CAPITALSTARS - MCX COMMODITY MARKET NEWS & UPDATES - 02 APR 2018

Last Year’s Close at $1318.70 is Major Support -   Gold managed to eke out a small gain during the first quarter of the year, mostly supported by the weaker U.S. Dollar and the volatility in the stock market. The easing of geopolitical concerns especially over North Korea and expectations of higher global interest rates may be keeping a lid on any rallies. Gold closed marginally lower on Thursday as the dollar inched higher against a basket of currencies. However, losses were likely limited by tensions over Russia and a potential trade war. Solid U.S. economic news and increased demand for higher risk assets also helped cap the market. Moscow has threatened to take retaliatory action after the United States and other Western countries expelled.

 Copper prices ended with gains on short covering as support seen amid receding fears about a trade - Copper on MCX settled up 0.77% at 436.8 on short covering as support seen amid receding fears about a trade. Metals markets were shaken in the month when U.S. President Donald Trump moved to impose tariffs on Chinese goods and Beijing threatened retaliation. But fears of a trade war have eased on hopes that negotiations can bring a compromise. Growth in China’s manufacturing sector likely picked up slightly in March as authorities lifted winter industrial pollution restrictions and steel mills cranked up production as construction activity swings back into high gear.

Aluminium extrusion operating rate picks up in Hebei - Aluminium extrusion producers in north China are resuming operations gradually as the two political sessions and restrictions for the heating season ended last month, an SMM survey showed. One company in Hebei province told SMM that it has three out of its five machines operating and the company’s orders for April are getting close to its maximum capacity. We expect orders at aluminium processing companies to rise month on month in April due to a delayed downstream consumption recovery.

Oil prices rise on lower U.S. drilling activity, trade tension weighs - Oil prices rose on Monday, lifted by a drop in U.S. drilling activity as well as by expectations that the United States could re-introduce sanctions against Iran.Stephen Innes, head of trading for Asia/Pacific at futures brokerage OANDA in Singapore, said oil markets remained nervous about "whether or not the U.S. administration will scrap or maintain the fragile nuclear deal with Iran". Innes said prices were also supported by a weekly report that there was a drop in activity of drilling for new oil production in the United States. U.S. drillers cut seven oil rigs in the week to March 29, bringing the total count down to 797 , General Electric Co's (N:GE) Baker Hughes energy services firm said in its closely followed report last Thursday. It was the first time in three weeks that the rig-count fell. Baker Hughes published its North American rig count report on Thursday, one day earlier than usual, due to the Good Friday holiday on March 30.

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