News and Analysis
* Global stock markets hit by US political woes.
* US EIA oil stocks fell by 1.8 mn bbl in the w/e 12th May.
* LME Copper stocks fell marginally on Wednesday.
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 flat at $1262 per ounce while MCX gold prices are trading higher by 0.94 percent at Rs.28888 per 10 gms. Gold prices weakened after touching a more than two-week high on Thursday, weighed down by profit-taking amid political turmoil in the United States.
LME Copper prices are trading lower by 1.9 percent at $5502.5/t, as current political turmoil in the US blurred prospects of infrastructure spending as promised by President Trump. Global investors are rushing towards safe haven assets after reports that Trump has asked FBI Director James Comey to drop investigation into Trump's former national security advisor. This is additional demand woe along with the disappointing data releases from the biggest consumer, China. MCX Copper prices are trading lower by 1.1 percent at Rs.359.3 per kg.
Crude oil prices are trading lower today by 1.85 percent at $48.16 per ounce while MCX oil prices are trading lower by 1.1 percent at Rs.3121 per barrel. Oil prices fell on Thursday after data showed an increase in U.S. crude inventories, stoking concerns that markets remain oversupplied despite efforts by top producers Saudi Arabia and Russia to extend output cuts.
Markets across the globe are skeptical about the uncertainty coming out from the US political scenario, although gold prices have risen in the past trading session, it seem to have given up its gains today. Uncertain environment, uncertain global scenario makes gold prices positive.
On the other side, high global inventories remain a cause of concern for oil markets and hence, oil prices will continue its downward trajectory.
Copper prices are expected to trade lower today as global investors are highly cautious about the developments in the US after reports that President Trump has asked FBI Director James Comey to drop investigation into Trump's former national security advisor. Also, Chinese growth remains a major cause of concern with the list of disappointing data releases.
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