MCX COMMODITY MORNING MARKET UPDATES - 17 NOV 2017

Gold Gains In Asia As US Tax Cut Views Stoke Inflation Concerns - Gold prices edged up in Asia as U.S. tax cuts move closer to passage, raising inflation concerns for some investors. Overnight, gold prices were roughly unchanged on Thursday as the recent trend of flattening yields faded but downside momentum was capped by dollar weakness on the back of soft economic data. Ahead of the GOP House vote on tax reform, gold prices traded in a narrow range on Thursday as gains amid a falling dollar were capped by an uptick in treasury yields. Traders, however, shifted attention to tax reform as the House is poised to pass a massive overhaul of the U.S. tax code on Thursday as Republicans attempt to push through tax reform before year-end. Uncertainty over the outcome of tax reform has renewed investor appetite for safe-haven gold, as data showed traders increase their bets on the precious metal last week. Gold is sensitive to moves higher in both bond yields and the U.S. dollar – A stronger dollar makes gold more expensive for holders of foreign currency while a rise in U.S. rates, lift the opportunity cost of holding non-yielding assets such as bullion.

Crude Oil Mixed In Asia As US Benchmark Gains Ahead Of Rig Count Data -  Crude oil prices were narrowly mixed on Friday as investors looked ahead to weekly US rig count figures to set the tone.Overnight, crude oil prices settled lower on Thursday as investors fretted over a potential uptick in global supply amid reports that Turkey and Iraq discussed resuming exports from the Kirkuk-Ceyhan pipeline. A discussion between Iraq and Turkey on resuming Kirkuk oil export from the Ceyhan pipeline sparked fears of oversupply as many said a possible uptick in exports would forced OPEC to rein in production. “The priority is to resume oil exports from Kirkuk through the Iraqi-Turkish pipeline once it has been rehabilitated or replaced by a new one,” Iraq’s Oil Minister Jabbar al-Luaibi said. That added to recent fears that rising U.S. production would dampened the impact of Opec’s production cuts, which so far are widely believed to be moving oil markets closer to rebalancing. Data pointing to rising U.S. output comes ahead of an OPEC meeting on Nov. 30 in Vienna, where it is expected the oil-cartel will extend its output-cut agreement beyond the March 2018 deadline. In May, Opec producers agreed to extend production cuts for a period of nine months until March, but stuck to production cuts of 1.2 million bpd agreed in November last year.

Copper dropped as persistent worries over Chinese demand as China's economy cooled further last month - Copper on MCX settled down -0.41% at 439.30 as selling seen on persistent worries over Chinese demand as China's economy cooled further last month, with industrial output, fixed-asset investment and retail sales missing expectations. Also China's financial sector faces bubble risks, a government official said, adding that a property tax might be on the cards in the near future. Yesterday pressure seen as Benchmark copper on the London Metal Exchange closed 0.5 percent down at $6,737 a tonne after touching a one-month low of $6,713 on Wednesday. Mixed sentiments seen from trader as Copper inventories in LME-registered warehouses fell by 3900 tonnes to 251550 tonnes, continuing a steady decline to the lowest since mid-September. While pressure seen after Zinc and copper output in China in October jumped to its highest in almost three years. Meanwhile, US House Republicans were set to pass a sweeping rewrite of the tax code later Thursday, bringing President Donald Trump and the Republican party closer to their first major legislative win.

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