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Published on 6/08/2019 9:45:20 AM | Source: Angel Broking Pvt Ltd

Crude oil prices are expected to trade lower today - Angel Commodities

Posted in Commodities Reports| #Commodity Tips #Angel Broking Pvt Ltd

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Bullion

Gold

On Monday, Spot Gold prices rose by 1.6 percent to close at $1463.6 per ounce. The escalating tension between U.S. & China pushed the investors to take shelter under the safe haven asset; Gold.

Last week, President Trump decided to impose 10 percent tariffs on another $300 billion worth of Chinese imports ending the month long trade truce between the super power nations. Following President Trumps decision China let its yuan weaken to over a decade low.

Washington stated that Beijing was trying to manipulate their currency which further escalated the tension between the U.S. and China and in turn boosted the appeal for safe haven asset.

Silver

On Monday, Spot silver prices ended lower by 1.11 percent to close at $16.4 per ounce.

On the MCX, silver prices rose by 0.47 percent to close at Rs.42483.0 per kg.

Outlook

Escalating tension between U.S. & China might increase the demand for the safe haven asset, Gold.

On the MCX, gold prices are expected to trade higher today; international markets are trading higher by 0.55 percent at $1478.45 per ounce.

 

Energy

Crude Oil

On Monday, WTI Crude oil prices dipped by 1.7 percent to close at $54.7 per barrel. Prices dipped after the trade tension between U.S. & China ramped up further dampening the outlook for global Crude demand.

The month long trade truce between U.S. & China ended last week after President Trump decided to impose additional 10% tariff on $300 billion worth of Chinese imports effective from Sept 01, 2019. Following President Trumps decision China let its yuan weaken to over a decade low.

Washington Charged Beijing for currency manipulation which further escalated the tension between the super power nations. Rising tension between the biggest Crude consumers might dent the demand for Crude which pushed the prices lower.

Outlook

Escalating tension between U.S. & China after the super power nations ended the month long trade truce might raise severe demand concerns for Crud e and push the prices lower.

On the MCX, oil prices are expected to trade lower today; international markets are trading lower by 0.6 percent at $55.02 per barrel.

 

Base Metals

On Monday, base metals prices on the LME were mixed with Zinc being the highest loser amongst the pack. Lead prices rose following concerns over global supply shortage amid maintenance work in China.

The month long trade truce between U.S. & China ended last week after President Trump decided to impose additional 10% tariff on $300 billion worth of Chinese imports effective from Sept 01, 2019. Following President Trumps decision China let its yuan weaken to over a decade low.

Washington Charged Beijing for currency manipulation which further escalated the tension between the super power nations. Rising tension between the biggest Crude consumers might dent the demand for Crude which pushed the prices lower.

 

Copper

On Monday, LME Copper prices declined by 0.8 percent to close at $5685 per tonne over rising trade tension between the U.S. & China.

Outlook

Escalating tension between U.S. & China after the super power nations ended the month long trade truce might raise severe demand concerns for base metals and push the prices lower.

On the MCX, Copper prices are expected to trade lower today; international markets trading lower by 0.57 percent at $5688 tonne

 

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