Mcx News For invest and analyse
BULLION:-
Gold prices fell in the morning session as the dollar advanced towards more than three-month highs and on easing concerns over North Korea and a Sino-U.S. trade war, but found some support from sliding stock markets. Spot gold was down 0.1 percent at $1,329.04 per ounce at the time of writing. The yellow metal rose 0.5 percent on Tuesday to break a three-session losing streak.
U.S. gold futures eased 0.2 percent to $1,330.60 per ounce. The dollar index, which measures the greenback against a basket of currencies, was up 0.1 percent at 90.816, just below 91.076 hit in the previous session, its strongest level since Jan. 12.
North Korean leader Kim Jong Un is due to hold a summit with South Korean President Moon Jae-In on Friday, and is expected to meet with U.S. President Donald Trump in late May or early June. Trump said on Tuesday the United States would likely reach a trade agreement with China and that officials from both sides would sit down for negotiations in a few days.
Gold was, however, supported by falling equity markets as a rise in U.S. bond yields and warnings from bellwether U.S. companies of higher costs drove fears that corporate earnings growth may peak soon. Gold is often seen as an alternative investment during times of political and financial
uncertainty.
ENERGY :-
Oil prices on Wednesday fell back from more than three-year highs reached the previous session as rising U.S. fuel inventories and production weighed on an otherwise bullish market. Brent crude oil futures were at $73.74 per barrel at the time of writing, down 12 cents from their last close and over $1.7 below the November-2014 high of $75.47 a barrel reached the previous day.
U.S. West Texas Intermediate (WTI) futures were down 7 cents at $67.63 per barrel. That was also off the late-2014 highs of $69.56 a barrel marked earlier in April. Prices have been driven by production cuts led by the Organization of the Petroleum Exporting Countries (OPEC) which were introduced in 2017 with the aim of propping up the market, but also because of political risk to supplies in the Middle East, Venezuela and Africa.
Because of the tighter market, the forward curve for Brent is now above $70 per barrel until the end of 2018, and prices are above $60 per barrel through 2020. U.S. crude oil production has already shot up by more than a quarter since mid-2016 to over 10.54 million barrels per day (bpd), taking it past Saudi Arabia's output of around 10 million bpd. Only Russia currently produces more, at almost 11 million bpd. U.S. crude inventories rose by 1.1 million barrels in the week to April 20 to 429.1 million, according to a report by the American Petroleum Institute on Tuesday. Official weekly U.S. fuel inventory and crude production data will be published today by the Energy Information Administration (EIA).
BASE METAL :-
London aluminium fell by 0.5 percent in the morning session, retreating for a fifth straight session, as the softening of the U.S. sanctions on Russian producer United Company Rusal continued to weigh on prices. The metal has now slipped by around 13 percent from a high of $2,534.50
on April 23, the day the United States gave American customers of Rusal more time to comply with sanctions. Three-month aluminium on the London Metal Exchange was down by 0.5 percent to $2,200.00 a tonne at the time of writing, having closed down 3 percent on Tuesday.
The mosttraded June aluminium contract on the Shanghai Futures Exchange was up 0.1 percent at 14,435 yuan ($2,290.43) a tonne. Russia's En+ Group, owned by recently sanctioned businessman Oleg Deripaska, said its chief executive officer (CEO) and its chief financial officer (CFO) resigned on Tuesday, with replacements appointed to both posts. Shares of Freeport-McMoRan Inc fell more than 14 percent on Tuesday after the miner revealed onerous environmental demands from Indonesia's government that could delay a new contract for its massive Grasberg copper mine.
BULLION:-
Gold prices fell in the morning session as the dollar advanced towards more than three-month highs and on easing concerns over North Korea and a Sino-U.S. trade war, but found some support from sliding stock markets. Spot gold was down 0.1 percent at $1,329.04 per ounce at the time of writing. The yellow metal rose 0.5 percent on Tuesday to break a three-session losing streak.
U.S. gold futures eased 0.2 percent to $1,330.60 per ounce. The dollar index, which measures the greenback against a basket of currencies, was up 0.1 percent at 90.816, just below 91.076 hit in the previous session, its strongest level since Jan. 12.
North Korean leader Kim Jong Un is due to hold a summit with South Korean President Moon Jae-In on Friday, and is expected to meet with U.S. President Donald Trump in late May or early June. Trump said on Tuesday the United States would likely reach a trade agreement with China and that officials from both sides would sit down for negotiations in a few days.
Gold was, however, supported by falling equity markets as a rise in U.S. bond yields and warnings from bellwether U.S. companies of higher costs drove fears that corporate earnings growth may peak soon. Gold is often seen as an alternative investment during times of political and financial
uncertainty.
ENERGY :-
Oil prices on Wednesday fell back from more than three-year highs reached the previous session as rising U.S. fuel inventories and production weighed on an otherwise bullish market. Brent crude oil futures were at $73.74 per barrel at the time of writing, down 12 cents from their last close and over $1.7 below the November-2014 high of $75.47 a barrel reached the previous day.
U.S. West Texas Intermediate (WTI) futures were down 7 cents at $67.63 per barrel. That was also off the late-2014 highs of $69.56 a barrel marked earlier in April. Prices have been driven by production cuts led by the Organization of the Petroleum Exporting Countries (OPEC) which were introduced in 2017 with the aim of propping up the market, but also because of political risk to supplies in the Middle East, Venezuela and Africa.
Because of the tighter market, the forward curve for Brent is now above $70 per barrel until the end of 2018, and prices are above $60 per barrel through 2020. U.S. crude oil production has already shot up by more than a quarter since mid-2016 to over 10.54 million barrels per day (bpd), taking it past Saudi Arabia's output of around 10 million bpd. Only Russia currently produces more, at almost 11 million bpd. U.S. crude inventories rose by 1.1 million barrels in the week to April 20 to 429.1 million, according to a report by the American Petroleum Institute on Tuesday. Official weekly U.S. fuel inventory and crude production data will be published today by the Energy Information Administration (EIA).
BASE METAL :-
London aluminium fell by 0.5 percent in the morning session, retreating for a fifth straight session, as the softening of the U.S. sanctions on Russian producer United Company Rusal continued to weigh on prices. The metal has now slipped by around 13 percent from a high of $2,534.50
on April 23, the day the United States gave American customers of Rusal more time to comply with sanctions. Three-month aluminium on the London Metal Exchange was down by 0.5 percent to $2,200.00 a tonne at the time of writing, having closed down 3 percent on Tuesday.
The mosttraded June aluminium contract on the Shanghai Futures Exchange was up 0.1 percent at 14,435 yuan ($2,290.43) a tonne. Russia's En+ Group, owned by recently sanctioned businessman Oleg Deripaska, said its chief executive officer (CEO) and its chief financial officer (CFO) resigned on Tuesday, with replacements appointed to both posts. Shares of Freeport-McMoRan Inc fell more than 14 percent on Tuesday after the miner revealed onerous environmental demands from Indonesia's government that could delay a new contract for its massive Grasberg copper mine.
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