BULLION:-
Gold prices inched lower on Tuesday as the dollar steadied amid fears of a slowdown in global economic growth and increasing pessimism due to a likely worsening of U.S-China trade dispute ahead of the G20 meet. Asian shares battled to extend a global rebound on Tuesday after U.S. President Donald Trump seemed to quash hopes of a trade truce with China, dampening risk appetite across the region Trump said on Monday he expected to move ahead with raising tariffs on $200 billion in Chinese imports to 25 percent from the current 10 percent and repeated his threat to slap tariffs on all remaining imports from China. Prime Minister Theresa May warned on Monday that Britain would be thrust into the unknown if parliament rejects the Brexit deal she has negotiated with the European Union, as lawmakers from all sides lined up to criticize the agreement. The euro zone has lost some growth momentum but this was mostly normal and not enough to derail plans by the European Central Bank to dial back stimulus further, ECB President Mario Draghi and two of his top lieutenants said on Monday.
METALS:-
London copper received support at the 20- and 60-day moving averages, after it tested support at $6,155/mt several times overnight as the US dollar strengthened. It settled 0.07% higher on the day and may trade at $6,160-6,210/mt today. The SHFE 1901 contract rallied from a low of 48,650 yuan/mt, but failed to stand above the Bollinger middle band. It closed at 49,290 yuan/mt, with open interests up 7,934 lots to 527,000 lots. A technical rebound is expected in the contract in the short run. It will trade at 48,900-49,400 yuan/mt today, with spot premiums firm at 60-130 yuan/mt. A buoyant mood ahead of this week's G-20 summit in Argentina bolstered LME nickel and the SHFE 1901 contract on the day. A stronger US dollar on expectations of further interest rate hikes limited the increase. We expect LME nickel to hover weakly around $10,850/mt, with the 1901 contract trading at 88,000-90,000 yuan/mt today. Spot prices are seen at 89,000-100,000 yuan/mt today.
ENERGY:-
Oil markets were trading cautiously on Tuesday, with mixed signals coming from top exporter Saudi Arabia ahead of an OPEC meeting in Austria next week. Saudi Arabia raised oil production to an all-time high in November, an industry source said on Monday, pumping 11.1 million to 11.3 million barrels per day (bpd) during the month. Prices have lost almost a third of their value since early October, weighed down by an emerging supply overhang and widespread financial market weakness is on a slippery slope," said Norbert Ruecker, head of commodity research at Swiss bank Julius Baer. Ruecker said the weak sentiment "follows a surprisingly swift and pronounced change in the market mood from shortage fears to glut concerns," while the world economy was also slowing down. Traders said they were awaiting the outcome of the Group of 20 (G20) meeting in Buenos Aires and also the result of a meeting of the Organization of the Petroleum Exporting Countries (OPEC).
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