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Published on 17/10/2020 2:29:08 PM | Source: Swastika Investmart Ltd

Weekly Commodity Outlook Of 17-10-2020 By Swastika Investmart

Posted in Commodities Reports| #Commodity Tips #Swastika Investmart Ltd

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FUNDAMENTALS OF COMMODITY:

* Gold prices ended a tumultuous week lower as the White House’s back-andforth on a new coronavirus relief deal hurt those with long positions in the yellow metal. For the week, December gold lost about 1%, most of it from Tuesday’s 1.8% plunge after skepticism expressed by Treasury Secretary Steven Mnuchin on the chance of reaching a new Covid-19 stimulus deal with House Speaker Nancy Pelosi.

* Oil ended the week little changed as a drop in stockpiles of crude and diesel countered concerns about market direction amid surging Covid-19 caseloads. U.S. crude stockpiles tumbled 3.8 million barrels last week after rising by just over 500,000 barrels the previous week, the Energy Information Administration said Thursday. The EIA also reported that distillates inventories plunged by 7.2 million barrels for the week ended Oct. 9 versus a slide of just 962,000 in the week to Oct. 2.

* Copper touched a three-week high on Monday as demand from top consumer China and the threat of strikes by miners in Chile pushed prices closer to 27-month highs reached in September, though a strengthening yuan limited gains. The metal used in power and construction hit $6,877.50 on Sept. 21 - up 57% since hitting its lowest this year in March- as Chinese industry reopened and speculators bought into the rally.

MCX GOLD CHART

 

MCX CRUDE OIL CHART

 

MCX COPPER CHART

 

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