MCX MORNING NEWS UPDATE 4-JAN-2018

BULLION:- Gold hit fresh six months high on tense global equities. US stocks fell nearly 3% on the day. Market participants are watching a partial US government shutdown that is nearing its second week as President Donald Trump's to meet with top lawmakers to discuss reopening the government by resolving a dispute over funding for the expansion of the US-Mexico border wall did not bear any meaningful result. COMEX Gold is currently trading at $1297 per ounce, up marginally on the day. MCX Gold futures ended at Rs 31800 per 10 grams, up 0.60% on the day. The Indian Rupee extended losses yesterday amid weak stock markets. The domestic currency closed around 70.20 per US dollar after testing a two week low above 70.50 marks.

However, the demand concerns in physical markets can come into the picture for Gold in the near term. The US bullion coin sales reported a weak performance for the second year in a row in 2018 despite lower gold and silver prices, according to the latest data released by the US Mint. The sales of American Eagle gold and silver coins were the lowest since 2007, while American Buffalo coins saw a modest recovery from the worst year on record.

BASE METAL:- COMEX Copper slipped amid weak equities and profit selling pressure. Deep losses were seen in American and European markets with the shares in US, Germany and France leading the charge. However, bargain buying lifted the red metal today after the commodity tested near four month low. The red metal currently trades at $2.59 per pound, up 0.75% on the day after a sharp correction yesterday. The MCX Copper futures ended down 1% on the day, closing just above Rs 400 per kg level.

Sentiments stayed lax on uncertainty about US trade policy and concerns over federal government funding of a border wall with Mexico. General concerns about a global economic slowdown also weighed on sentiments. Global cellphone giant Apple Inc cut its quarterly sales forecast for the first time in more than a decade, with Chief Executive Officer (CEO) Tim Cook blaming slowing iPhone sales in China, whose economy has been dragged down by uncertainty around United States (US) - China trade relations.

ENERGY: -Crude oil edged up Thursday amid volatile trade as markets focussed on the talk that Saudi Arabia is likely cutting crude output. Prices have not been able to hold onto their gains this week as soaring US Crude oil output clubbed with corrective equities are hurting the sentiments for the commodity. The WTI Crude futures currently trade at $47.25 per barrel, up 0.30% on the day. MCX Crude should recover on these cues after closing under Rs 3290 per barrel yesterday.

Oil could face selling pressure on further gains. US crude oil output surged to an all-time high of more than 11.5 million barrels per day in October 2018, according to data from the Energy Information Administration (EIA). Crude production rose 79,000 bpd in October to 11.537 million bpd, the US Energy Information Administration said in a monthly report. The EIA revised its September oil production figure down by 17,000 bpd to 11.458 million bpd. US oil production broke its 1970 record of 10.04 million bpd in November 2017, and has set monthly record highs for five straight months since June

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