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Published on 11/12/2019 9:53:52 AM | Source: Angel Broking Pvt Ltd

international markets are trading marginally higher by 0.04 percent - Angel Commodities

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

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Bullion

Gold

On Tuesday, spot gold prices rose marginally higher by 0.14 percent to close at $1464.0 per ounce. Mixed signals over ending the prolonged trade war between U.S. & China weighed on the market sentiments and boosted the appeal for the safe haven asset.

The uptrend in Gold prices was limited after U.S. Dollar appreciated over expectation of a neutral stance by the U.S. Federal Reserves. The policy meeting ends today where markets expect the rates to be unchanged which supported the Dollar.

The upcoming deadline for fresh tariffs by U.S. on Chinese goods scheduled for 15TH December’19 is still on the table which has raised worries over the global economic growth. Rising tension around the Sino-American supported the yellow metal.

Silver

On Tuesday, Spot silver prices rose 0.32 percent to close at $16.7 per ounce in line with rise in gold prices while the trade uncertainty looms over precious metals. On the MCX, silver prices rose marginally by 0.01 percent to close at Rs.43507.0 per kg.

 

Outlook

Chances of delay in the tariffs which are supposed to kick in next week might dent the appeal for the safe haven asset and push the prices lower.

On the MCX, gold prices are expected to trade higher today, international markets are trading marginally higher by 0.04 percent at $1468.65 per ounce.

 

Energy

Crude Oil

On Tuesday, WTI Crude prices ended higher by 0.37 percent to close at $59.0 per barrel. Optimism over a possible trade deal between U.S. & China amid expectation of fall in U.S. Crude inventory supported the prices.

Moreover, Upbeat China’s industrial activity numbers further improved the demand prospects for Crude and supported the prices. However, weak

Prices surged last week after OPEC+ agreed to deepen the output cuts from 1.2 million bpd to 1.7 million bpd.

 

Outlook

We expect oil prices to trade sideways today mixed signals from the Sino-American trade spat might weigh on the Crude prices. Chances of delay in the tariffs which are supposed to kick in next week might provide some support.

On the MCX, oil prices are expected to trade higher today, international markets are trading marginally lower by 0.56 percent at $58.91 per barrel.

 

Base Metals

On Tuesday, base metal prices on the LME were mixed as uncertainties surrounding around the Sino-American Trade spat continue to weigh on the prices. Positive industrial activity figures coupled with increase in imports published by China infused optimism and supported the industrial metal prices.

However, mixed signals from the prolonged U.S.-China trade spat continue to weigh on the industrial metal prices. Optimistic comments by both the nations over striking a trade deal soon has not supported the prices as no concrete outcome pressurizes the demand prospects for industrial metals.

Nickel prices found some support after witnessing a significant decline over weak stainless steel market. However, prices rebounded as the upcoming export ban on Nickel ore from Indonesia, the top Nickel exporter is expected to tighten the market supply.

Copper

On Tuesday, LME Copper prices ended higher by 0.41 percent to close at $6100 per tonne. Robust industrial activity number posted by China for the month of November supported the red metal prices.

Moreover, China's copper imports surged to 483,000 tonnes last month which was their highest in over a year.

 

Outlook

Chances of delay in the tariffs which are supposed to kick in next week might provide some support.

On the MCX, Copper prices are expected to trade sideways today; international markets trading lower by 0.14 percent at $6083 per tonne.

 

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