MCX COMMODITY MORNING MARKET NEWS UPDATES - 13 NOV 2017

Gold prices turned lower as U.S. Treasury bond yields rose, but losses were limited by weaker stock markets and the dollar, which fell due to uncertainty over U.S. tax reform. The dollar was set for its first weekly fall in a month as disappointment that a landmark U.S. tax overhaul may be delayed until 2019 put a brake on the currency's recent rally. Uncertainty over the tax plans also hit U.S. stock markets and helped end the longest run of global share price gains since 2003. Expectations of lower taxes, one of President Donald Trump's key promises, have helped power the S&P more than 20 percent since the 2016 presidential election. Gold demand slid to its lowest in eight years in the last quarter as jewellery buying fell and inflows into bullion-backed exchange traded funds dried up, data from the World Gold Council showed. Overall demand fell 9 percent to 915 tonnes, its weakest since the third quarter of 2009, the WGC said. India’s gold imports in the last quarter of 2017 could drop by a fourth from a year ago due to weak demand during key festivals and as investors seek better returns from riskier assets like equities, industry officials said. Lower gold purchases by India, the world’s second-biggest consumer after China, could drag global prices that have already fallen nearly 6 percent from this year’s peak. In the first nine months of 2017, the country’s gold imports surged 131 percent to 638.4 tonnes, according to GFMS data, as jewellers advanced buying in the first half of the year ahead of a sales tax hike that took effect from July 1.

Crude oil prices settled lower as investors fretted over an uptick in U.S. production but losses were limited as expectations grew that OPEC would extend its agreement on output curbs. Crude oil fell to a weekly loss as investors weighed a report from Baker Hughes showing the number of oil rigs operating in the US rose to the highest in almost a month by 9 to 738. The uptick in rig counts added to concerned over rising U.S. output after federal energy projections estimated U.S. production to rise to 9.2 million barrels per day (bpd) in 2017 and a record 10.0 million bpd in 2018. Losses in oil prices were limited, however, as investor expectations for an extension to the OPEC -led product-cut agreement remained elevated ahead of the upcoming meeting on Nov. 30. 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. Oil prices are expected to remain volatile over the near-term amid ongoing unrest in the Middle East after Saudi Arabia warned its citizens on Thursday not to travel to Lebanon and urged the international community to impose fresh sanctions on Iran. The escalating tensions between Saudi Arabia and Iran come after Saudi Arabia’s crown prince Mohammed bin Salman accused Iran of “direct military aggression” by supplying Houthi rebels in Yemen with missiles, one of which was fired towards the Riyadh on Saturday.

Copper prices settled flat as speculative investment flows ebbed on caution over the scale of expected Chinese capacity cuts. Demand for copper globally is set to jump 22 percent in as soon as five years on increasing usage of the metal in electric vehicles, solar and wind power sectors. Copper has rallied more than 20 percent this year along with other industrial metals on prediction of tighter supplies and increasing global economic growth amid new sources of demand. Top producer Codelco forecasts that prices could test record highs above $10,000 a metric ton as the supply-demand balance shifts to substantial deficits from 2018. China's unwrought copper imports fell in October from a month earlier to their lowest since April, as prices soared to their highest in more than three years, while concentrate arrivals also slipped, customs data showed. Arrivals of unwrought copper, which includes anode, refined, and semi-finished copper products, stood at 330,000 tonnes last month, up from 290,000 tonnes a year ago, but down from 430,000 tonnes in September, according to the data from the General Administration of Customs. Imports for the first 10 months of the year were 3.76 million tonnes, down 7.8 percent from the same period in 2016, customs said. Copper concentrate imports came in at 1.37 million tonnes in October, the lowest since May. Imports were down from 1.47 million tonnes in September, but up from 1.36 million a year ago.

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