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Published on 28/01/2020 9:30:31 AM | Source: Angel Broking Pvt Ltd

Crude oil prices are expected to trade lower today - Angel Commodities

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

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Bullion

Gold

On Monday, spot gold rose by 0.72 percent to close at $1581.7 per ounce as worries over a new coronavirus in the major Chinese cities further boosted the appeal for the safe haven asset. The coronavirus outbreak in China has infected over 4500 people.

Over 100 deaths have been reported in China due to the new virus outbreak which has raised worries on the markets and boosted the demand for the safe haven asset, Gold.

Investors will have a keen watch on the U.S. Federal Reserve's first meeting of 2020 which is scheduled to start on Tuesday i.e. today.

Silver

On Monday, Spot silver prices ended marginally higher by 0.01 percent to close at $18.1 per ounce whereas the MCX silver prices ended marginally by 0.15 percent to close at Rs.47005.0 per kg.

Outlook

The new virus outbreak which has spread to various nations might continue to weigh on the market sentiments and support Gold prices.

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

 

Energy

Crude Oil

On Monday, WTI Crude prices plunged over 1.94 percent to close at $53.1 per barrel. Oil extends its losses into the fifth trading session as the markets expected that the newly identified respiratory virus called coronavirus from China might dent the demand for fuel.

After declining over 5 percent last week, Crude prices continue to fall as the newly found Coronavirus which has spread in China and other countries might impact the global economy and weigh on the demand for fuel.

Outlook

Demand concerns arising from China reflecting the new virus outbreak amid appreciating Dollar might continue to weigh on the Crude oil prices.

On the MCX, oil prices are expected to trade lower today

 

Base Metals

On Monday, Base metal prices on the LME ended negative with Zinc being the highest loser amongst the pack. The newly found coronavirus has killed over 100 people in China and infected over 4500 people.

Markets anticipate that the Coronavirus outbreak in China might weigh on their economic growth in turn denting the demand prospects for the industrial metals.

China being the major consumer of industrial metals, expectation of slowdown in their economy led to the massive downfall in the base metal prices on the LME.

Investors will have a keen watch on the U.S. Federal Reserve's first meeting of 2020 which is scheduled to start on Tuesday i.e. today.

 

Copper

On Monday, LME Copper prices ended lower by 3.09 percent to close at $5743.0 per tonne as the new virus outbreak in China might have a severe impact on their economy and dent the demand for the red metal.

Outlook

Worries that the coronavirus could impact the Chinese economy might weigh on the industrial metal prices.

On the MCX, Copper prices are expected to trade lower today.

 

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