CAPITALSTARS THURSDAY MCX COMMODITY NEWS UPDATE :CRUDE OIL: 18 JULY 2019

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  • Energy Preview: US Crude Oil Stockpiles Fall For Fifth Week
Energy Preview: US Crude Oil Stockpiles Fall For Fifth Week July 18,2019  09:04 The US Energy Information Administration (EIA) on Wednesday reported that US crude supplies fell for a fifth consecutive week. Crude stockpiles slipped 3.1 million barrels for the week ended July 12. US crude production fell 300,000 barrels per day in the week to July 12 to 12 million bpd, according to the EIA. Stocks at the Cushing, Oklahoma, delivery hub for US crude future also fell by 1.35 million barrels. Net US crude imports were marginally higher, rising 44,000 bpd, while exports alone fell about half a million bpd. Gasoline stocks rose 3.6 million barrels while distillates stocks rose 5.7 million barrels, the EIA data showed.

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CAPITALSTARS MCX COMMODITY NEWS UPDATE : 17 JULY 2019


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BULLION - Bullion counter may trade on sideways to weaker path as gold prices edged lower on Wednesday, but still held above the psychological $1,400 level, as the dollar gained after robust U.S. retail sales tempered fears of a sharp downturn in the world's largest economy. The Commerce Department said retail sales rose 0.4% last month as households stepped up purchases of motor vehicles and a variety of other goods. Economists polled by Reuters had forecast retail sales edging up 0.1% in June. However, Fed Chairman Jerome Powell on Tuesday reiterated pledges to "act as appropriate" to keep the U.S. economy humming, in a speech that did not deviate from expectations that a rate cut is on the way. Meanwhile, President Donald Trump said on Tuesday the United States still has a long way to go to conclude a trade deal with China but could impose tariffs on an additional $325 billion worth of Chinese goods if it needed to do so. 
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ENERGY- Crude oil may trade on weaker path as oil steadied after falling more than 3% overnight, with U.S. crude trailing Brent after U.S. inventory data fell short of expectations, amid conflicting signals from the U.S. and Iran over the disputes that have roiled prices recently. Iran denied it was willing to negotiate over its ballistic missile program, contradicting a claim by U.S. Secretary of State Mike Pompeo, and appearing to undercut Trump statement that Washington had made progress on its disputes with Tehran. Tensions between the United States and Iran over Tehran nuclear program have lent support to oil futures; given the potential for a price spike should the situation deteriorate. Crude inventories fell by 1.4 million barrels in the week to July 12 to 460 million, industry group the American Petroleum Institute said on Tuesday. Still, more than half the daily crude production in the U.S. Gulf of Mexico remained offline on Tuesday in the wake of Hurricane Barry, the U.S. drilling regulator said, as most oil companies were re-staffing facilities to resume production. U.S. natural gas futures on Tuesday fell more than 4%, its biggest daily percentage decline since late January on forecasts for less hot weather through the end of July than previously forecast and a slow return of production from the Gulf of Mexico after Tropical Storm Barry.


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CAPITALSTARS MCX COMMODITY BASE METAL NEWS UPDATE : : 17 JULY 2019

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BASE METAL - Base metals may trade with mixed path. Peruvian President Martin Vizcarra rejected a demand from a regional governor on Tuesday to cancel a permit for Southern Copper Corp $1.4 billion Tia Maria copper mine project amid protests from local residents. London zinc prices fell on Wednesday, ending a five-session streak of gains, after data showed a global zinc market deficit narrowed in May. The global zinc market deficit narrowed to 27,200 tonnes in May from an upwardly revised deficit of 87,500 tonnes in April, data from the International Lead and Zinc Study Group (ILZSG) showed. Zinc inventories in LME-approved warehouses have risen around 60% since April when the stockpiles hit a record low, while stocks in warehouses tracked by ShFE have jumped 268% year-to-date. The global lead market recorded a 13,400-tonne surplus in May after a deficit of 30,800 tonnes in April, data from the ILZSG showed. 


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Gold prices to trade higher today: Angel Commodities - 29 Aug 2018


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According to Angel Commodities,We expect gold prices to trade higher today as gold prices broke the crucial $1200 mark.

Sources on report on Gold


On Tuesday, spot gold prices declined after marking its highest single day gain on Monday , with the U.S. dollar easing on comments from  the Federal Reserve chairman  in support of a gradual approach to  raising rates. Fed chair Jerome Powell on Friday defended the U.S. central bank's push to raise interest rates as healthy for the economy and signaled more hikes were coming despite President Donald Trump's criticism of higher borrowing costs. On the MCX, gold prices rose 0.07 percent to close at Rs.30024 per 10 gms.

Outlook

We expect gold prices to trade higher today as gold prices broke the crucial $1200 mark. Moreover, a rise in activity in gold options amid geopolitical tensions and a record - long bull market for U.S. equities suggests that investors are betting gold prices have found a floor. On the MCX, gold prices are expected to trade higher today, international markets are trading higher  marginally by 0.2 percent to  t rade at $1204 per ounce.

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