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Friday, 9 December 2016

MCX Market Calls with Highlights on Gold, Silver, Crude Oil

MCX Gold Feb 2017
Gold fall after the dollar rebounded on the back of a conclusion by the ECB to extend monthly asset buys until next December. Gold trading range for the day is 27644-27990. 

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Investors gave the extension more weight than the ECB's unpredicted result to cut its asset buying to 60 billion euros a month from next April. SPDR gold trust holdings fall by 0.34% i.e. 2.96 tones to 860.71 tons from 863.67 tones.

MCX Silver Mar 2017
Silver dropped weighed down by a stronger U.S. dollar and expectations the U.S. Federal Reserve will hike rates next week. Silver trading range for the day is 41077-42087.

The number of Americans filing for unemployment benefits fell from a five-month high a week ago. Holdings at ishares silver trust dropped by 0.90% i.e. 97.34 tones to 10664.32 tons from 10761.66 tones.

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MCX Crudeoil Dec 2016
Crude oil increased on growing optimism that non-OPEC producers might agree to cut output following a cartel agreement to limit production. Crude oil trading range for the day is 3321-3487.

Crude oil inventories in US dropped 2.4 million barrels, contrasted with desires for a draw of 1 million barrels. Stocks at the Cushing, Oklahoma, increased by a hefty 3.8 million barrels a week ago, the most since 2009, as per information.

MCX Copper Feb 2017
Copper edged lower as the dollar bounced back after ECB’s choice to cut its month to month asset buys but extend the program until the end of 2017. Copper trading range for the day is 386.2-401.6.

China's copper imports surged 31 percent in November from the earlier month to 380,000 tones, the maximum since June, customs data appeared. China's imports developed at the fastest pace in more than two years in November, while exports also rose unpredictably.

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