. trade war, a rout in emerging market currencies, rising borrowing costs and bond yields, as well as economic concerns in Italy. oil, WTI has fallen nearly 10 percent so far this month, while Brent is down nearly 9 percent.
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