Published on 17/02/2017 5:00:31 PM | Source: Angel Commodities Pvt Ltd
Evening Update For 17th February 2017 - Angel Commodities
News and Analysis
* Philly Fed Manufacturing Index jumped to 43.3 in Feb’17.
* LME Copper stocks down by 3.2 percent on Wednesday.
* UK Retail Sales down by 0.3 percent in Jan’17.
European stocks are trading lower today hurt by decline in mining and bank stocks. Asian markets are trading lower and the US stock futures are trading mixed. Gold prices are trading higher by 0.15 percent at $1240 per ounce while MCX gold prices are trading flat at Rs.29415 per 10 gms.
Gold prices rose on Thursday as the dollar drifted down from one-month highs hit in the previous session on upbeat U.S. economic data that boosted the prospects of an interest rate hike by the Federal Reserve next month.
LME Copper prices are trading lower by 0.3 percent at $5970 per tonne as strength in the DX after a string of positive economic data release is weighing on the metal. However, sharp downside was limited as supply disruption concerns supported the metal. Renewed talks in Chile to end a week-long strike at Escondida had been delayed until likely at least Saturday while Freeport ahs not accepted the new export permit yet. Besides, all work has stopped at Freeport-McMoRan Inc's giant copper mine in Indonesia, adding to supply woes. MCX copper prices are trading lower by 0.6 percent at Rs.399.6 per kg.
NYMEX oil prices are trading lower today by 0.15 percent at $53.28/bbl while MCX oil prices are trading lower by 0.42 percent at Rs.3573/bbl. Oil prices got a boost by a report that producer club OPEC could extend an output cut aimed at reining in a global fuel supply overhang. However, profit booking capped the rally in oil.
Outlook
Gold prices will trade higher today continuing its recent positive run while low investment demand continues to haunt investors across the globe, uncertain environment is creating a boost to safe heaven.
Oil prices are trading lower today, hence, evening session will remain volatile although there are indications by the OPEC of further cut to reduce supply overhang.
Copper will likely trade sideways today as supply woes will continue to support the metal given issues at the world’s top two producers. However, limited risk appetite will cap sharp upside.
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