MCX MORNING NEWS UPDATES - 26 June 2018

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Gold Prices Struggle to Advance Despite Rising Safe-Haven Demand -  

Gold prices struggled to catch a bid on safe-haven demand despite rising trade tensions between the U.S. and its allies as expectations for a faster pace of U.S rate hikes kept a lid on the yellow metal's push higher. Reports the U.S. was readying new trade restrictions against China stoked demand for traditional safe-havens like US Treasuries, the yen and Swiss franc, but safe-haven flows into gold were limited. The U.S. is reportedly drawing up plans to block firms with at least 25% Chinese ownership from buying U.S. companies with industry changing technology, raising the risk of countermeasures from Beijing. That comes just as the impact of the EU's tariffs on a slew of U.S. imported goods – which went into effect late Thursday – was witnessed Monday as Harley Davidson said it would move some production out of the United States.

Smelting suspension in Henan to affect aluminium ingot consumption - 

Aluminium ingot consumption is likely to be affected in Gongyi, Henan province as local downstream processors would see staggered suspension during July and August. Except for the top 30 enterprises, all gas emission-related industrial plants in the city are required to suspend their smelting furnaces for one month during the period. A formal government notice is expected to be released in the next couple of days, SMM learned.  We believe the target of this measure is small and medium-sized cast coil producers as July and August is the traditional low season for aluminium plate/sheet and strip producers. Some of the major plate/sheet and strip producers are also in the list of top 30 enterprises which are exempted from the restrictions. 

Zinc inventory down on smaller inflows of imported materials - 

Zinc social inventory in Shanghai, Guangdong and Tianjin fell sharply over the weekend with Shanghai recording a substantial decline, SMM data showed. As of Monday June 25, the overall inventory shrank 9,800 mt from last Friday to 138,500 mt, Inventory in Shanghai was down 8,600 mt to 105,300 mt. The shrinking inflows of imported materials from bonded areas mainly accounted for the decline in Shanghai. Besides, shipments leaving warehouses in Shanghai stepped up as downstream consumers were keen to stockpile in the falling market.

Oil prices edge up on Libya worries, but OPEC supply rise drags - 

Oil prices inched up on Tuesday on uncertainty over Libyan oil exports, although plans by producer cartel OPEC to raise output continued to drag.Traders said prices were mostly driven up by uncertainty around oil exports by Libya, a member of the Organization of the Petroleum Exporting Countries (OPEC). Eastern Libyan commander Khalifa Haftar's forces have handed control of oil ports to a separate National Oil Corporation (NOC) based in the country's east. The official state-owned oil company based in the capital Tripoli, also called NOC, will not be allowed to handle that oil anymore, he said. In comments later confirmed to Reuters, Ahmed Mismari, spokesman of Haftar's Libya National Army (LNA), said on television that no tanker would be allowed to dock at eastern ports without permission from an NOC entity based in the main eastern city, Benghazi.

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