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Published on 13/12/2019 11:42:33 AM | Source: Angel Broking Pvt Ltd

International markets are trading marginally higher by 0.01percent at $1472.45per ounce - Angel Commodities

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

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Bullion

Gold

On Thursday, spot gold prices rose marginally higher by 0.37percentto close at $1469.3 per ounce. De-escalation of trade tension between the biggest economies in the world shifted the investors towards riskier assets in turn denting the appeal for the safe haven asset, Gold.

U.S. President Donald Trump stated that they might soon strike an interim trade deal with Chinawhich weighed on the Gold prices. The yellow metal found some support in the first half of yesterday’s trading session due to rising uncertainties ahead of a Dec. 15 deadline when new U.S. tariffs would kick in onChinese goods.

U.S. might considering rolling back few tariffs and delay the tariffs which were scheduled to kick in on 15thDecember 2019 as a part of the phase one trade deal first promised in October’19.

Silver

On Thursday,Spot silver prices rose by 0.43 percent to close at $16.9 per ounce.On the MCX, silver prices rose by 0.23percent to close at Rs.43926.0per kg.

 

Outlook

Easing of trade tension between U.S. & China might dent the appeal for the safe haven asset and push the prices lower.

On the MCX, gold prices are expected to trade lowertoday, international markets are trading marginally higher by 0.01percent at $1472.45per ounce

 

Energy

Crude Oil

On Thursday,WTI Crude prices ended higher by 0.71percentto close at $59.2per barrel. Optimism over a possible trade deal between U.S. & China supported the Crude prices.

Easingof the 18 month long trade tension between the biggest consumers of Crude whichhampered the demand prospects for Crude pushed the prices higher.

The gains were limited after witnessing a constant build up in the U.S. Crude stock piles. U.S. Crude inventory levels rose by 822,000 barrels in the week ending on 6th December’19 whereas the markets expected a 2.8 million-barrel drop.

Outlook

We expect oil prices to trade sideways as risingexpectation of easing of the Sino-American trade tension might improvethe demand prospects for Crude and support the prices.

On the MCX, oil prices are expected to tradehighertoday, international markets are tradinghigherby 0.56percent at $59.51per barrel.

 

Base Metals

On Thursday, base metal on the LMEendedpositiveafter reports stated that U.S. & Chinaare nearing aninterim trade deal. U.S. President DonaldTrump stated thatthey are very close to strike an interimdeal with China which eased the demand concernsfor industrial metals & pushed the prices lower.

Prices were pressurized earlier in the trading session with the upcoming deadline for freshU.S. tariffson Chinese productswhich would have further dampened thedemand prospects for Base 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 Thursday,LME Copper prices ended flat closing at $6156per tonne. Optimismover a possible trade deal between U.S. & China supported the red metal prices.

Outlook

Chances of an interim trade deal coupled with delay in theU.S.tariffs onChinesegoods which are supposed to kick in next weekmightprovide somesupportfor the base metal prices.

On the MCX, Copper prices are expected to tradesidewaystoday; international markets trading higher by 0.69 percent at $6203.75per tonne.

 

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