CAPITALSTARS MCX COMMODITY NEWS UPDATE : 26 JULY 2019

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BULLION - Bullion counter may trade on weaker path as gold prices witnessed sharp decline in the previous session, while investors awaited U.S. economic growth data due later in the day that could provide clues about the Federal Reserve's monetary policy meeting. Gold fell on Thursday after data showed that weekly U.S. jobless claims number fell to a three-month low last week, pointing to strength in the labor market, while new orders for key U.S.-made capital goods surged 1.9 % in June. Market participants are now looking ahead to the U.S. central bank's July 30-31 monetary policy meeting where it is expected to trim its interest rate by at least 25 basis points. U.S. Treasury yields following rosier-than-expected economic sentiment from the European Central Bank. The ECB signalled its intention to explore monetary easing, but left interest rates unchanged, and bank President Mario Draghi struck a more upbeat tone on the economy than investors expected. The ECB signalled its intention to explore monetary easing, but left interest rates unchanged, and bank President Mario Draghi struck a more upbeat tone on the economy than investors expected.

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BASE METAL - Base metals may trade on subdued path. Copper prices dropped on Friday, on track for their first weekly decline in three, as comments from European Central Bank President Mario Draghi were less dovish than hoped after the bank held rates steady at its latest meeting. An aggressive easing by a major central bank generally supports growth and helps lift metal prices. Perus president said his government will re-evaluate its recent decision to grant a construction permit to Southern Copper Corp for its proposed mine Tia Maria at the request of local authorities calling for its annulment. The European Central Bank (ECB) signalled its intention to explore monetary easing but left interest rates unchanged on Thursday. Lead negotiators for China and the United States will meet in Shanghai on Tuesday for two days in the next round of trade talks aimed to end their year-long trade war, China commerce ministry confirmed. 

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