MCX MORNING NEWS UPDATES - 28 May 2018

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Gold prices dropped as investors digested news of U.S. President Donald Trump saying a meeting with North Korea's leader could still go ahead - 

Gold on MCX settled down -0.91% at 31189 as investors digested news of U.S. President Donald Trump saying a meeting with North Korea's leader could still go ahead. Gold remained resilient in the wake of a resurgent dollar on the back of positive economic data as durable goods orders topped expectations reaffirming investor confidence in the U.S. economy. The yellow metal also sidestepped easing U.S.- North Korea tensions after U.S. President Donald Trump said the meeting with North Korean counterpart Kim Jong Un could still proceed following conciliatory comments from North Korea overnight. The yellow metal’s muted reaction to the sudden change in tone from Trump was somewhat surprising as it gained more than 1% on Thursday, when Trump cancelled the long-planned meeting with North Korea. 

Copper prices dropped after U.S. President Donald Trump said any trade deal with top metals consumer China would "need a different structure" -

Copper on MCX settled down -1.55% at 461.8 after U.S. President Donald Trump said any trade deal with top metals consumer China would "need a different structure". Prices seen supported at the start of the week after U.S. Treasury Secretary Steven Mnuchin said the prospect of a U.S.-China trade war was "on hold". The global world refined copper market showed an 86,000 tonnes surplus in February, compared with a 23,000 tonnes surplus in January, the International Copper Study Group (ICSG) said in its latest monthly bulletin. For the first 2 months of the year, the market was in a 109,000 tonnes surplus compared with a 125,000 tonnes surplus in the same period a year earlier, the ICSG said. CME Group, parent company of the Chicago Board of Trade, on Wednesday lowered margins for copper contracts nearly 10 percent, effective after the close of business on May 24.

Oil Prices Tumble As Supplies From Top Three Producers Set To Rise - 

Oil prices fell on Monday morning in Asia as the market eyed an increase in output from the world’s three top crude producers, Russia, the U.S. and Saudi Arabia.The Organization of the Petroleum Exporting Countries (OPEC) as well as a group of non-OPEC producers led by Russia started withholding output in 2017 to boost oil prices and clear a supply glut. The group had agreed to curb their output by about 1.8 million barrels per day (bpd). Prices have soared since the start of the cuts, with Brent breaking through $80 per barrel earlier in May. The pace of the recent rise in oil prices has sparked a debate among investors on whether this poses downside risks to global growth.




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