Published on 23/05/2017 10:14:45 AM | Source: Angel Commodities Pvt Ltd
We expect Crude oil prices to trade lower today - Angel Commodities
On Monday, spot gold prices rose by 0.4 percent to close at $1260.1 per ounce as prices extended its biggest weekly gain in five weeks as the U.S. dollar fell against the euro, while U.S. political turmoil fueled demand for bullion as a safe-haven and reduced expectations of rapid U.S. interest rate rises.
The metal advanced by 2.2 percent last week as the furor over U.S. President Donald Trump's alleged links to Russia and his firing of former Federal Bureau of Investigation chief James Comey raised concerns about his ability to push through promised fiscal stimulus.
On the MCX, gold prices rose by 0.52 percent to close at Rs.28785 per 10 gms
Spot silver prices rose by 1.8 percent on Monday to close at $17.1 per ounce in line with rise in gold prices and weak dollar index.
On the MCX, silver prices rose by 1.95 percent to close at Rs.39874 per kg.
We expect gold prices to trade higher today on account of political uncertainty and while weak dollar will further support gold prices in the near term.
On the MCX, gold prices are expected to trade higher today, international markets are trading higher b y 0.1 percent at $1261.6
WTI oil prices rose by 0.8 percent on Monday to close at $50.7 per barrel on growing confidence that top exporters would agree to extend supply curbs this week and speculation that the cuts could be deepened further pushed prices to their highest levels in more than a month.
Prices have risen on expectations the Organization of the Petroleum Exporting Countries and other producers, including Russia, would extend a deal at their meeting on May 25 to cut supplies by 1.8 million barrels per day (bpd) for another six or nine months.
On the MCX, oil prices rose by around 1.5 percent to close at Rs.3310 per barrel.
We expect oil prices to trade lower today as U.S. President Donald Trump proposed the sale of half the country's strategic oil reserves in his budget plan, just as producer club OPEC and its allies are cutting output to tighten the market.
The White House plan would gradually sell off half of the nation's emergency oil stockpile to raise $16.5 billion from October 2018, documents released by the administration late on Monday showed.
On the MCX, oil prices are expected to trade lower today, international markets are trading lower by half a percent at $50.90 per barrel.
LME base metals traded mostly higher yesterday on account of bargain hunting at lower levels after a recent correction. Zinc and nickel prices touched their highest in more than two weeks on Monday after China launched a regional crackdown on the steel industry, including production of the two metals.
MCX base metals traded higher in line with trends from international markets.
LME Copper prices traded higher by 0.4 percent at $5703/t while MCX copper rose by 0.5 percent at Rs.371.5 per kg on bargain hunting at lower levels.
An estimated 9,000 workers at the giant Grasberg copper mine operated by the Indonesian unit of Freeport McMoRan Inc will extend a strike for a second month, in an ongoing dispute over employment terms and layoffs.
China's economy is likely to expand by about 6.8 percent in the second quarter of 2017, the State Information Center said in an article in the state-owned China Securities Journal on Saturday. This in turn is supporting the positive move in the base metals complex including copper.
LME Copper prices are currently trading lower by 0.2 percent at $5691/t. Prices are expected to trade sideways today as global investors are highly cautious about the developments in the US while the strike by workers at the Grasberg mine in Indonesia will support copper prices in the near term.
We expect MCX copper prices to trade sideways today
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