Oil prices fall as White House proposes U.S. oil reserve sales - 23 May 2017

Commodity Intraday Tips

Gold ticks higher with U.S. politics, Fed speakers on the agenda.  
Gold prices ticked higher in North American trade on Monday, kicking the week off with small gains as investors continued to assess the impact of the latest bout of U.S. political turmoil. In addition, a handful of Federal Reserve policymakers are due to make public appearances this week that may offer insight into the likelihood of higher interest rates in the months ahead. Investor sentiment has been hit by fears that the U.S. political system could become engulfed by crisis, preventing lawmakers from pushing through tax or spending reforms. Meanwhile, investors looked ahead to Wednesday’s minutes of the Fed's latest policy meeting for further hints on the timing of the next U.S. rate hike.Market players will also keep an eye out on a revised reading of first-quarter U.S. growth data on Friday to gauge if the world’s largest economy is strong enough to withstand a rate hike as early as next month.

India Brass, Copper Scrap prices remain steady; Copper Futures gain on weak Dollar.
India Brass, Copper Scrap prices remain steady; Copper Futures gain on weak DollarStock markets in top metals consumer China ended the week higher, snapping a five-week losing streak as soothing regulatory comments and a central bank cash injection offset worries about growth.

India Nickel Scrap prices stay flat; Nickel Futures finishes above Rs. 600/kg.
Major nickel scrap prices in India stayed flat on the Scrap Register Price Index as on Friday, while nickel futures prices at India's Multi Commodity Exchange gained on the back of a sustained crackdown in China's polluting steel industry, which fueled worries about steel supply and lifted the prices of its raw materials. However, China investors have cut metals holdings since President Xi Jinping called for increased efforts to ward off systemic risks to help maintain financial security last month.

Oil prices fall as White House proposes U.S. oil reserve sales.
Oil prices fell on Tuesday after U.S. President Donald Trump proposed the sale of half the country's strategic oil reserves in his budget plan, just as producer club OPEC and its allies are cutting output to tighten the market. Presidential budgets are often ignored by the U.S. Congress, which controls federal purse strings. The plan was released just a day after Trump left OPEC's de-facto leader Saudi Arabia for his first overseas state-visit. Any large release of U.S. strategic reserves would jolt oil markets, where the Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russia, have pledged to cut supplies by 1.8 million barrels per day (bpd) in order to tighten the market and prop up prices.

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