Copper prices dropped on profit booking after prices gained on encouraging prospects for economic growth in China - 26 Oct 2017


Commodity Intraday Tips

Gold Prices Down In Asia As Dollar Weakness Noted. 
Gold prices edged up in Asia on Thursday as the dollar trended weaker and physical demand supported sentiment. Overnight, gold prices were roughly unchanged on Wednesday as the dollar came under pressure despite bullish economic reports pointing to underlying strength in the U.S. economy. Bullish durable goods orders and housing data failed to spark a recovery in the dollar, lifting gold prices off session lows as the precious metal attempted to snap a three-day losing streak. Despite the recovery from session lows, gold prices remained under pressure amid reports that Stanford University economist John Taylor – an economist with a less dovish outlook than Fed chair Janet Yellen – was leading the race to notch the Fed’s top post. Gold is sensitive to moves higher in both bond yields and the U.S. dollar – A stronger dollar makes gold more expensive for holders of foreign currency while a rise in U.S. rates, lift the opportunity cost of holding non-yielding assets such as bullion. 

Copper prices dropped on profit booking after prices gained on encouraging prospects for economic growth in China.
Copper on MCX settled down -1.02% at 456.35 while prices traded in the range after two days of gains as stock markets slid after a series of record highs, pointing to a more cautious mood among investors. Copper hit a three-year high of $US7,177 a tonne earlier in October and moved back above $US7,000 an ounce this week, but has struggled to maintain momentum as confidence in the broader economy lost steam. 

Zinc gains as prices have given enough reflection on anticipation of production limit due to environmental protection. 
Zinc on MCX settled up 0.85% at 212.75 recovered from the day’s low as trader preferred to hold long as data showed output in China slipped in September, highlighting worries that winter production cuts are tightening supplies of metals.. Zinc prices rose since this week started after data showed output in China slipped in Sept, highlighting worries that winter production cuts are tightening supplies of metals.

Crude Oil Dips In Asia, Demand In Focus After China Names Leadership.
Crude oil price fell in Asia on Thursday as weekly data confirmed a surprise build in U.S. inventories and investors mulled demand prospects globally. China, the world's second largest crude importer, unveiled its leadership team on Wednesday and signaled it aims to improve quality of life and trim back rapid export-oriented industrialization in favor of domestic consumption. The switch, expected to accelerate in the next five years in China has potential negative implications for crude oil demand. Overnight, crude oil prices settled lower on Wednesday as rising crude supplies and a surge in U.S. production offset data showing gasoline supplies fell more-than-expected. Crude oil prices fell for the first time in three days as concerns over a surge in US production weighed on upside momentum while a mixed report from the Energy Information Administration (EIA) showing crude stockpiles rose for the first time in five weeks.

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1 comment:

  1. Commodity market traders should always pay extra attention to market updates for performing better in market. Recommendations on mcx tips and more can be used as it helps in earning optimum returns.

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