MCX COMMODITY MARKET NEWS UPDATES - 05 OCT 2017

Gold - Gold prices inched up in Asia on Thursday with markets this as Hong Kong, South Korea and China shut for holidays. Overnight, gold prices remained roughly unchanged on Wednesday as the dollar came under pressure following reports that a dovish Federal Reserve chair will be appointed next year. Downside momentum in gold prices were capped as the dollar sank following a Politico report suggesting that U.S Treasury Secretary Steven Mnuchin favours Fed Governor Jerome Powell over former Fed governor Kevin Warsh as Janet Yellen replacement when her term as chair expires in February. Powell is widely viewed as less hawkish than Warsh, who has been critical of Fed’s bond-buying programme in the past. Dollar-denominated assets such as gold are sensitive to moves in the dollar – A dip in the dollar makes gold cheaper for holders of foreign currency and thus, increases demand.

Copper - December Comex High Grade Copper prices are still consolidating early Wednesday. The stronger U.S. Dollar is helping to limit gains. There is a slight upside bias developing. The hedge funds are still long, but they seem to be waiting for a catalyst to drive prices higher.The main trend is up according to the daily swing chart. A trade through $2.9925 will reaffirm the uptrend. Taking out $2.9050 and $2.8940 will change the main trend to down.

 Crude Oil - Oil prices stabilized on Thursday on expectations that Saudi Arabia and Russia would extend production cuts, although record U.S. exports dragged on the market. The statement came ahead of a visit by Saudi Arabia's King Salman to Moscow. "Putin and Salman will most likely reach, but not announce, an agreement to extend the OPEC/non-OPEC production deal, though with a commitment to taper the cuts," said consultancy Eurasia Group.The increase has been triggered by the wide discount in U.S. WTI prices against international Brent crude prices, which makes U.S. oil exports attractive. Ole Hansen, head of commodity strategy at Denmark's Saxo Bank said it was "still too early" for oil markets to expect crude prices to see a sustained period above $60 per barrel. Beyond short-term market drivers, analysts at Barclays (LON:BARC) bank said oil demand could be seriously dented by improving fuel-efficiency and the rise of electric vehicles (EV).

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