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MCX COMMODITY MORNING MARKET UPDATES - 30 OCT 2017

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Gold edged higher on Friday, reversing earlier losses after the Catalonian parliament's independence declaration from Spain led investors to seek safety from political upheaval. Catalonia's declaration was in defiance of the Madrid government, which was preparing to impose direct rule over the region. Bullion is often used as a safe haven in times of geopolitical and economic uncertainty, while riskier assets such as equities are generally sold off. Spot gold touched a session high of low of $1,272.80 per ounce, after dipping to its worst in almost three weeks. Gold was up 0.2 percent to $1,269.51 but was still heading for its second weekly decline. U.S. gold futures for December delivery added 0.1%. The dollar index eased on a Bloomberg report that President Donald Trump is leaning toward Federal Reserve Governor Jerome Powell as his pick to head the U.S. central bank. The greenback was however still trading near a three-month high, piling pressure on gold as it makes dollar-priced commodities costlier for non-U.S. investors. According to a Politico report, Trump's search for the next Fed chair has come down to Fed Governor Jerome Powell and Stanford University economist John Taylor.

Oil prices rallied on Friday, sending the global crude benchmark to the $60 level for the first time in more than two years and setting the U.S. benchmark for the commodity up for the highest finish in six months. Prices continue to find support on speculation that the Organization of the Petroleum Exporting Countries and other major producers will agree to extend their production-cut deal through the end of the next year. OPEC members will hold an official meeting on Nov. 30 in Vienna. Prices have been supported this week by data showing declines in petroleum product stocks in the U.S. and news that Saudi Arabia and Russia—the world’s two largest crude producers—want to extend the agreement to curb output after the deal expires in March 2018, likely through the end of next year. OPEC and some major producers outside the cartel, including Russia, first agreed late last year to cap their production at around 1.8 million barrels a day lower than peak October 2016 levels, with the aim of alleviating global oversupply and boosting prices. December Brent, the global benchmark remained up 60 cents, or 1%, at $59.90 a barrel on the ICE Futures exchange in London. It was poised to again settle at its highest since July 2015 and trades about 3.8% higher for the week.

Copper prices declined for a third day on Friday and most other industrial metals also fell after the U.S. dollar hit three-month high, making metals more expensive for holders of other currencies. Benchmark copper on the London Metal Exchange closed down 2.2 percent at $6,830 a tonne after touching $6,782.50, the lowest since Oct. 11. The metal used in power and construction was set to end the week down 1.8 percent, the first weekly fall in five weeks. On-warrant inventories available to the market in LME-registered warehouses fell by 5,975 tonnes to 163,250 tonnes, down from 221,875 tonnes in mid-October and the lowest in six weeks, providing some support to prices. The dollar rose to a three-month high, potentially reducing demand for dollar-denominated metals, after the European Central Bank extended its bond purchases and the U.S. House of Representatives voted to clear a procedural path for tax cuts. China has met its target for cutting steel capacity this year but the country must continue pushing ahead with capacity reductions in other sectors including aluminium and cement, the industry ministry said on Friday. Aluminium finished down 1 percent at $2,168 a tonne, lead ended 2.3 percent lower at $2,424 and tin closed 0.1 percent higher at $19,875.


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