CAPITALSTARS MCX COMMODITY NEWS UPDATE : 23 JULY 2019

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BULLION - Bullion counter may trade on weaker path as gold prices fell in early Asian trade on Tuesday as the dollar rose to a near one-week high on expectation of a smaller interest rate cut by the U.S. Federal Reserve at the end of this month. The U.S. central bank is widely expected to lower its interest rate target range of 2.25%-2.50% by 25 basis points at a meeting ending July 31, but expectations for a larger 50-basis point cut have waxed and waned due to mixed signals from Fed policymakers. The global march towards lower interest rates reaches Europe this week with the European Central Bank expected at least to signal easier monetary policy. Expectations of policy easing by major central banks such as the Fed propped up global stocks on Tuesday. Meanwhile, Sterling was on the back foot on Tuesday as investors worried Boris Johnson, the front runner to become the UK's next prime minister, would trigger a "hard Brexit" from the European Union. 

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ENERGY- Crude oil may trade on mixed path as oil prices inched lower on Tuesday as the International Energy Agency (IEA) said it would act quickly if needed to keep the market supplied amid tensions in the Middle East and traders eyed a weaker demand outlook. The International Energy Agency (IEA) said it was closely monitoring developments in the Strait of Hormuz. Consumers can be reassured that the oil market is currently well supplied, with oil production exceeding demand in the first half of 2019, pushing up global stocks by 900,000 barrels per day, the IEA said in a statement. The potential for disruption in the Middle East has come amid a more fundamental souring of market sentiment in recent days, with hedge funds, producers and traders all taking a more bearish tack in response to what they see as weakness in worldwide demand. The Organization of the Petroleum Exporting Countries (OPEC) and some non-affiliated producers including Russia, known collectively as OPEC+, have withheld supplies since the start of the year to prop up prices. U.S. natural gas futures gained almost 3% on Monday as forecasts for hotter weather and higher cooling demand next week lifted prices from two-week lows hit last week.

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BASE METAL - Base metals may trade with upside path. Most base metals rose on the LME, but lost ground on the Shanghai Futures Exchange as investors eyed monetary policies from major central banks, including a highly expected policy easing by the U.S. Federal Reserve. Expectations of policy easing by major central banks such as the Federal Reserve propped up global stocks. The global world refined copper market showed a 96,000 tonnes deficit in April, compared with a 42,000 tonnes deficit in March, the International Copper Study Group said in its latest monthly bulletin. London nickel prices rebounded on Tuesday after two sessions of declines, hovering around a one-year peak, while the base metals complex was broadly higher. Global primary aluminum output fell to 5.246 million tonnes in June from revised 5.406 million tonnes in May, data from the International Aluminium Institute showed on Monday.

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