Market Update (Bullions)
Bullion counter may trade sideways to negative path as gold held steady on Thursday, supported by concerns over global growth as well as tepid equity markets, while a firm dollar curbed gains ahead of European Central Bank’s policy meeting due later in the day. The Organisation for Economic Co-Operation & Development cut forecasts again for the global economy in 2019 and 2020 as it warned that trade disputes and uncertainty over Brexit would hit world commerce and businesses. Gold can dip lower towards 31800 while it can face resistance near 32200. Silver can test 38000 while facing resistance near 38400. U.S. President Donald Trump said on Wednesday that trade talks with China were moving along well and predicted either a “good deal” or no deal between the world’s two largest economies. Trump also said he would be very disappointed in North Korean leader Kim Jong Un if reports about rebuilding at a rocket launch site in North Korea were true
Market Update (Base Metals)
Base metals prices may trade with sideways to weak bias. Copper may test 450 while facing resistance near 460 in MCX. Chilean state-run miner Codelco will continue to develop its lithium assets, including committing $57 million for further exploration, Chile's mining minister told Reuters, even as progress has stagnated at its flagship projects. The premium of cash LME copper over the three-month contract stood at $31.50 a tonne on Wednesday, less than half the previous day's $70 a tonne in a sign of easing supply tightness. Zinc can test 195 while facing resistance near 198. Lead can dip further towards 146. Nickel can also test 935 while facing resistance near 960. Aluminum prices may trade in range of 143-145. Shanghai aluminium fell for the third straight day on Thursday to a near three-week low, due to rising inventories and Chinese demand concerns. China, the world's biggest consumer and producer of the metal, will report its February aluminium export figure on Friday. Shipments surged to a record high of 552,000 tonnes in January. Russia's Rusal, the world's largest aluminium producer outside China, said global aluminium demand is expected to rise by 3.7 percent in 2019 to 68 million tonnes as it posted a fourth-quarter adjusted net loss of $17 million.
Market Update (Energy)
Crude oil may open on positive note as oil edged up on Thursday amid ongoing OPEC-led supply cuts and U.S. sanctions against exporters Venezuela and Iran, although prices were prevented from rising further by record U.S. crude output and rising commercial fuel inventories. Prices are being supported by efforts led by the Organization of the Petroleum Exporting Countries (OPEC) and other countries - a grouping known as ‘OPEC+’ - to withhold around 1.2 million barrels per day (bpd), a strategy designed to tighten markets. U.S. sanctions against the oil industries of OPEC members Iran and Venezuela have also had an impact, traders said. Venezuela’s state-run oil firm PDVSA this week declared a maritime emergency, citing trouble accessing tankers and personnel to export its oil amid the sanctions. Crude oil can test 4000 while taking support near 3930. U.S. crude oil stockpiles rose much more than expected last week, with inventories up by 7.1 million barrels to 452.93 million barrels EIA, according to a weekly report by the U.S. Energy Information Administration (EIA) on Wednesday. Natural gas may test 205 while taking support near 198 in MCX.
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