CAPITALSTARS MCX COMMODITY NEWS UPDATE : 19 JULY 2019

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BULLION - Bullion counter may trade on upside path as gold prices rose to their highest in more than six years on Friday, supported by fresh tensions in the Middle East and comments from a top Federal Reserve official that cemented expectations of an interest rate cut. New York Fed President John Williams said on Thursday that policymakers need to add stimulus early to deal with too-low inflation when interest rates are near zero and cannot wait for economic disaster to unfold. The comments from Williams made it a virtual certainty the Fed would opt to cut interest rates by 25 basis points (bps) at its July 30-31 policy meeting and also fuelled expectations of an even deeper 50 bp reduction. Meanwhile, the United States said on Thursday that a U.S. Navy ship had "destroyed" an Iranian drone in the Strait of Hormuz after the aircraft threatened the vessel, but Iran said it had no information about losing a drone. U.S. and Chinese officials were scheduled to have a phone call on trade later on Thursday, U.S. Treasury Secretary Steven Mnuchin said in an interview on the sidelines of the G7 meeting in Chantilly, France, potentially opening the door for direct talks to resume. 

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ENERGY- Crude oil may trade on upside path as oil prices rose more than 1% on Friday after the U.S. Navy destroyed an Iranian drone in the Strait of Hormuz, a major chokepoint for global crude flows, again raising tensions in the Middle East. The United States said on Thursday that a U.S. Navy ship had destroyed an Iranian drone in the Strait of Hormuz after the aircraft threatened the vessel, but Iran said it had no information about losing a drone. The International Energy Agency (IEA) is reducing its 2019 oil demand forecast due to a slowing global  amid a U.S.-China trade spat, its executive director said on Thursday. Last year, the IEA predicted that 2019 oil demand would grow by 1.5 million bpd but had already cut the growth forecast to 1.2 million bpd in June this year. U.S. natural gas futures eased to a two-week low after the release of a government report showing a near normal storage build last week allowed the market to focus on forecasts for cooler weather and lower demand next week than previously expected.

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