MCX COMMODITY MARKET MORNING UPDATES - 26 SEP 2017

Gold Prices Hold Gains In Asia As NKorea Tensions Aid Support -  Gold prices held gains in Asia on Tuesday as investors stayed cautious about tensions on the Korean peninsula. Overnight, gold prices rose sharply on Monday as escalating geopolitical tensions on the Korean Peninsula fuelled safe-haven demand after North Korean Foreign minister Ri Yong Ho warned that Pyongyang has the right to “shoot down U.S. bombers”. “The whole world should clearly remember it was the US who first declared war on our country." North Korea Foreign Minister Ri Yong said in reference to President Donald Trump’s tweet that “North Korea won’t be around much longer”. "Since the United States declared war on our country, we will have every right to make countermeasures, including the right to shoot down United States strategic bombers even when they are not inside the airspace border of our country," Ri said. Demand for the precious metal, however, could come under pressure during the week as a flurry of Federal Reserve speakers are slated to deliver speeches including the central bank’s chair Janet Yellen on Tuesday. Following the conclusion of its two-day policy meeting last week, the Federal Reserve signaled that a year-end rate hike remained appropriate.

Today’s Purchase Suggestion for Aluminium - With slight reduction of social stock, overnight main part of Futures Aluminium rose. With sharp fluctuation of Futures Aluminium, spot price rises slightly. It is suggested to purchase on demand for stock during National Day.

Likely Range Bound Until Thursday’s EIA Storage Report- Natural gas prices posted a dramatic outside move on Monday before finishing lower for the session. The price action seemed to indicate that investors were reacting to the current two-sided weather forecast.The warm weather lingering over the Midwest and moving towards the East is helping to increase demand for air-conditioning. This may have been behind the early rally. The news that this pattern is expected to end by mid-week, followed by cooling late in the week may have been the catalyst behind the selling pressure.

Oil extends gains; Turkey threatens to cut oil flow - Oil prices extended gains on Tuesday, with Brent crude hitting a 26-month high, supported by Turkey's threat to cut crude flows from Iraq's Kurdistan region to the outside world. Brent's rise meant it extended gains for a fifth straight day, jumping from just over $55 a barrel a week ago, as OPEC and non-OPEC producers confirmed the market was well on its way toward rebalancing, while oil demand looked strong. Also fuelling the jump on Tuesday was Turkish President Tayyip Erdogan's threat on Monday to cut off the pipeline that carries oil from northern Iraq to the outside world, intensifying pressure on the Kurdish autonomous region over its independence referendum.U.S. crude has lagged behind in comparison amid a large oversupply exacerbated by Hurricane Harvey, which forced the closure of nearly 25 percent of U.S. refining capacity. Refineries in Philadelphia have cut rates because crude deliveries have been slowed by rough seas as Hurricane Maria headed north along the Atlantic Coast.

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