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Published on 12/02/2020 9:40:29 AM | Source: Angel Broking Pvt Ltd

Oil prices are expected to trade higher today - Angel Commodities

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

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Bullion

Gold

On Tuesday, Spot Gold prices ended lower by 0.29 percent to close at $1567.4 per ounce. Concerns over the economic damage by the coronavirus eased down after China's senior medical adviser suggested that the epidemic may be over by April 2020 which dented the appeal for the safe haven asset and pushed the prices lower.

An evident slowdown the second largest economy in the world, China supported Gold prices earlier in the month. The death toll has crossed 1100 in China with over 43,000 people infected by the coronavirus.

Silver

On Tuesday, Spot silver prices ended lower by 0.66 percent to close at $17.6 per ounce whereas the MCX silver declined by 1.22 percent to close at Rs.45664 per kg.

Outlook

Easing of tension over the rapidly spreading virus and its economic impact might dent the appeal for the safe haven asset, Gold.

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

 

Energy

Crude Oil

On Tuesday, WTI Crude prices ended higher by 0.75 percent to close at $49.9 per barrel as worries over the virus outbreak arising from the major Crude consumer, China eased.

WTI Crude prices were pressurized earlier in the month as the markets expect that the economic damage due to the Coronavirus outbreak in China might dent the demand for fuel. However, easing of concerns over the virus outbreak might improve the demand prospects for Crude.

Outlook

Easing of tension over the Coronavirus impact might improve the demand prospects for fuel and provide some support for the prices.

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

 

Base Metals

On Tuesday, base metal prices on the LME ended higher after concerns over economic fallout in the biggest metal consumer, China eased down which further supported the industrial prices.

Prices were pressurized earlier in the month as rising worries of a global epidemic which has infected over 43,000 people shifted the investors to take shelter under the safe haven U.S. Dollar. Appreciating Dollar makes industrial metals expensive for other currency holders.

The Coronavirus has killed over 1000 people in China and led to economic fallout which further dampened the demand prospects for industrial metals.

Copper

On Tuesday, LME Copper prices ended higher by 1.38 percent to close at $5745 per tonne after China's senior medical adviser suggested that the Coronavirus epidemic may be over by April 2020.

Outlook

Easing of tension over the coronavirus outbreak might improve the demand prospects for industrial metals and push the prices lower.

On the MCX, Copper prices are expected to trade higher today

 

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