Published on 19/05/2017 5:27:50 PM | Source: Angel Commodities Pvt Ltd
Evening Update For 19th May 2017 - Angel Commodities
News and Analysis
* OPEC compliance on output cut seen as boost by oil markets
* Political uncertainty clouds markets across the globe
* LME Copper inventories gains by around 30 percent in May
European markets are trading positive although political uncertainty in the US continues to cloud global markets. Asian markets are trading higher and the US stocks futures are trading in the green.
Gold prices are trading higher by 0.4 percent at $1251 per ounce while MCX gold prices are trading flat at 0.03 percent at Rs.28696 per 10 gms. Gold prices edged up on Friday and were on track for their biggest weekly gain since mid-April as the dollar eased amid lingering political turbulence in the United States. In the previous session, the metal snapped a five-day rally and slipped 1.1 percent on profit-taking, its biggest one-day percentage drop since May 3.
LME Copper prices are trading higher by 0.7 percent at $5620/t, while MCX copper prices are trading higher by 0.5 percent at Rs.366.45 per kg. London copper was set for a weekly gain on Friday as dollar weakness cushioned prices, but the outlook was tainted by investors cutting exposure to metals on China demand concerns.
Crude oil prices are trading higher today by 0.91 percent at $49.80 per ounce while MCX oil prices are trading higher by 1.06 percent at Rs.3233 per barrel. Oil prices were heading on Friday for a second week of gains on growing expectations that big crude exporters will extend output cuts to curb a persistent glut in inventories.
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 to trade volatile. OPEC commitment for oil output cut will help oil prices in the near term.
Copper prices are expected to trade sideways 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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