CAPITALSTARS MCX COMMODITY GOLD NEWS UPDATE : :14 OCTOBER 2019

Precious Metals Preview: Gold Tests Three Week Low

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Gold continued to slip amid broad selling pressure as worries over Indian demand weighed on the mood. The metal broke under $1500 per ounce and tested a three week low near $1490 per ounce on improvement in the US-China trade climate. The US President Donald Trump announced that the two economic superpowers have reached a very substantial phase one trade deal which includes up to $40 to $50 billion in Chinese purchases of US agricultural products as well as Chinese concessions on intellectual property and financial services. Meanwhile, the World Gold Council (WGC) said in the latest update that holding in global, gold-backed exchange-traded products surpassed its 2012 levels and hit an all-time high in September. The report said that ETF holding increased by 75.2 tonnes in September to a total of 2,808. The slide in global Gold prices also pulled MCX Gold futures lower. The benchmark MCX Gold futures for December slipped after testing highs around Rs 38500 per 10 grams and ended around Rs 37870 per 10 grams.


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CAPITALSTARS MCX COMMODITY CRUDE OIL NEWS UPDATE : 14 October 2019

Energy Preview: Supply Worries Push Up Crude Oil

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Global crude oil prices jumped sharply as media reports noted that an Iranian oil tanker in the Red Sea was hit by two suspected rockets off the coast of Saudi Arabia. This yet again bought to the foray the worries about supply disruptions from the Middle East and boosted WTI Crude to one week high near $55 per barrel. MCX Crude oil also tested highs above Rs 3900 per barrel following the surge in global prices. Meanwhile, the recent decrease in US crude oil production was geographically isolated and is likely temporary, noted the Energy Information Administration (EIA) in the latest update yesterday. EIA expects that US crude oil production will increase in each remaining month of 2019, and ultimately reach 13.0 million b/d in December 2019. EIA expects US crude oil production to average 12.3 million b/d in 2019 and 13.2 million b/d in 2020. Organization of the Petroleum Exporting Countries (OPEC) in its monthly report for October estimated world oil demand to grow by 980,000 barrels a day in 2019, down 4,000 barrels a day from its September estimate. OPEC kept its outlook for 2020 demand growth unchanged at 1.08 million barrels a day.


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CAPITALSTARS MCX COMMODITY COPPER NEWS UPDATE : :14 October 2019

Base Metals Preview: Copper Gains above Rs 440 per Kg on MCX



MCX Copper edged up amid supportive global cues and extended gains after breaking above Rs 440 per kg level. COMEX Copper futures rose to one and a half weeks high above $2.60 per pound though broad economic cues remained weak. WTO's World Trade Report highlighted that services have become the most dynamic component of international trade and that its role will continue to expand in the coming decades. It stresses the need to enhance cooperation in the international community to support this expansion. The global economy is now in a synchronized slowdown, noted Kristalina Georgieva, the Managing Director of the IMF. Two years ago, the global economy was in a synchronized upswing. Measured by GDP, nearly 75% of the world was accelerating. In 2019, the IMF expects slower growth in nearly 90%of the world, she noted in a speech titled 'Decelerating Growth Calls for Accelerating Action'. This widespread deceleration means that growth this year will fall to its lowest rate since the beginning of the decade.


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CAPITALSTARS MCX COMMODITY COPPER NEWS UPDATE : :11 October 2019

Base Metals Preview: MCX Copper Breaks Above Rs 440 Per Kg

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COMEX Copper futures rose to one and half week high above $2.60 per pound after US President Donald Trump revealed he plans to meet with Chinese Vice Premier Liu He as part of high-level US-China trade talks. The metal currently quotes at $2.61 per pound, unchanged on the day. MCX Copper ended up 1% at Rs 441.80 per kg. Broad economic cues remain weak though. WTO's World Trade Report highlighted that services have become the most dynamic component of international trade and that its role will continue to expand in the coming decades. It stresses the need to enhance cooperation in the international community to support this expansion.

Germany's exports declined the most in four months in August, while imports recovered at a faster than expected pace, data from Destatis revealed on Thursday. Exports fell by 1.8% month-on-month in August, reversing a 0.8% rise in July. Meanwhile, imports rose 0.5% after falling 2.4% a month ago. As a result, the trade surplus fell to a seasonally adjusted EUR 18.1 billion from EUR 20.5 billion in July.

Japan core machine orders fell a seasonally adjusted 2.4% on month in August, the Cabinet Office said on Thursday standing at 875.3 billion yen, following the 6.6% decline in July. On a yearly basis, core machine orders plummeted 14.5% following the 0.3% gain in the previous month. Total number of home loans in Australia was up a seasonally adjusted 3.2% on month in August, the Australian Bureau of Statistics said on Thursday - coming in at 33,468. That followed the upwardly revised 4.3% increase in July.

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CAPITALSTARS MCX COMMODITY CRUDE OIL NEWS UPDATE : 11 October 2019

Energy Preview: Crude Extends Up move, WTI Futures Up Half Percent In Asia

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WTI Crude oil futures continued to rise today amid a mostly supportive undertone in global equities. The commodity currently trades at $53.84 per barrel, up 0.54% on the day. MCX Crude oil futures closed at Rs 3788 per barrel, up 0.60% on the day. Asian indices are up on hopes of improvement in the US-China trade climate.

Meanwhile, the recent decrease in US crude oil production was geographically isolated and is likely temporary, noted the Energy Information Administration (EIA) in a latest update yesterday. EIA expects that US crude oil production will increase in each remaining month of 2019, and ultimately reach 13.0 million b/d in December 2019. EIA expects US crude oil production to average 12.3 million b/d in 2019 and 13.2 million b/d in 2020.

Organization of the Petroleum Exporting Countries (OPEC) in its monthly report for October estimated world oil demand to grow by 980,000 barrels a day in 2019, down 4,000 barrels a day from its September estimate. OPEC kept its outlook for 2020 demand growth unchanged at 1.08 million barrels a day.


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CAPITALSTARS MCX COMMODITY GOLD NEWS UPDATE : :11 OCTOBER 2019

Precious Metals Preview: Gold Slides Near $1500 Levels On Easing Trade Concerns

COMEX Gold took a sharp tumble, falling more than 1% in intraday moves on easing trade tensions. The US President Donald Trump revealed he plans to meet with Chinese Vice Premier Liu He as part of high-level U.S.-China trade talks. The yellow metal currently trades at $1500 per ounce, down marginally on the day. MCX Gold closed at Rs 38155 per 10 grams, down 0.89% on the day.

Selling is visible on higher levels for Gold in the last few days. The large precious metals speculators sharply trimmed their bullish net positions in the Gold futures markets this week after having previously pushed positions to an around three-year high, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) last Friday. The non-commercial futures contracts of Gold futures, traded by large speculators and hedge funds, totaled a net position of 268,993 contracts in the data reported through Tuesday, October 1st. This was a weekly change of -43,451 net contracts.


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CAPITALSTARS MCX COMMODITY CRUDE OIL NEWS UPDATE : 10 October 2019

Energy Preview: EIA Crude Inventories Rise For Fourth Straight Week


According to a weekly report by the US Energy Information Administration (EIA), the commercial crude oil inventories in the US increased by 2.9 million barrels in the week ending October 4th, 2019. Inventories rose for the fourth week. Gasoline inventories fell 1.2 million barrels while distillate fuels also reported a decline of 3.9 million barrels. Refineries processed an average 15.7 million BPD of crude last week, producing 10.1 million BPD of gasoline and 4.8 million BPD of distillate fuels.


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