CAPITALSTARS MCX COMMODITY GOLD NEWS UPDATE : : 18 SEPTEMBER 2019


Precious Metals Preview: MCX Gold Falls Under Rs 38000 Per 10 Grams

COMEX Gold futures stayed lax as some profit selling was seen in the metal as weak retail demand in India continued to weigh on the sentiments. The metal had surged on Monday amid a massive jump in global crude oil prices but moderated yesterday, witnessing corrective action on modest rallies. The metal currently trades at $1510 per ounce, down 0.20% on the day. MCX Gold futures closed at Rs 37970 per 10 grams, down 0.55% on the day after testing a low of Rs 37860 level. Traders are also eyeing the Indian Rupee which tumbled yesterday amid a deep slide in local stocks and latest jump in global crude oil futures. INR closed at 71.78 per US dollar, falling 18 basis points on the day.


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CAPITALSTARS MCX COMMODITY COPPER NEWS UPDATE : :18 SEPTEMBER 2019

Base Metals Preview: Copper Supported Amid Positive US Data

Supportive US economic data capped losses in Copper yesterday after the metal fell amid mixed equities. COMEX Copper extended a drop from six week top and slipped to $2.60 per pound before witnessing some buying in US trades. The commodity currently trades at $2.63 per pound, up 0.15% on the day. MCX Copper futures closed at Rs 451 per kg, down 1% on the day.

US industrial production climbed by 0.6% in August after edging down by a revised 0.1% in August, the Federal Reserve reported on Tuesday. The Fed noted factory output has increased 0.2% per month over the past four months after having decreased 0.5% per month during the first four months of the year. US homebuilder confidence improved in the month of September, reflecting low-interest rates and solid demand, the National Association of Home Builders reported on Tuesday. The report said the NAHB/Wells Fargo Housing Market Index inched up to 68 in September from an upwardly revised August reading of 67. With the uptick, the housing market index reached its highest level since a matching reading in October of 2018.

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CAPITALSTARS MCX COMMODITY COPPER NEWS UPDATE : :17 SEPTEMBER 2019


Base Metals Preview: Speculators Reduce Copper Speculative Short Position

Large base metals speculators reduced their bearish net positions in the Copper futures markets this week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday. The non-commercial futures contracts of Copper futures, traded by large speculators and hedge funds, totaled a net position of -41,186 contracts in the data reported through Tuesday, September 10th. This was a weekly change of 17,655 net contracts. Copper speculators cut back on their bearish positions by the largest one-week amount in the past twenty-eight weeks. The speculative position had surged to a new all-time record high bearish position for two consecutive weeks. The commercial trader's position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of 40,421 contracts on the week. This was a weekly decline of -18,576 contracts from the total net of 58,997 contracts reported the previous week.


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CAPITALSTARS MCX COMMODITY CRUDE OIL NEWS UPDATE : 17 SEPTEMBER 2019


Energy Preview: Smashing Gains In Oil Push MCX Crude Above Rs 4500 Per Barrel

Crude oil futures surged after a major drone attack on two Saudi Aramco oil facilities in eastern Saudi Arabia. A sharp decline in last week which pulled the WTI futures near one week low of $54 per barrel also acted in favor of the bulls as traders looked at an immediate squeeze on global crude oil supplies to the tune of 5%. However, the US President Donald Trump said that he has authorized releasing oil from the Strategic Petroleum Reserve and this pulled the WTI Crude lower after the commodity tested around a four-month high of $63.47 per barrel. The counter currently trades at $62 per barrel, down 1.50% on the day. MCX Crude oil futures are trading at Rs 4520 per barrel, up 15% on the day amid a smashing rally.


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CAPITALSTARS MCX COMMODITY GOLD NEWS UPDATE : : 16 SEPTEMBER 2019


Precious Metals Preview: Weak Indian Imports Can Weigh On Gold

COMEX Gold futures saw a bearish movement last week as demand was thin following a recent surge to near seven-year highs. Rising global risk appetite and some solace on the US-China trade front capped gains for the metal. A slide in global crude oil prices also weighed. The metal tested one week low near $1492 per ounce and ended just under $1500 per ounce levels. India's Gold imports stayed slippery following the surge in local prices to all-time highs. The country imported gold worth Rs 9711 crore in August 2019, down 62% compared to August 2018. Gold imports had fallen sharply by 42% to Rs 11787 crore in July 2019. COMEX Gold futures are likely to see some buying ahead of the US Fed's monetary policy meeting to be held next week. The central bank is widely expected to cut US interest rates by 25 basis points on September 18th, 2019.

European Central Bank (ECB) has announced a new stimulus package, in an attempt to boost growth in the Eurozone. The bank cut its deposit rate, charged on commercial bank deposits at the ECB, by 10 basis points to a new all-time low of minus -0.5%. The ECB's governing council has also decided to leave its benchmark interest rate at 0%. The ECB is also restarting its quantitative easing program and will start buying Euro 20 billion of bonds each month from the start of November.


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CAPITALSTARS MCX COMMODITY GOLD NEWS UPDATE : : 13 SEPTEMBER 2019


Precious Metals Preview: Gold Flips Back After Surge, MCX Futures End Around Rs 37700 Mark

Gold saw a volatile activity yesterday. The metal rose initially after the European Central Bank has announced a new stimulus package, in an attempt to boost growth in the Eurozone. The bank cut its deposit rate, charged on commercial bank deposits at the ECB, by 10 basis points to a new all-time low of minus -0.5%. The ECB's governing council has also decided to leave its benchmark interest rate at zero percent. The ECB is also restarting its quantitative easing program and will start buying Euro 20 billion of bonds each month from the start of November. This pushed up the metal sharply as a recovery from one month low extended. The commodity jumped above $1530 per ounce but flipped back and fell around two percent in intraday moves on hopes of easing global trade war. The President Donald Trump revealed that he is temporarily delaying raising tariffs on $250 billion worth of Chinese imports. Trump delayed raising the tariffs rate from 25% to 30% from October 1st to October 15th. Gold traders have also been worried about the end-user demand in India given the surge in prices to all-time highs recently. The counter currently trades at $ 1504 per ounce, down 0.18%on the day. MCX Gold futures failed to hold above Rs 38000 per 10 grams amid these cues and closed at Rs 37726 per 10 grams, down 0.65% on the day.


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CAPITALSTARS MCX COMMODITY COPPER NEWS UPDATE : :13 SEPTEMBER 2019


Base Metals Preview: Copper Off Six Week High

COMEX Copper futures hit a six week high of $2.66 per pound yesterday but eased on worries over speculative demand. The metal currently trades at $2.65 per pound, up 0.44% on the day. MCX Copper futures ended up 0.57% at Rs 453 per kg yesterday. Large base metals speculators added to their bearish net positions in the Copper futures markets again this week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday. The non-commercial futures contracts of Copper futures, traded by large speculators and hedge funds, totaled a net position of -58,841 contracts in the data reported through Tuesday, September 3rd. This was a weekly change of -361 net contracts from the previous week which had a total of -58,480 net contracts. Speculators raised their bearish bets higher for a second straight week and the bearish position reached the most bearish level on record for a second straight week as well, according to CFTC data going back to 1989.

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