CAPITALSTARS MCX COMMODITY MARKET NEWS & UPDATES - 09 APR 2018

Gold Prices Slip as Dollar Firms Despite Trade War Fears -   Gold prices slipped on Monday as the dollar strengthened on signs of easing tensions between the United States and North Korea, although the U.S.-China trade spat continued to be a concern. The U.S. confirmed that North Korean leader Kim Jong-un is willing to talk to President Trump about denuclearisation, which implied easing geopolitical tensions in East Asia that improved investors’ risk appetite. Dollar-denominated assets such as gold are sensitive to moves in the dollar – a gain in the dollar makes gold more expensive for holders of foreign currency and thus decreases demand for the precious metal. Meanwhile, U.S. inflation data will be out later this week. The U.S. producer price index, forecast at 0.1%, will be due Tuesday, while the core consumer price index, expected to be 0.2%, will come on Wednesday.

  Report: Pan Pacific Copper to increase refined copper output by 15% - Japan’s largest copper smelter Pan Pacific Copper plans to increase its output by 300,000 mt during April to September this year, the company said last Friday. This would be a 15% increase from the same period last year. Copper on MCX settled down -0.39% at 438.25 but prices recovered from lows amid expectations of rising seasonal demand in the second quarter. China warned it would fight back "at any cost" with fresh measures to safeguard its interests if the United States sticks to its protectionist actions, after U.S. President Donald Trump threatened an extra $100 billion in tariffs in a worsening trade dispute between the world's two biggest economies. The United States is willing to negotiate with China on trade, but only if talks are serious, as previous attempts produced little progress, a senior U.S. official told as trade tensions between the two nations escalated.

Oil prices firm, but trade dispute and Syria keep market on edge - Oil markets stabilized on Monday after slumping around 2 percent last Friday on concerns over an intensifying trade dispute between the United States and China, as well as increased U.S. drilling activity. Markets on Monday were also eyeing the situation in Syria after reports - denied by the Pentagon - that U.S. forces had struck a major air base there.Oil prices fell about 2 percent on Friday after U.S. President Donald Trump threatened new tariffs on China, reigniting fears of a trade war between the world's two largest economies that could hurt global growth."Oil prices have been susceptible to the brewing trade tensions between China and the U.S....However, fundamental support levels have been demonstrated with OPEC's suggestion on an production limit extension into 2019," said Singapore-based Phillip Futures.

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CAPITALSTARS MCX COMMODITY MARKET NEWS & UPDATES - 06 APR 2018

Gold prices fell as risk appetite recovered after the United States expressed willingness to resolve an escalating trade fight with China -   Gold on MCX settled down -1.01% at 30547 as risk appetite recovered after the United States expressed willingness to resolve an escalating trade fight with China. President Donald Trump on Thursday directed U.S. trade officials to identify tariffs on $100 billion more Chinese imports, upping the ante in an already high-stakes trade confrontation between the world’s two largest economies. The further tariffs were being considered “in light of China’s unfair retaliation” against earlier U.S. trade actions, which included a proposed $50 billion of tariffs on Chinese goods, Trump said in a White House statement. The U.S. trade deficit increased to a near 9-1/2-year high in February, with both imports and exports rising to record highs in a sign of strong domestic and global demand. Gold-backed exchange traded funds in North America saw inflows in March, amid market volatility and as  trade tensions between the United States and China drove safe-haven purchases to bullion, while Europe saw outflows for the second straight month.

  Copper rose as fading concerns over the prospect of a trade war between China and the United States sparked a bounce in cyclical assets such as industrial metals - Copper on MCX settled up 1.45% at 439.95 on short covering with other Base metals prices were mostly higher from the day's low reacted as trader assess the outlook for US-China trade tensions while both major economies signal willingness to negotiate. Copper regained on the announcement of China imposing additional tariffs on US imports to retaliate for duties on its high-tech goods reported from the Trump administration. Copper closed $92 higher to climb back above the $6,800 per tonne support level, continues to find support from expectations of negotiations between the US and China allaying trade tensions. The United States signaled its willingness on Wednesday to try to resolve an escalating trade dispute with China after Beijing retaliated against proposed U.S. tariffs on $50 billion in Chinese goods by targeting key American imports. While the United States and China should avoid a trade war, China's Ambassador to the United States, Cui Tiankai, said on Wednesday, stressing that Beijing's preference was to resolve the dispute through negotiations.

Oil Prices Fall On Trump Threats Of New China Tariffs - Oil prices fell on Friday morning in Asia after U.S. President Donald Trump threatened to impose new tariffs on China, fueling fears of a trade war between the world’s two biggest economies.President Trump said on Thursday he had ordered U.S. trade officials to consider an additional $100 billion in tariffs on China, escalating tensions with China, which has increased tariffs by up to 25% on 128 U.S. products. China is also taking its first steps towards paying for imported crude oil in yuan instead of the U.S. dollar. A pilot program for yuan payment could be launched as early as the second half of this year. As the biggest importer of crude oil and the world’s largest energy consumer, China’s oil demand is a key determinant of global oil prices.

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CAPITALSTARS MCX COMMODITY MARKET NEWS UPDATES- 05 APR 2018

Gold sinks deeper into the 1,330.00 key level as markets stabilize -   Gold continues to drop in cycles as market sentiment falters and recovers amidst geopolitical turmoil. The possible trade war lead-up is likely to cool off following this week's round of tariff threats. Gold is continuing to slump in Asia trading, bumping into the 1,330.00 handle and maintaining the bearish momentum that rolled over from Wednesday's action. Gold initially lifted on the week's outset, but repeated rounds of tariffs between the US and China has knocked market sentiment back. Recovering risk appetite has returned to the broad markets, and Gold is stumbling lower after reaching a weekly high at 1,348.22.

  Copper dropped after China slapped tariffs on U.S. goods and began a dispute procedure against duties imposed by Washington on Chinese products - Copper on MCX settled down -1.54% at 433.65 in the line of expectation on fresh selling as investors reacted to the potential fallout of an escalating trade conflict between the U.S. and China. The sharp decline in copper prices came after China announced it would hit the U.S. with reciprocal 25% tariffs on more than 100 U.S. products. The tariffs come as China's means of answering President Donald Trump's recent proposal to enact $50 billion worth of tariffs against the country. The threat of a trade war had impacted a number of metals early Wednesday, but copper was among the most dramatically affected. China is the world's top consumer of copper, but also among the top copper producing countries. In 2016, China was the third-largest and the U.S. was the fourth-largest producer of copper in the world.

Zinc prices dropped as pressure seen after China retaliated in kind to a U.S. move to slap tariffs on $50 billion worth of its imports, raising trade war jitters - Zinc on MCX settled down -0.8% at 212.10 settled down on long liquidation as investors battened down the hatches ahead of a possible trade war with China. Today trading volume will remain subdued as the Shanghai Futures Exchange was closed for China's national Tomb Sweeping Day holiday. Some support seen in late session as the United States signaled its willingness to try to resolve an escalating trade dispute with China after Beijing retaliated against proposed U.S. tariffs on $50 billion in Chinese goods by targeting key American imports. While the U.S. and China should avoid a trade war, China's Ambassador to the United States, Cui Tiankai, said on Wednesday, stressing that Beijing's preference was to resolve the dispute through negotiations.

Oil gains on surprise drawdown in U.S. crude inventories - Oil prices rose on Thursday, holding onto a late-session rally the previous day, buoyed by the U.S. government data showing a surprise drawdown in crude stockpiles.Before the rebound late on Wednesday, after the release of the Energy Information Administration (EIA) inventory data, WTI and Brent had hit two-week lows after China proposed a broad range of tariffs on U.S. exports, feeding fears of a trade war.U.S. crude inventories fell by 4.6 million barrels last week, compared with analysts' expectations for an increase of 246,000 barrels, EIA data showed on Wednesday.

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CAPITALSTARS MCX COMMODITY MARKET NEWS UPDATES - 04 APR 2018

Gold Prices Gain Amid Weaker Dollar -  Gold prices gained on Wednesday as dollar weakened after the U.S. slapped tariffs on $50 billion worth imports from China. Trading tensions were cited as a catalyst for the buying as investors stayed away from risk assets. The Trump administration proposed on Tuesday to impose 25% tariffs on nearly $50 billion worth of made-in-China products - around 1,300 industrial technology, transport and medical products to be particular. Dollar-denominated assets such as gold are sensitive to moves in the dollar – a fall in the dollar makes gold cheaper for holders of foreign currency and thus increases demand for the precious metal. More directional drivers for the dollar this week will be the U.S. payrolls data and comments by Federal Reserve Chairman Jerome Powell.

 Zinc smelters operating rates to dip further in Apr - The operating rates of Chinese zinc smelters are likely to dip further in April, following a 2.14-percentage-point month-on-month drop in March, an SMM survey showed. This is because more smelters are expected to carry out maintenance this month although some will resume normal operations. The operating rate in March stood at 72.31%, according to the SMM survey. Zinc output was down over 10,000 mt from February due to maintenance work.

Copper prices gained supported by stronger-than-expected manufacturing growth in China - Copper on MCX settled up 0.3% at 440.45 traded in the range while prices continuous to hold 440 level as investors bought on expectations the escalating trade dispute between China and the United States would not undermine flows of metal. Meanwhile the US dollar index climbed up and depressed copper prices following a release by the US of $50 billion of imports from China that could be subject to sweeping tariffs. The picture was not quite as rosy among smaller to mid-size Chinese companies, where manufacturing activity expanded at its weakest pace in four months as export demand faltered. Investor worries over a tit-for-tat trade spat between the United States and China were likely to fade out.

Oil Prices Fall On Rising Russian Output And Geopolitical Tensions - Oil prices fell on Wednesday morning in Asia amid rising Russian production and expectations that Saudi Arabia will cut prices of the crude it sends to Asia.There are speculations that Saudi Arabia will cut prices for all crude grades it sells to Asia in May to reflect weaker prices for its Middle East benchmark Dubai crude. Also putting pressure on oil markets is the rising supply. Despite the production cut agreement with the Organization of the Petroleum Exporting Countries (OPEC), top producer Russia pumped 10.97 million barrels per day (bpd) of crude in March, up from 10.95 million bpd in February, an 11 month high. Tensions between U.S. and Iran are supporting oil markets. U.S. President Donald Trump threatened to pull out of a 2015 international nuclear deal with Tehran under which Iranian oil exports have risen.

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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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CAPITALSTARS- MCX COMMODITY MARKET NEWS & UPDATES - 29 MAR 2018

Gold Prices Edge Up as Dollar Heads Lower Despite Bullish GDP Data -   Gold prices inched up on Thursday as the dollar headed lower despite a better-than-expected GDP data. The yellow metal still hovers near a one-week low as a rebound in the dollar earlier this week sent the bullion to its biggest one-day fall in nearly nine months. Meanwhile, the dollar headed lower in Asia on Thursday morning despite bullish GDP data as the anti-risk yen was sent higher by the rising geopolitical tensions. Dollar-denominated assets such as gold are sensitive to moves in the dollar – a fall in the dollar makes gold cheaper for holders of foreign currency and thus increases demand for the precious metal.

 Jiangxi Copper sees high copper prices in 2018 - Copper prices are likely to be rangebound at a relatively high level in 2018 as supplies of copper concentrate tighten, Jiangxi Copper said in its earnings report on Thursday March 28. The growth in global copper concentrate output is set to slow down in the next two to three years as the last round of copper mine investment comes to an end. Consumption, meanwhile, will be buoyed by the stable growth in China’s power grid, home appliances and auto industries. A limited supply of imported copper scrap would also give support to demand. However, copper prices also face pressure from high inventories and tighter monetary policies. Slower investment growth in China’s property and infrastructure sectors will also limit the economic development and suppress copper prices, the report noted.

Snapshot: Nickel spot market in Shanghai - Norilsk nickel in the Shanghai market traded at a discount of 100-200 yuan/mt against the Wuxi Stainless Steel Exchange 1804 contract on Thursday March 29, while Jinchuan traded at a premium at 400 yuan/mt, SMM learned. Jinchuan offered nickel plate at 96,900 yuan/mt. Prices of nickel futures traded rangebound in the morning and traders made offers actively due to ample supply, while downstream consumers bought as needed. Trading was relatively thin, with most transactions seen at 96,200-96,900 yuan/mt.

Oil prices rise as OPEC seen continuing supply cuts through 2018 - Oil prices rose on Thursday as the producer cartel OPEC and other suppliers look set to continue withholding output for the rest of the year and potentially into 2019.The Middle East-dominated Organization of the Petroleum Exporting Countries (OPEC) together with a group of non-OPEC producers led by Russia started cutting output in 2017 to rein in oversupply and prop up the market. Brent, off which OPEC prices most its crude exports, has risen by around a quarter since then, which has lead to speculation that the restraints on production may be lifted. But sources at OPEC told Reuters this week that the group and its allies were set to keep their deal on cutting production for the rest of 2018. Despite this, Brent remained below $70 and WTI under $65 per barrel, weighed by rising crude inventories and production in the United States.       

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CAPITALSTARS MCX COMMODITY MARKET NEWS UPDATES - 28 MAR 2018

Gold prices dropped as the U.S. dollar rose and risk appetite revived in global financial markets -  Gold on MCX settled down -0.66% at 30699 as strength in the U.S. dollar, as well as overall gains in global stock markets, dulled investment prospects for the precious metal. Gold failed to breach 1357 level as the fears of an all-out trade war between the US and China are easing and risk appetite is back with all the three major indices in Wall Street posting a sharp rebound since Monday. Gold bulls took profits amid risk-on sentiment as Trump discussed, on a call, trade practices with China with German Chancellor Merkel and French President Macron. Trump and Merkel talked “joining forces to counter” China’s economic practices and intellectual property theft.       

 Zinc price awaits demand uptick - Zinc prices are likely to stay rangebound with pressure as downstream consumption recovers slower given adequate supplies of ore, SMM believes. China’s domestic consumption is affected as another round of cutback has been imposed on galvanising plants in north China earlier this week. The restriction was estimated to be removed no earlier than Wednesday March 28. Though short, the cutback affected demand as such restrictions have been enforced several times in north China this month. Once the restriction is lifted, downstream demand is likely to pick up from April. However, it remains unclear if zinc smelters will cut production ito hold up offers.

Copper prices climbed lifted by a rebound in equities on hopes that a trade war between top metals consumer China and the United States may be avoided - Copper on MCX settled up 0.48% at 430.75 gained on short covering, yesterday prices opened with gap as prices climbed across the board lifted by a rebound in equities on hopes that a trade war between top metals consumer China and the United States may be avoided. But upside will be capped with inventories on the rise, the market lukewarm about the near-term prospects for Chinese demand and the speculative community having sliced their longs to the lowest in a couple of years, there’s not much of an appetite (for copper) right now.

Oil prices fall on surprise U.S. inventory rise; China crude volatile - Oil prices fell on Wednesday, with Brent dropping back below $70 per barrel and U.S. West Texas Intermediate crudes dipping below $65, pulled down by a report of increasing U.S. crude inventories that surprised many traders.Traders said the dips came after the American Petroleum Institute (API) late on Tuesday reported a surprise 5.3 million barrels rise in crude sticks in the week to March 23, to 430.6 million barrels. Official U.S. inventory data will be published by the Energy Information Administration (EIA) late on Wednesday. "We'll see how the inventory data looks and whether these recent highs can be challenged again. For the moment it is looking like both WTI and Brent are stalling," said Greg McKenna, chief market strategist at futures brokerage AxiTrader.

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MCX COMMODITY MORNING MARKET NEWS UPDATES - 27 MAR 2018

Gold recovered from lows to after the United States said it would expel 60 Russian diplomats, prompting investor flight into assets considered safe havens -   Gold on MCX settled down -0.02% at 30902 recovered from the early losses as investors eyed trade tensions between the U.S. and China and their impact on the U.S. dollar and stock market. Prices for the metal found support as the dollar declined, but a rebound in U.S. stocks on the back of easing trade tensions between the U.S. and China kept a cap on the metal’s gains. Traders are eyeing on the fresh development from China and the U.S. “have quietly started negotiating” to improve U.S. access to Chinese markets. China reportedly considered the U.S.’s requests seeking a reduction of Chinese tariffs on U.S. automobiles, more Chinese purchases of U.S. semiconductors and greater access to China's financial sector by American companies.         

 Copper slid weighed down by a sharp rise in stockpiles and simmering concerns over the outlook for U.S.-China trade relations - Copper on MCX settled down -1.08% at 428.70 on fresh selling and tracking LME Copper which was down by 1.7 percent to settled down at $6,548 a tonne, touched a low of $6,532, its weakest since early December weighed down by a sharp rise in stockpiles and simmering concerns over the outlook for US-China trade relations. On-warrant stocks have nearly doubled this year and are now at their most elevated since September 2016. Also open interest in LME copper fell to its lowest in more than two years last week. In Shanghai, however, open interest has jumped since mid-January to three-year highs, suggesting large short positions have been building in China.

Impact of China's proposed tariff on US aluminium scrap remains to be seen - China’s Ministry of Commerce has proposed to levy a 25% tariff on aluminium scrap imports from the US in a bid to offset the losses brought by the US tariffs on Chinese steel and aluminium products. While the move may increase procurement costs for Chinese secondary aluminium plants given that 30% of China’s aluminium scrap imports come from the US, SMM believes it is still early to make such conclusion. More negotiations are likely to take place between the two countries before the tariffs come into effect, when keen sellers may look to lower their offers.

Oil Prices Rise Amid Middle East Tension, Strong Shanghai Crude Oil Futures - Oil prices rose on Tuesday morning in Asia, lifted by concerns that tensions in the Middle East could disrupt oil supplies. Meanwhile, China’s new crude futures kicked off to a roaring start.Escalating concerns that the U.S will reimpose sanctions on Iran, which would severely limit Tehran’s ability to export crude oil, have pushed up oil prices. Further supporting oil markets is Saudi Arabia’s push for production curbs led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia to be extended into 2019, in an effort to prop up oil prices. Iraq, the second biggest producer within OPEC, said on Monday that it also supports the agreement to cut oil output. However, such a move could face opposition given the relentless increase in U.S. crude production.

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MCX COMMODITY MARKET NEWS & UPDATES - 26 MAR 2018

Buying Frenzy Could Continue if Europe Responds to Tariffs Today -   Gold futures are spiking higher shortly before the regular session opening on Friday, hitting their highest levels since February 20 amid worries over the escalation of a trade war between the U.S. and China. The price surge is being driven by a weaker U.S. Dollar and the aggressive shedding of risky assets as investors seek shelter in so-called safe-haven assets after U.S. President Trump initiated long-promised sanctions, or anti-China tariffs on Thursday in an effort to protect U.S. intellectual property. The aggressive action by Trump is without ramifications as China responded overnight with tariffs of their own, triggering the start of what could be a long-term trade war. To recap the events from Thursday, Trump signed a presidential memorandum that could impose tariffs on up to $60 billion of imports from China, but only after a 30-day consultation period that starts once a list is published.        

 Zinc dropped amid given high inventories and a slow recovery of consumption - Zinc on MCX settled down -0.12% at 209.25 amid given high inventories and a slow recovery of consumption. Despite production cuts from maintenance works at some smelters, China’s output of zinc is likely to rise 8.5% in the first quarter of 2018 from the same period in 2017, given adequate supplies of ore in and beyond China. Pressure also seen as the threat of a global trade war that could damage growth escalated after U.S. President Donald Trump announced tariffs on up to $60 billion of Chinese goods. Trump is planning to impose the tariffs for what he says is misappropriation of U.S. intellectual property, but only after a 30-day consultation period that starts once a list is published.

Oil Prices Fluctuate Amid Middle East Tension; Launch Of Shanghai Oil Futures - Oil prices edged down on Monday morning in Asia, after a significant spike caused by tension in the Middle East. The launch of China’s yuan-denominated oil futures has also caused a stir in oil markets.Shortly beforehand, Brent crude futures surpassed $70 per barrel for the first time since January. Rising geopolitical risk in the Middle East has driven oil prices up. President Donald Trump continues to suggest the U.S. will pull out from the Iran nuclear deal, which raises concerns that sanctions will be reimposed on the country and severely limit Tehran’s ability to export crude oil. These concerns escalated just over a week ago when Saudi Arabia’s Prince Mohammed bin Salman ramped up tough rhetoric over Iran, pledging to acquire nuclear weapons if Iran develops them. His recent talks with President Trump in Washington, pledging to buy more U.S. military equipment, also show that Saudi foreign policy is becoming more aggressive.

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CAPITALSTARS MCX COMMODITY MARKET NEWS & UPDATES - 23 MAR 2018

Gold prices rose boosted by a softer dollar after a less hawkish than expected Federal Reserve and growing concerns over trade tariffs -   Gold on MCX settled up 0.14% at 30493 boosted by a softer dollar after a less hawkish than expected Federal Reserve and growing concerns over trade tariffs. The Federal Open Market Committee voted at the March 20-21 meeting to increase overnight interest rates by 25 basis points to between 1.50% and 1.75%, matching analysts' expectations. The number of Americans filing for unemployment benefits rose just marginally last week, suggesting strong job growth in March that should underpin consumer spending. A presidential memorandum signed by Trump will target up to $60 billion in Chinese goods with tariffs over what his administration says is misappropriation of U.S. intellectual property, but only after a 30-day consultation period that starts once a list is published. China unveiled plans to impose tariffs on up to $3 billion of U.S. imports in retaliation against U.S. tariffs on Chinese steel and aluminium products, as the world’s two largest economies stood on the brink of a trade war. China blamed U.S. export restrictions for its record trade surplus with the United States, but expressed hope that a solution can be found to settle trade issues between the world’s two biggest economies as U.S. tariffs loom.

 SMM Copper Aluminium Summit: Global supply of copper ore to grow - The growth rate of global copper ore output is expected to rise back to 3.3% in 2018, said SMM senior analyst Ye Jianhua. Given copper ore supplies in 2017 and price increases, the supply of copper ore in unlikely to be significantly affected in 2018, even as some 40 salary negotiations would occur at overseas miners this year. China's demand for overseas ore is on the rise as smelting capacity grows, Ye said at the SMM Copper Aluminium Summit on Friday March 23. In recent years, the decline of copper cencentrate supplies has lowered treatment charges (TCs) set between foreign and Chinese smelters, he added. China's aluminium output is likely to grow at a slower pace in 2018 given supply-side reform and restricted production during the heating season, said senior aluminium analyst at Shanghai Metals Market, Liu Xiaolei, on March 23.

Oil Prices Rise On Possibility Of Production Curbs Extending to 2019 - Oil prices rose on Friday morning in Asia, lifted by a statement from Saudi Arabia that production curbs led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia will need to be extended into 2019.Saudi Arabian Energy Minister Khalid al-Falih said on Thursday that OPEC members will need to continue coordinating with Russia and other non-OPEC oil-producing countries on supply restraints in 2019 to reduce the global oil oversupply. OPEC, of which Saudi Arabia is the de-facto leader, as well as a group of non-OPEC countries led by Russia, have been cutting crude output by 1.8 million barrels per day (bpd) to prop up oil prices. The pact began in January 2017 and is set to expire at the end of 2018, but Saudi Arabia now seems to be pushing for an extension.          

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CAPITALSTARS MCX COMMODITY MARKET NEWS & UPDATES - 22 MAR 2018

  

Gold remains supported after the U.S. Federal Reserve increased interest rates and forecast at least two more hikes for 2018 -   Gold on MCX settled up 0.61% at 30449 ahead of fed meet while Comex Gold settled at their highest levels in a week rose by 1.6 percent to settled at $1,333 per ounce as the dollar weakened further in the wake of the Federal Reserve’s decision to raise a key short-term interest rate. The central bank stuck to its December forecast for three rate increases this year, but pushed up their expected rate path in 2019 and 2020. Investors eyed Fed Chairman’s Jerome Powell’s press conference for clues on how aggressive the central bank panel will be with rates from here. Investors across financial markets had priced in expectations the Fed will raise its benchmark rate by a quarter-percentage point. The Fed did raise its economic forecasts, but Jaime said it was unclear whether the Fed really can reach that higher long run rate, which is where the Fed would stop raising interest rates. The dollar lost more ground as Powell briefed journalists, and he did speak about the trade concerns in response to a question.

 SHFE zinc to remain weak in short term - SHFE zinc is likely to stay rangebound at lows with strong upward resistance in the short term, given high inventories and a slow recovery of consumption, SMM expects. The 1805 contract fell below the 24,500 yuan/mt level at the end of the day on Wednesday March 21. Overall momentum was weak as inventories were high. Despite production cuts from maintenance works at some smelters, China’s output of zinc is likely to rise 8.5% in the first quarter of 2018 from the same period in 2017,  given adequate supplies of ore in and beyond China. Downstream consumption did not recover significantly as the two political sessions and heavy air pollution limited orders in north China.

Oil Prices Rise On U.S. Crude Inventory Draw - Oil prices rose on Thursday morning in Asia, lifted by an unexpected draw on U.S. crude inventories.The fall in U.S. crude inventories was due to a fall in imports by around 500,000 barrels per day (bpd) to an average of 7.08 million bpd last week, and a rise in exports by 86,000 bpd to an average of 1.57 million bpd. Also supporting prices is the ongoing dollar weakness which makes oil cheaper in global markets, spurring demand. Middle East tensions between Saudi Arabia and Iran, as well as concerns that the U.S. will reimpose sanctions on Iran, are also supporting oil markets.

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CAPITALSTARS MCX COMMODITY MARKET NEWS & UPDATES - 21 MAR 2018

Gold prices fell as the dollar strengthened ahead of a Fed’s meeting at which the U.S. central bank is expected to raise interest rates for the first time this year -  Gold on MCX settled down -0.51% at 30263 as bond yields rose, supporting an advance in the dollar, lessening demand for the yellow metal as the FOMC meeting got underway, a day ahead of a widely expected interest rate hike. Current investor expectations are for three 0.25% rate hikes total 2018, which would leave the Fed’s benchmark rate at range of 2.00% to 2.25% by year-end. That could change on Wednesday, however, with the release of the FOMC\'s Summary of Economy Projections which will include the closely watched “dot plots,” showing where each FOMC member in the meeting thinks that interest rates are heading at the end of the year for the next few years and in the longer run.

 Zinc prices dropped as pressure seen as rising inventories highlighted healthy supplies - Zinc on MCX settled down -1.45% at 210.10 in the line of expectation tracking weakness from LME benchmark zinc fell 1.8 percent to finish at $3,203 a tonne as pressure seen after LME zinc stocks have shot up by 60 percent this month, climbing by another 5,350 tonnes on Tuesday to 211,400 tonnes. Higher zinc prices have helped miners' profit margins, and this should work as an incentive to miners to speed up their pipeline of projects or restart idled operations. Traders are also watching treatment charges for zinc concentrate. Sliding treatment charges suggest less availability of concentrate, while a rising number would mean surpluses.

 Copper dropped as pressure after data showed LME copper inventories grew by a further to 322,475 tonnes, bringing the gain this year to 61 percent -Copper on MCX settled down -1.22% at 441.25 as pressure after data showed LME copper inventories grew by a further to 322,475 tonnes, bringing the gain this year to 61 percent. Concern about trade wars, higher U.S. interest rates and a stronger dollar also weighed on industrial metals markets. Fears of a global trade war mounted after U.S. President Donald Trump imposed hefty import tariffs on steel and aluminium and, according to sources, the US is set to unveil new tariffs specifically targeting China by the end of this week.

Oil Prices Continue To Rise On Middle East Tension - Oil prices continued to climb on Wednesday morning in Asia amid tensions in the Middle East.Saudi Arabia’s Crown Prince Mohammed bin Salman arrived in Washington on Tuesday for a state visit, raising speculation for an agenda to ramp up pressure on Iran. Following renewed criticism of the 2015 nuclear deal, the U.S. could reimpose sanctions on Iran, a concern that has lifted oil prices.The nomination of Mike Pompeo as new U.S. Secretary of State also raises the likelihood of oil trade disruptions, given he fiercely opposed the 2015 pact as a member of Congress.

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CAPITALSTARS - MCX COMMODITY MARKET NEWS & UPDATES - 19 MAR 2018

Gold Prices Pressure Range Floor as Fed Rate Decision Looms Ahead -   Gold prices edged down as a resurgent US Dollar pushed higher for a second day, sapping demand for the standby anti-fiat alternative. The move appeared to be driven by pre-positioning ahead of the upcoming FOMC policy meeting. Gold on MCX settled down -0.25% at 30224 on pressure from a stronger U.S. dollar and expectations that the U.S. Federal Reserve will raise interest rates for the first time this year. Losses were limited by political tumult in the United States which fueled safe-haven demand for bullion. Tit-for-tat diplomatic expulsions by Russia and Britain over an attack with a military-grade nerve agent on English soil only underlined gold's appeal. Investors, however, were looking ahead to an expected U.S. interest rate rise at a Federal Reserve meeting starting March 20.

Copper prices dropped as the dollar recovered and concerns lingered that U.S. tariffs could provoke a trade war - Copper on MCX settled down -0.53% at 448.55 as the dollar recovered and concerns lingered that U.S. tariffs could provoke a trade war, though hopes for strong growth in China kept losses in check. China’s refined copper output in January and February rose 10.3 percent year-on-year to 1.48 million tonnes, data showed . Deliverable copper stocks at Shanghai Futures Exchange-approved warehouses increased for a seventh consecutive week in the week ended Friday March 16. Stocks are now up by 85% since the beginning of the year. The dollar fell to its lowest since early March versus the yen amid reports that U.S. President Donald Trump had decided to remove H.R. McMaster as his national security adviser.

Nickel prices remained under pressure as nickel ore imports from the Philippines are likely to pick up - Nickel prices remained under pressure as nickel ore imports from the Philippines are likely to pick up when the weather improves. This was down by 280,000 wmt from a week ago. Weak demand and soft prices may weigh on prices if Chinese apparent demand continues to soften in the months ahead. Over the last two weeks, some 300 series-producing stainless steel mills have claimed that they will cut production in March. But so far, the market hasn’t seen any actual cuts to production. The mills are maintaining a wait-and-see stance to see whether stainless steel prices can follow nickel prices higher.

 Oil Prices Fall With Increased U.S. Drilling - Oil prices fell on Monday morning in Asia amid rising concerns about looming oversupply as the U.S. continues to increase drilling activity.Global oil markets are facing the risk of returning into oversupply after being in a slight deficit for much of last year. Rising drilling activity in the U.S. points to further increases in output. U.S. drillers added four oil rigs in the week to March 16, bringing the total count to 800, according to the weekly Baker Hughes drilling report on Friday.The high drilling activity has enabled the U.S. to produce 10.38 million barrels per day (bpd), up by more than 23% since mid-2016 and surpassing top exporter Saudi Arabia. The U.S. is expected to overtake Russia as the top producer by late 2018, with output of more than 11 million bpd.

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