MCX Commodity Evening News and Analysis : 14.09.2016
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US rate hike bets put to rest indicated CME fed futures.
LME Copper stocks fell by 0.5 percent on Tuesday.
UK’s Claimant Count Change rose to 2.4K in August.
European stocks are trading higher today owing to rising likelihood of no rate hike in the upcoming September FOMC meeting.
Asian markets ended mixed and US stock futures are trading in the red. Spot gold prices are trading higher today by 0.31 percent at $1323/oz while MCX gold prices are trading flat at Rs.31069 per 10 gms.
Gold prices rose on Wednesday and the dollar slipped against a basket of currencies and as the market waited for clues to the timing of interest rate rises in the United States.
Expectations the U.S. Federal Reserve will raise rates at next week's policy meeting have receded, putting pressure on the U.S. currency which when it falls makes gold cheaper for holders of other currencies.
LME copper prices are trading higher by 1.1 percent today at $4715.5 per tonne as China’s broadest measure of new credit exceeded estimates and jumped to 949 billion Yuan in August, sharply rebounding from 464 billion Yuan in July. This came in addition to strong industrial production and retail sales data from the mainland nation. Also,
weakness in the DX on realising bets of no rate hike in September after Fed member Brainard’s latest dovish comments is acting as positive factor.
MCX copper prices rose by 0.9 percent to Rs.319 per kg.
WTI oil prices are trading higher today by 0.53 percent at $45.14 per barrel, while MCX oil prices are trading lower by 0.53 percent at Rs.3020 per barrel.
Oil prices rebounded on Wednesday after falling by as much as 3 percent in the previous session, as data from an industry group showed a smaller-than-expected build in U.S. crude stockpiles.
The American Petroleum Institute (API) reported a crude build of 1.4 million barrels for the week ended Sept. 9, smaller than the 3.8 million barrel rise expected.
The U.S. government will issue official inventory data later on Wednesday.
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LME Copper stocks fell by 0.5 percent on Tuesday.
UK’s Claimant Count Change rose to 2.4K in August.
European stocks are trading higher today owing to rising likelihood of no rate hike in the upcoming September FOMC meeting.
Asian markets ended mixed and US stock futures are trading in the red. Spot gold prices are trading higher today by 0.31 percent at $1323/oz while MCX gold prices are trading flat at Rs.31069 per 10 gms.
Gold prices rose on Wednesday and the dollar slipped against a basket of currencies and as the market waited for clues to the timing of interest rate rises in the United States.
Expectations the U.S. Federal Reserve will raise rates at next week's policy meeting have receded, putting pressure on the U.S. currency which when it falls makes gold cheaper for holders of other currencies.
LME copper prices are trading higher by 1.1 percent today at $4715.5 per tonne as China’s broadest measure of new credit exceeded estimates and jumped to 949 billion Yuan in August, sharply rebounding from 464 billion Yuan in July. This came in addition to strong industrial production and retail sales data from the mainland nation. Also,
weakness in the DX on realising bets of no rate hike in September after Fed member Brainard’s latest dovish comments is acting as positive factor.
MCX copper prices rose by 0.9 percent to Rs.319 per kg.
WTI oil prices are trading higher today by 0.53 percent at $45.14 per barrel, while MCX oil prices are trading lower by 0.53 percent at Rs.3020 per barrel.
Oil prices rebounded on Wednesday after falling by as much as 3 percent in the previous session, as data from an industry group showed a smaller-than-expected build in U.S. crude stockpiles.
The American Petroleum Institute (API) reported a crude build of 1.4 million barrels for the week ended Sept. 9, smaller than the 3.8 million barrel rise expected.
The U.S. government will issue official inventory data later on Wednesday.
