Oil markets stable on expected extension of output cuts - 30 Oct 2017

Commodity Intraday Tips
Gold Prices Gain In Asia As Dollar Drifts Down, Demand Cues Eyed. 
Gold prices gained in Asia on Monday with sentiment upbeat and the market well supported as recent dollar gains were taken in stride and demand cues in the physical markets were eyed ahead of end of the year holidays. Investors will be focusing on Wednesday’s Fed meeting for fresh clues on the likely trajectory of monetary policy. Friday’s U.S. jobs report for October will also be closely watched. Catalonia’s parliament on Friday declared independence from Spain, adding to fears over instability in the European Union. The moves prompted Spain’s prime minister to sack the Catalan government and call elections next month. Bullion is often used as a safe haven in times of geopolitical and economic uncertainty, while riskier assets such as equities are generally sold off. 

Will Aluminum Bull Run Stretch into Next Year? SMM Reports. 
Supply-side reform and environmental protection crackdowns have turned the tables for aluminum market. SHFE aluminum index, which is the weighted average price of all SHFE aluminum contracts, have gained 22% so far this year after nearly 25% advance last year.Roughly 2.67 million tonnes of annual aluminum capacity will be cut in winter heating season, affecting aluminum production by 1 million tonnes at the most, Liu estimates. 

Copper prices dropped after the U.S. dollar strengthened to a three-month high after the European Central Bank extended its bond purchases. 
Copper on MCX settled down -2.44% at 445.8 after the U.S. dollar strengthened to a three-month high after the European Central Bank extended its bond purchases and the U.S. House of Representatives voted to clear a procedural path for tax cuts. China has met its target for cutting steel capacity this year but the country must continue pushing ahead with capacity reductions in other sectors including aluminium and cement, the industry ministry said. 

Oil markets stable on expected extension of output cuts.
Oil markets were stable on Monday, with Brent remaining above $60 per barrel supported by expectations that an OPEC-led production cut due to expire next March would be extended."With strong compliance to OPEC's production curbs already supporting prices, comments from the Saudi Arabian Crown Prince that suggested the production cut agreement should be extended added to gains," ANZ bank said. The Organization of the Petroleum Exporting Countries (OPEC) plus Russia and nine other producers have agreed to hold back about 1.8 million barrels per day (bpd) to get rid of a supply glut. The pact runs to March 2018, but Saudi Arabia and Russia, who are leading the effort, have both voiced their support to extend the agreement.Confidence in the oil market is evident in the way financial traders have positioned themselves.

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