MCX MORNING NEWS UPDATES @Capitalstars - 18 Apr 2018



Gold Prices Slip Amid Upbeat U.S. Housing, Industrial Output Data -  

Gold prices slipped on Wednesday as dollar held its gains on the back of upbeat U.S. housing and industrial output data. Housing starts climbed 1.9% to 1.319 million units, data on Tuesday showed. Separately, the Federal Reserve said industrial production rose 0.5% in March after jumping 1.0% in February. A hawkish speech from Fed official John Williamson Tuesday reassured rate hikes this year, and eyes are on U.S.-Japan meeting this week to look for cues, with talks over trade and an upcoming summit with North Korea that could ease geopolitical strains in East Asia. Dollar-denominated assets such as gold are sensitive to moves in the dollar – a gain in the dollar makes gold more expensive for holders of foreign currency and thus decreases demand for the precious metal.


China's copper anode imports on the rise on tighter raw material supply - 

China’s copper anode imports have risen as the country continued to expand its copper smelting capacity and as its domestic raw material supply percentage is below 30%. In 2017, imported copper anode accounted for 9.1% of the total raw materials used for copper smelting in China. This compared with 8.8% in 2016, SMM data showed. Zambia, Chile, and the Democratic Republic of the Congo are three major sources for China's copper anode imports, accounting for some 90% of the total volume. Imports from Zambia account for about 50%.


 Nickel prices gained on short covering after prices dropped as data showed both hot and cold patches in the Chinese Spices economy -  

Nickel on MCX settled up 1.07% at 937 on fresh buying despite of reports shows China's economy grew 6.8 percent in the first quarter of 2018, slightly faster than expected, buoyed by strong consumer demand and surprisingly robust property investment despite continued measures to tame rising home prices. Also Chinese steel producers ramped up output in March to the highest level since September, with mills in the world's top market for the metal rushing to boost operations after winter restrictions to prevent smog were lifted in the middle of the month. 


Oil Prices Rise On Global Supply Risks -

Oil prices rose on Wednesday morning in Asia amid ongoing risk of supply disruptions.A potentially spreading conflict in the Middle East, renewed U.S. sanctions against Iran and falling output caused by the political and economic crisis in Venezuela have triggered a sense of high risk of disruptions to oil supplies, lifting oil prices. The Middle East is the world’s most important crude exporter and tension in the region tends to put oil markets on edge. Meanwhile in the U.S., crude inventories fell by 1 million barrels last week, to 428 million barrels, according to a weekly report by the American Petroleum Institute (API) on Tuesday. Oil markets are further supported by the supply restraint led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia. The pact runs until the end of 2018 but there is growing confidence that the cooperation will be extended.

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