CS IMPORTANT MCX COMMODITY NEWS UPDATES- 21 JUN 2016

BREXIT

GBP soars after polls favour Britain staying in EU

UK referendum polls move the markets up and down it seems that the REMAIN camp is favored but market stress is expected to remain at present levels until the vote on Thursday.

According to a poll for weekly newspaper The Mail On Sunday, support for Britain staying in the EU went up three points, with 45 per cent, compared to 42 per cent support for Brexit.

A telephone survey for the Scottish newspaper The Herald, showed that 46 per cent of voters support the Remain campaign, compared to 43 per cent who advocate exit from the bloc

Investors reacted after three of six opinion polls published over the weekend showed a shift towards keeping Britain in the EU, with some citing the killing last week of pro-EU lawmaker Jo Cox as a factor.

Prior to the latest polls, data from the Commodity Futures Trading Commission released on Friday showed speculators reduced their net short positions against Sterling in the latest week, from a three-year high.

REXIT

Rupee under pressure on Rexit effect.(RAGURAM RAJAN EXIT FROM RBI GOVERNOR POST)

The Indian rupee nosedived nearly 1 per cent in early trade on Monday in a knee-jerk reaction to Raghuram Rajan’s abrupt decision to step down as the RBI governor following the end of his term in September.

However, recovery in the Indian equities helped rupee pare some of early losses.

CRUDE OIL:

Saudi Arabia's crude oil exports also dropped despite high production levels, suggesting demand remains in a deficit to supply. 

The world's largest oil exporter and OPEC heavyweight produced 10.262 million bpd in April, compared with 10.224 million bpd a month earlier, the data showed.

Potentially adding to supply, Iran has increased its crude exports capacity at its main terminal on Kharg Island to allow eight tankers to load simultaneously, the oil ministry's news agency Shana reported on Monday.

With oil prices up more than 30 percent this year, shale drillers are looking at turning the taps on again and have proved resilient beyond Saudi and OPEC expectations.

Norway could face a rig strike from midnight Tuesday if a state-appointed mediator fails to unite unions and employers in a two-day negotiation attempt starting Monday.   
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