Nickel posted gains in step with a stronger showing in Chinese steel futures - 22 Nov 2017
Gold Prices Dip In Asia As Market Awaits Fed Minutes For Insights.
Gold prices eased in Asia on Wednesday as investors geared for Fed meetings later in the day for more insight on the rate path in 2018.With Fed minutes from the November meeting due, analysts do not expect anything in the comments to dissuade market participants from assigning a high likelihood of a December rate hike. "In turn, we would not be surprised to see officials beginning to discuss potentially major changes to elements of its operating framework that could include the inflation target or other related strategies such as price level targeting," according to an analyst note. Former Fed chair Bernanke has also recently weighed in on this topic, arguing in favor of temporary price level targeting if the fed funds rate hits the effective lower bound in the future. Overnight, gold prices rose on Tuesday after the dollar fell amid weakness in long-term yields ahead of the release of the Federal Reserve's October meeting meetings slated for Wednesday. The prospect of a December rate hike appears to be fully priced in,
Yunnan Copper Attains 644 Million Government Grants This Year.
Yunnan Copper Released notice on Nov.22nd, saying the company and its subsidiaries have attained 85.6678 million yuan government grants related to earnings from January to October 2017. Government grants related to assets reaches 558.4953 million yuan.
Nickel posted gains in step with a stronger showing in Chinese steel futures.
Nickel on MCX settled up 1.09% at 766.70 as support seen from Three-month nickel on the London Metal Exchange which was also slightly firmer at $11,677 a tonne, extending gains from the previous session as steel dependent metal nickel posted early gains on Tuesday in both Shanghai and London markets in step with a stronger showing in Chinese steel futures. Also support seen as the global nickel market deficit slightly narrowed to 6,100 tonnes in September from a revised 6,300 tonnes the month before, data from the International Nickel Study Group showed on Monday.
Oil prices firm on expected OPEC cut extension, U.S. crude stock draw.
Oil prices climbed on Wednesday after a reported fall in U.S. crude inventories and on expectations that an OPEC-led production cut aimed at tightening the market will be extended beyond next March.Traders said markets have been supported by an effort led by the Organization of the Petroleum Exporting Countries (OPEC) to restrain output in a bid to end a global supply overhang. The deal to curb production is due to expire in March, but OPEC will meet on Nov. 30 in Vienna to discuss the outlook for the policy. "The meeting's outcome will ultimately determine oil prices' near-term fate," said Stephen Innes, head of trading for Asia-Pacific at futures brokerage OANDA. J.P. Morgan said in its 2018 commodities outlook, released late on Tuesday, that "oil markets in 2018 will be balanced on the back of extended ... production cuts", but added that without extended cuts, markets would be in surplus.
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