MCX News Update

MCX News Update


Gold Prices Slip As Dollar Climb After Treasury Yield Drops Below 3% Level -   

Gold prices fell on Monday as the dollar climbed after U.S. 10-year treasury yield pulled back to below the 3% level. Meanwhile, The dollar opened the week steady well above the 91 mark, but slipped from Friday’s high as The US 10-year yield fell 3 basis points on Friday to 2.957%, pulling back from a four-year high of 3.035% it hit on Wednesday. Geopolitical developments were also in focus as South Korean President Moon Jae-in’s spokesmen said on Sunday that North Korea would shut down its main nuclear test site in May. The news came after North Korean leader Kim Jong-un pledged “complete denuclearization” at a meeting with Moon on Friday.

Copper dropped as pressure seen after Chile's Escondida, said that early contract talks with its workers' union ended without an agreement -  

Copper on MCX settled down -2.6% at 448.45 as pressure seen after Chile's Escondida, said that early contract talks with its workers' union ended without an agreement. China’s central bank said it will effectively crack down on money-laundering and related crimes to safeguard national security and social stability. China will also step up and improve money-laundering supervision, the People’s Bank of China said. Chile's Escondida, the world's largest copper mine, said that early contract talks with its workers' union ended without an agreement, setting the stage for legally scheduled negotiations to begin in June.

 Zinc prices pushed lower continuing its weak trend as inventory at the exchange’s warehouses continued to rise -  

Zinc on MCX settled down -0.17% at 209.7 continuing its weak trend as inventory at the exchange’s warehouses continued to rise. World demand for refined zinc is seen rising by 2 percent to 13.97 million tonnes in 2018 after remaining stable over the past three years, it said. An additional 10,275 mt was delivered on March 14. South Korea purchased 500 tonnes of zinc for July arrival via separate tenders that closed, the state-run Public Procurement Service said. Jiangsu province will undertake a month-long, joint environmental inspection across eight cities along the Yangtze River from Tuesday April 24, the Jiangsu Provincial Environmental Protection Office said.

Oil Prices Drop As U.S. Rig Count Rises - 

Oil prices slid on Monday morning in Asia as a rising rig count in the U.S. indicated higher crude production to come.U.S. drillers added five oil rigs in the week to April 27, bringing the total count to 825, the highest level since March 2015. Increasing rigs is usually associated with increasing supply. U.S. crude production has also soared more than 25% since mid-2016 to a record 10.59 million barrels per day (bpd). Only Russia currently produces more, at around 11 million bpd, which the U.S. is expected to surpass by 2019. Despite the small drop, oil prices held near more than three-year highs. Concerns that the U.S. will re-impose sanctions against Iran continue to prop up prices.


Share:

No comments:

Post a Comment