MCX COMMODITY MORNING MARKET UPDATES - 13 SEP 2017

Gold Rebounds Slightly In Asia After Recent Profit-Taking - Gold prices rebounded in Asia on Wednesday as investors saw recent declines on a stasis in tensions on the Korean peninsula as a chance to buy and on physical demand as the Indian festival season approaches. Overnight, gold prices fell below break-even on Tuesday as easing U.S.-North Korea tensions fueled demand for riskier assets lifting global stocks to record highs for a second straight day. The relief rally continued for a second straight day, lowering demand for safe-haven gold as investors shrugged off fresh threats from North Korea after the United Nations imposed a fresh round of sanctions, restricting the country’s access to oil imports while limiting textile exports. North Korea's ambassador to the UN, Han Tae Song, told a conference in Geneva: "The forthcoming measures by DPRK [the Democratic Republic of Korea] will make the US suffer the greatest pain it has ever experienced in its history." Also weighing on gold prices was a sharp rise in U.S. treasury yields ahead of inflation data due Wednesday, which could influence the Federal Reserve's interest rate decision slated for September 20. Analysts, however, have been quick to downplay gold’s poor start to the week as data pointing to a surge in buying activity suggests that demand for the yellow metal remains supported.

  Aluminum Stocks Rise Sharply at Three Major Ports in Japan - Aluminum stocks grew a lot at three major ports in Japan at the end of August, according to Marubeni Corp. on Tuesday. Japan Q4 Aluminum Premiums to Find Support from Higher US    Premiums. Stocks totaled 282,600 tonnes at the three major ports as of the end of August, up over 5% on a monthly basis.

Morgan Stanley: Fundamentals Not Good Enough to Keep Copper Price above $6,600 - Morgan Stanley reckons fundamentals are not good enough to leave copper prices above $6,600 per tonne. SMM Releases Copper PMI in August and September Forecast. Foreign trade for copper remains sluggish this year. Despite improvement in economic activities in September, construction and public investment slowed. Goldman Sachs Sees Copper Price Fall in 6-12 Months.

 

 Crude Oil Mixed In Asia As Market Digests API Estimates - Crude oil prices were mixed in Asia on Wednesday with investors mulling industry estimates on U.S. inventories of crude and refined products as they wait for official figures.It was the second straight build after Hurricane Harvey shut production in some Gulf of Mexico fields and refineries in Texas as some domestic producers also trimmed output to avoid a larger glut at storage. The oil storage hub at Cushing, Oklahoma, saw a build of 1.32 million barrels.Overnight, crude oil prices settled higher on Tuesday after a report showed Opec output fell in August but gains were capped as investors braced for U.S. crude inventory due data expected to show a large build in stockpiles.

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