BULLION:-
Gold fell to its lowest in over a week on Friday and was on track to mark its biggest weekly decline in more than a month, as the dollar climbed on robust U.S. economic data ahead of a U.S. Federal Reserve meeting next week. The dollar rose to a 19-month high after data showed U.S. consumer spending appeared to gather momentum while industrial production rebounded in November. USD/ strength of the dollar have weighed across the complex. Markets are awaiting the Federal Open Market Committee (FOMC) meeting on Dec. 18-19, at which the U.S. central bank is widely expected to raise interest rates. The focus, however, would be on the outlook for 2019. "With the Fed rate hike next week, any gold price rise will be hampered by expected dollar strength," said Ronan Manly, a precious metals analyst at Singapore-based dealer Bullion Star. Gold prices rose to a five-month peak of $1,250.55 an ounce on Monday, but have given up all the gains as the dollar strengthened against a basket of major currencies.
METALS:-
A higher US dollar and weaker LME copper dragged the SHFE 1902 contract below the 49,000 yuan/mt level, after it opened at an intraday high of 49,230 yuan/mt. It closed at 48,890 yuan/mt, with open interests up 6,652 lots to 186,000 lots. Some 6.85 million yuan of capitals entered SHFE copper contracts, the smallest across base metals today. With pressure from the Bollinger middle band, the contract is likely to test support at 49,000 yuan/mt tonight.London nickel initially fell to a low of $10,725/mt, just above the year-low of $10,720/mt on November 27. It then clawed back those losses to close 0.6% higher at $10,850/mt. The SHFE 1905 contract fluctuated to close 0.4% higher at 89,380 yuan/mt overnight. Market focus is largely attuned to the fundamentals as investors await an upcoming two-day meeting of the Federal Open Market Committee (FOMC), which is scheduled to take place on December 18-19. The recent improvement in spot trades limited losses in nickel prices. LME nickel is expected to hover around $10,800/mt today with the SHFE 1905 contract at 88,500-90,000 yuan/mt. Spot prices are seen at 89,000-96,500 yuan/mt.
ENERGY:-
Oil prices fell on Friday as investors cashed in gains of more than 2 percent made during the previous session on concerns demand may slump amid slowing economic growth, though there are still expectations for producer supply cuts to support prices. China, the world's second-largest economy and the largest crude importer, on Friday reported some of the slowest retail sales and industrial output growth in years for November, highlighting the risks of the country's trade dispute with the United States. Refinery throughput in November in China fell from October, which was the second-highest month on record, suggesting an easing in Chinese oil demand, though runs were 2.9 percent higher than a year earlier. Some support for prices remains because of the output cuts agreed between the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers including Russia. That could create a supply deficit by the second quarter of next year, the International Energy Agency (IEA) said on Thursday. International benchmark Brent crude rose 2.2 percent on Thursday, while WTI climbed 2.8 percent.
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