Saturday, 11 February 2017

US Crude Oil Inventories jumped by 13.8 million bbl last week - 11 Feb 2017

China’s trade balance shows surplus of $51.4 billion.LME Copper stocks fell by 1.3 percent on Thursday.US Crude Oil Inventories jumped by 13.8 million bbl last week.

European stocks are trading higher today owing to strongerthan-expected earnings results and favorable trade data from China. Asian markets are trading higher and the US stock futures are trading in the green.

Gold prices are trading lower by 0.4 percent at $1225.61 per ounce while MCX gold prices are trading lower by around 0.42 percent at Rs.28966 per 10 gms. Gold fell on

Friday on a firmer dollar after U.S. President Donald Trump promised a major tax announcement and as economic data boosted expectations of a U.S. rate hike.

LME Copper prices are trading higher by 1.4 percent at $5928.5 per tonne as China's trade balance for January showed surplus of $51.4 billion with exports rising 7.9

percent and imports gaining 16.7 percent. In a major development, US President Trump, in a meeting Thursday said his goal of lowering taxes for businesses was moving “ahead of schedule” and over the next two or three weeks

he will be announcing tax cuts that will be phenomenal in terms of tax and developing our aviation infrastructure.”.MCX copper prices are trading higher by 1.6 percent at

Rs.396.9 per kg.

NYMEX oil prices are trading higher today by 1.15 percent at $53.52/bbl while MCX oil prices are trading higher by 0.9 percent at Rs.3576/bbl. The International Energy Agency (IEA) reported record initial compliance by OPEC members implementing last year's landmark deal to curb output in an effort to prop up global oil prices.

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