Gold Prices Edge Higher In Asia As Easy Liquidity Views In Place - 15 Dec 2017

Commodity Intraday Tips
Gold Prices Edge Higher In Asia As Easy Liquidity Views In Place.
Gold price rose slightly in Asia on Friday as investors digested a triple load of central bank view from the Fed, ECB and Bank of England that pointed to continued easy liquidity. Overnight, gold prices traded close to session highs on Thursday, shrugging off a rebound in the dollar as the European Central Bank said it would continue its ultra-accommodative monetary policy measures. The European Central Bank left its benchmark rate unchanged on Thursday, reiterating its commitment to running an asset-purchase stimulus programme until at least next September. "Domestic price pressures remain muted overall and have yet to show convincing signs of a sustained upward trend,” European Central bank president Mario Draghi said in a press conference on Thursday, adding that an “ample degree” of stimulus is still needed. 

SHFE copper, aluminium up amid mixed trading. 
Nonferrous metals saw mixed trading this afternoon with aluminium and copper registering small increment. The ferrous complex stayed bearish with coke and coking coal slumping some 4%. Rebar slid 1.6% while iron ore and hot-rolled coil softened slightly.  While closing higher, copper dropped quickly at the start of the trading session with pressure. The market will be looking out for the US manufacturing data and unemployment numbers tonight. 

Zinc prices gained supported by upbeat China manufacturing data. 
Zinc on MCX settled up 0.84% at 204.90 supported by upbeat China manufacturing data. Prices also seen supported after the report that the global zinc market deficit widened to 36,900 tonnes in October from a revised deficit of  35,900 tonnes in September, data from the International Lead and Zinc Study Group (ILZSG) showed on wednesday.  China’s central bank nudged up money market rates as authorities sought to defuse financial risks without imperiling the economy, a balancing act that it has managed successfully so far this year as activity remained broadly steady.

Oil stable on tighter market, but rising US output looms for 2018.
Oil markets were stable on Friday as the Forties pipeline outage in the North Sea and the ongoing OPEC-led production cuts supported prices, while rising output from the United States kept crude from rising further.Traders said markets were overall well supported by efforts led by Organization of the Petroleum Exporting Countries (OPEC) and Russia to withhold supply to prop up prices. The ongoing outage of the Forties pipeline, which carries North Sea oil to Britain, was also buoying crude prices, traders said, as inventories around the world were gradually being drawn down. "Inventory drawdowns keep us confident that longer term market fundamentals are headed in the right direction and supply and demand imbalances will pull oil back up to marginal cost," Bern

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