FUNDAMENTALS OF COMMODITY:
* Spot gold rose 0.5% on the week to settle around $1,950 per ounce, enjoying its second straight weekly gain as the dollar posted its first loss since August. Investors turned to safety amid uncertainty about the economic outlook and fears of a prolonged pandemic. Gold prices rose more than 28% so far this year amid unprecedented monetary stimulus and expectations of a prolonged period of ultra-low interest rates and currency debasement.
* WTI crude futures settled at $41 per barrel on Friday, gaining 10% for the week, its largest increase since June. At the same time, concerns of further supply disruptions as a new storm builds in the US Gulf of Mexico, coupled with a fall in US inventories and the prospect of an extraordinary OPEC+ meeting in October also supported prices. Saudi Arabia pledged full compliance with the cuts, putting pressure on the alliance's quota violators, to extend the compensation period from September until the end of December.
* Copper futures rose to a fresh multi-year high on Friday. Due to its broad use throughout various industries, the price of copper correlates well with economic output. Thus, the rise in copper prices may serve as a bellwether for continued economic growth. Also, analyzing copper price trends with Chinese imports reveals that China prefers to purchase copper when prices are weak.
MCX GOLD CHART
MCX CRUDE OIL CHART
MCX COPPER CHART
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