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Published on 18/01/2019 10:18:38 AM | Source: Angel Commodity Pvt Ltd

On the MCX, silver prices declined 0.49 percent to close at Rs.39939 per kg - Angel Commodity

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

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Bullion

Gold

On Thursday, spot gold prices declined 0.16 percent to close at $1291.4 per ounce Dollar gained supported by yields which weighed on the yellow metal. Stronger Dollar makes gold expensive for other currency holders .

Gold 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.

On the MCX, gold prices declined marginally by 0.06 percent to close at Rs.32268 per 10 gms.

Silver

Spot silver prices declined by 0.4 percent to close at $15.5 per ounce in line with the fall in gold prices.

ON the MCX, silver prices declined 0.49 percent to close at Rs.39939 per kg.

Outlook

Rate hike pause by FED and partial US government shutdown are providing support to the Gold prices.

On the MCX, gold prices are expected to trade higher today, international markets are trading flat at $1291.65 per ounce.

Energy

Crude Oil

WTI oil prices declined 0.5 percent on Thursday to close at $52.1 per ounce as US crude output surged to about 12 million barrels per day (bpd) amid weaker demand.

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.

On the MCX, oil prices rose marginally by 0.1 percent to close at Rs.3688 per barrel.

Outlook

Sharp decline in production by OPEC in December 2018 which might ease fears of supply glut.

On the MCX, oil prices are expected to trade higher today, international markets are trading higher by 1.08 percent at $52.63 per barrel.

Base Metals

On Thursday, base metals on the LME traded flat. LME Lead rose the most amongst the pack i.e. around 1.4 percent to close at $2538.0 per tonne.

Metal prices were supported by China’s plans to boost their economy amid optimism over a possible trade deal between US and China

Copper

On Thursday, LME Copper prices rose 0.4 percent to close at $5992.0 per tonne. Copper continues its uptrend for the third consecutive trading session following China's move to inject liquidity in their economy boosted expectations of higher demand in the world's top metals consumer.

China's central bank said it will make big cash injection through open market operations yesterday, following its biggest-ever net liquidity injection a day earlier.

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.

Outlook

LME Copper price is currently trading higher by 0.42 percent to trade at $6021.25 per tonne. Injection of liquidity by Chinese Central Bank is a big step and sets a positive tone for metals.

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

 

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