MCX COMMODITY MORNING MARKET UPDATES - 20 NOV 2017

Gold Prices Dip In Asia As Risk Trade Eases, Copper Down On China Houses Data - Gold prices dipped in Asia on Monday as risk trade eased for now and investors awaited more insight on U.S. tax cut plans and related Fed policy. At the weekend, China reported home prices in major Chinese cities remained mostly stable as gains and dips slowed pace in October amid strict government controls. Prices of new residential housing in 13 out of the 15 major cities surveyed, considered the hottest markets, grew less YoY in October, the newspaper said citing data from National Bureau of Statistics (NBS). Meanwhile, new residential housing prices fell in nine out of these 15 cities in October from September, according to the report. An NBS expert cited in the report said that overall housing prices were stable in major cities as the government imposed curbs take effect. Prices of new residential housing fell 0.1% in October from September in China’s first-tier cities while prices for second-hand homes were flat, according to the report.

 SMM Research: View on Copper Price This Week - Contract 1801 of SHFE Copper dropped last week, finishing low in three out of five trading days. Up to closure on Nov.17th. Last week saw a fierce struggle between bears and bulls. What the tendency of copper price during this week? As per SMM research to domestic insiders, 41% participants are bearish at copper price (drop over 1%), 35% participants are bullish at cooper price (rise over 1%), 13% participants thinks price will be volatile and strong (rise within 1%) and 11% participants think price will be volatile and weak (drop within 1%).

Oil markets tepid ahead of November 30 OPEC meeting - Oil markets were tepid on Monday as traders were reluctant to take on big new positions ahead of an OPEC meeting at the end of the month, when the producer club is expected to decide whether to continue output cuts aimed at propping up prices.Traders said they were avoiding taking on large new positions due to uncertainty in markets. The Organization of the Petroleum Exporting Countries (OPEC), together with a group of non-OPEC producers led by Russia, has been restraining output since the start of this year in a bid to end a global supply overhang and buoy prices. The deal to curb output is due to expire in March 2018, but OPEC will meet on Nov. 30 to discuss the outlook for the policy. OPEC is expected to agree a cut-extension as storage levels remain high despite recent drawdowns, although there are doubts about the willingness of some participants to continue to crimp production.

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