Published on 17/05/2017 5:30:18 PM | Source: Angel Commodities Pvt Ltd

Evening Update For 17th May 2017 - Angel Commodities

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


News and Analysis

* US EIA crude oil stocks due tonight at 8:00 pm IST.

* UK’s Claimant Count Change fell to 19.4K in April’17.

* LME Copper stocks surged by 5.3 percent on Tuesday.

European markets are trading lower as concerns regarding Trump’s administration have intensified following the latest FBI episode. Asian markets are trading lower and the US stocks futures are trading in the red.

Gold prices are trading higher today by 0.77 percent at $1246 per ounce while MCX gold prices are trading higher by 0.86 percent at Rs.28335 per 10 gms. Gold hit a two-week high on Wednesday as Asian stocks slipped and the dollar fell amid political uncertainty after a source said U.S. President Donald Trump asked the FBI to end a probe into his former security adviser.

LME Copper prices are trading lower by 0.3 percent at $5604.5/t, as Chinese growth woes remain the focal cause of concern with latest unfavourable data releases only making matters worse. Also, sharp jump in LME stocks by more than 5 percent is acting as a negative factor. However, weakness in the DX following reports that Trump has asked FBI Director James Comey to drop investigation into Trump's former national security advisor, is restricting sharp downside. MCX Copper prices are trading lower by 0.1 percent at Rs.362 per kg.

Crude oil prices are trading higher today by 0.2 percent at $48.76 per ounce while MCX oil prices are trading higher by 0.03 percent at Rs.3124 per barrel. Oil prices fell on Wednesday after industry data showed a surprise increase in U.S. crude inventories despite OPEC-led output cuts that Saudi Arabia and Russia want extended.

 

Outlook

Gold prices will trade higher today as international markets are positive while the precious metals market will wait for some fresh triggers in order to continue its positive momentum.

Oil markets continue to be haunted by high global inventories and unless this drains out oil prices will not sustain at higher levels.

Copper prices are expected to trade sideways today as Chinese growth remains a major cause of concern with the list of disappointing data releases. However, weakness in the DX on latest reports that US President Trump has asked FBI Director James Comey to drop investigation into Trump's former national security advisor.

 

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