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Published on 21/01/2019 10:56:34 AM | Source: Angel Commodity Pvt Ltd

LME Copper price is currently trading lower by 0.4 percent to trade at $6033per tonne - Angel Commodity

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

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Bullion

Gold

Last week, Spot gold prices rose marginally by 0.3 percent while on the MCX prices rose by 1.1 percent.

Weak trade numbers from China led to a fall in the global stocks which raised concerns about further weakening in the world’s second largest economy. Prices were also supported by the rate hike pause by FED which continued to pressurize the Dollar Index.

However, prices struggled to breach the $1,300 level, even though physical demand for gold coins had picked up in Britain due to uncertainty about its future relations with the European Union. Britain is due to leave the EU on March 29, but investors now anticipate an extension of that deadline.

Silver

Last week, Spot silver prices declined by 0.83 percent to close at $15.5 per ounce.

On the MCX, silver prices traded flat last week.

Outlook

Markets expect FED to pause its rate hike cycle which might support Gold prices.

On the MCX, gold prices are expected to trade higher today, international markets are trading flat at $1281.15 per ounce.

Energy

Crude Oil

Last week, WTI crude prices rose by 2.0 percent to whereas on the MCX Oil prices rose by 3.11 percent.

Weak trade data from China had pressurized crude prices. However, Prices were supported by China’s plans to boost their economy which has stalled in the past couple of months.

US crude output surged to about 12 million barrels per day (bpd) amid weaker demand which restricted the gains. US Crude Inventories declined marginally whereas a large build up was seen in the gasoline inventories which pointed towards weak demand for oil from the US.

Supply cuts by OPEC and other major producers reduced concerns about excess output. OPEC had decided to reduce output from January 2019 as per its statement in late 2018.

Outlook

China reported its weakest economic growth in 28 years which might push the prices lower.

On the MCX, oil prices are expected to trade higher today, international markets are trading higher by 0.39 percent at $54.25 per barrel.

Base Metals

Last week, base metals on the LME traded positive. LME Zinc rose by 2.0 percent, the most amongst the peer metals followed by Nickel which rose by 1.7 percent. Weaker than expected trade data from China pushed the metal prices lower.

Correction was seen in the prices when China announced to infuse liquidity in their economy which boosted expectations of higher demand in the world's top metals consumer.

The People's Bank of China (PBOC) is injecting 250 billion yuan ($37 billion) through seven-day reverse bond repurchase agreements and 150 billion yuan through 28-day reverse repos.

Copper

Last week, LME Copper rose by 1.4 percent whereas on the MCX prices rose by 2.4 percent. Dollar continues to weaken after the rate hike pause by FED which supported Copper but falling import & exports from China raised demand concerns.

However, uptrend was seen in the prices after China's announced to inject liquidity in their economy which pointed towards increasing demand in the world’s top metals consumer.

Outlook

LME Copper price is currently trading lower by 0.4 percent to trade at $6033per tonne. China’s economy is growing at a least pace in approximately 3 decades which might pressurize Copper prices.

On the MCX, copper prices are expected to trade higher today.

 

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