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| As on Oct 29, 2020 12:00 AM |
Your results on : End Session |
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UK mortgage approvals increased unexpectedly to 91,454 from 85,530 in the previous month, as the property market continued to recover from the coronavirus driven downturn, data from the Bank of England revealed Thursday. Approvals were forecast to drop to 76,110. This was the highest number of approvals since September 2007, and was 24 percent higher than approvals in February 2020. Net mortgage borrowing increased to GBP 4.8 billion in September from GBP 3.0 billion in August. Net consumer credit borrowing weakened in September, with households making net repayments of GBP 0.6 billion. On a yearly basis, consumer credit fell 4.6 percent, a new series low since it began in 1994. Powered by Commodity Insights |
COMEX Gold futures fell in tune with risky assets in last session. The metal broke under $1900 per ounce and tested one month low under 1870 per ounce. The metal currently trades at $1875 per ounce, down 0.19% on the day. MCX Gold futures trade at Rs 50503 per 10 grams, almost flat on the day. The S&P 500 and the Dow hit their lowest levels since late-September on Wednesday as coronavirus cases surged globally and fears of a closely contested US presidential election next week added to worries. Fresh lockdown measures have been issued in Europe which is yet again turning into the global epicentre of the pandemic. The global Q3 gold demand was 19% lower y-o-y at 892 tonnes (t), the World Gold Council (WGC) noted in its latest Gold Demand Trends update. Strong growth in global investment demand for gold in Q3 partly offset weakness elsewhere as COVID-19 remained in the driving seat. Demand for gold dropped to its lowest quarterly total since Q3 2009 – as consumers and investors continued to battle the effects of the global pandemic. At 2,972.1t year-to-date (y-t-d) demand is 10% below the same period of 2019. Demand for gold used in technology remained weak in Q3, down 6% y-o-y at 76.7t. But the sector saw a decent quarterly improvement as some key markets emerged from lockdown. The total supply of gold fell 3% y-o-y in Q3 to 1,223.6t, despite 6% growth in gold recycling, with mine production still feeling the effects of the H1 COVID-19 restrictions. Powered by Commodity Insights |
| Crude oil futures slipped sharply today, giving up after good gains in last session on worries over demand as markets stared at renewed lockdowns in Europe. European equities crashed as major economies like Germany and France are likely to impose national lockdowns to curb the spread of resurging coronavirus. WTI Crude corrected in tune with equities today and currently trades at $37.75 per barrel, down 4.60% on the day. These are the lowest levels in three weeks. MCX Crude oil futures are trading at Rs 2797 per barrel, down 4.67% on the day. Broad demand worries are hurting oil. World Tourism Organization (UNWTO) showed a 70% fall in international arrivals for the first eight months of 2020. This is likely to weigh on demand for transportation fuels under check in near term. Powered by Commodity Insights |
| COMEX Gold futures fell in tune with other commodities today. The metal broke under $1900 per ounce and currently trades at $1895 per ounce, down 0.86% on the day. MCX Gold futures are quoting at Rs 50698 per 10 grams, down 0.52% on the day. Gold traders eyed moves in US dollar too. US dollar index surged today amid rising global risk aversion and worries over spread of Covid-19 in Europe. Fresh lockdown measures have been issued in Europe which is yet again turning into the global epicentre of the pandemic. Dollar index currently quotes up half a percent at 93.35 - lingering at its one week high. Powered by Commodity Insights |
UK retailers expect sales to fall in November after reporting a sharp fall in October, the latest monthly Distributive Trades Survey from the Confederation of British Industry showed Tuesday. The retail sales balance fell to -23 percent in October from +11 percent in September. The expected balance was +1 percent. A net 26 percent of retailers expect sales to fall again in November. The survey showed that conditions across the retail sectors were mixed in October. Grocery volumes were flat, following five months of strong growth. Across non-food retail categories, department stores, clothing and 'other normal goods' were among those reporting falling sales, while retailers of furniture, DIY and recreational goods reported strong growth. Internet sales growth also picked back up to the long run average. Powered by Commodity Insights |
| WTI Crude oil futures tumbled yesterday as DOW tanked amid rising coronavirus cases and uncertainty about a fiscal relief bill in Washington dimmed the outlook for the US economic recovery. Optimism also dimmed over the White House and Republicans striking a stimulus deal with Democrats before the election. WTI Crude oil futures fell to a three week low near $38.40 per barrel. Crude oil bounced today on steady bargain buying and currently trades at $39 per barrel, up 1.24% on the day. MCX Crude oil futures are also up 1.34% at Rs 2884 per barrel. Traders are waiting for the American Petroleum Institute (API) crude oil inventories data today. Powered by Commodity Insights |
| COMEX Gold futures are consolidated in a tight range today. The resurgence of the coronavirus in Europe and US is keeping the metal supported. According to media reports, new record rises in daily Covid-19 cases have been seen in the US, Russia and France in recent days, while the UK is set to extend its highest category alert to more cities and German Chancellor Angela Merkel has warned that Germany is on the verge of losing control of the virus. Gold hit highs above $1910 per ounce today but flipped back thereafter to trade at $1900 per ounce, down 0.22% on the day. MCX Gold futures are quoting at Rs 50801 per 10 grams, down 0.25% on the day. Retail demand worries in India are capping upside in the metal. Powered by Commodity Insights |
| COMEX Gold futures lingered around $190 per ounce mark. The resurgence of the coronavirus in Europe has continued in recent days. France reported a record daily rise in new infections on Sunday, Italy ordered bars to close early and shut public gyms and Spain issued a nationwide curfew to stem a worsening outbreak. The US also reported a record number of daily COVID-19 infections on Friday with more than 83,000, surpassing its mid-July peaks. MCX Gold futures are trading at Rs 50973 per 10 grams, up 0.26% on the day after easing from highs above Rs 51K. Powered by Commodity Insights |
| Silver futures saw a tight activity on COMEX this week, consolidating around $25 per ounce mark. Traders eyed weak Indian demand but a firm undertone in Copper futures capped the upside in the white metal. MCX Silver futures tested highs above Rs 63000 per kg before easing a little. Silver prices jumped 50% in 2020Q3, surpassing $28 an ounce on August 31, a seven year high, noted World Bank. Following a plunge in March to levels unseen since the global financial crisis, the sharp rebound was not only driven by the same factors as gold, but also the recovery in economic activity, given the metal's many industrial applications. Prices are expected to average nearly 30% higher in 2020, before falling 14% in 2021. Powered by Commodity Insights |
| WTI Crude oil futures saw consistent selling pressure above the key $40 per barrel mark. Oil prices fell dramatically in the early stages of COVID-19 and have only partially regained pre-pandemic price levels, according to the semi-annual Commodity Markets Outlook report. When declines in commodity prices are short-lived, policy stimulus can buffer their impact. However, when prices remain depressed for an extended period, policy makers need to find solutions so their economies can adjust smoothly to a new normal. The World Bank noted that oil prices are expected to average $44 per barrel in 2021, up from an estimated $41 per barrel in 2020. Demand is expected to rise only slowly as tourism and travel continue to be held back by health concerns and as global economic activity is anticipated to return to pre-pandemic levels only in the year after next. Supply restraint is expected to be eased steadily. However, it reassured that energy prices overall —which also include natural gas and coal—are expected to rebound sizably in 2021, following large declines in 2020. Powered by Commodity Insights |
| COMEX Copper hit 28 month high above $3.21 per pound amid mixed movement in equities and weak US dollar and hopes of a steady recovery in global economy in coming months supported the sentiments. MCX Copper futures approached Rs 550 per kg levels. International Copper Study Group (ICSG) released preliminary data for July 2020 world copper supply and demand in its October 2020 Copper Bulletin. Preliminary data indicates that world refined copper production increased by 1% during the first seven months of 2020 with primary production (electrolytic and electrowinning) up by 2.3% and secondary production (from scrap) down by 5.2%. World Bank noted that Copper prices jumped 22% in the third quarter—the highest quarterly growth since mid 2009. However, recovering demand outside China is expected to keep balances tight next year. Copper prices are forecast to rise 4% in 2021, following an expected increase of just under 1% in 2020. Powered by Commodity Insights |
| COMEX Gold futures saw a sideways trading pattern. The metal eased from one and half week highs but stayed largely supported and managed to hold onto $1900 per ounce mark. MCX Gold futures broke above Rs 51000 per 10 grams but failed to close above it. The Covid-19 scenario in Europe remains threatening. After around a week after curfews came into effect in greater Paris and eight other metropolitan areas, French Prime Minister Jean Castex announced new measures to curb the spread of coronavirus as cases rise across the country. France recorded more than 41000 Covid-19 cases, a new daily record. This is keeping buyers active in Gold at lower end even as upside remains limited on tepid Indian retail demand. World Bank stated that Gold prices rose for the eighth consecutive quarter—gaining about 12 percent in 2020Q3— reaching an all-time high of $2,067 an ounce on August 6. Gold benefited from its status as a safe haven asset during the pandemic and was buoyed by continued monetary easing by major central banks. Demand for exchange-traded funds (ETFs) rose more than three-fold year-on-year in 2020Q2, whereas jewelry demand and official sector buying fell by about one-half. Mine production disruptions, most notably in Mexico, Peru, and South Africa, and reduced gold recycling due to pandemic-induced restrictions on labor movement also supported prices. Prices are expected to average 27.5% higher in 2020 and remain broadly stable in 2021 as the global economy recovers. Powered by Commodity Insights |
| Silver prices jumped 50% in 2020 Q3, surpassing $28 an ounce on August 31, a seven year high. Following a plunge in March to levels unseen since the global financial crisis, the sharp rebound was not only driven by the same factors as gold, but also the recovery in economic activity, given the metal's many industrial applications. Silver's lower price relative to gold enticed investors pushing silver-backed ETF holdings to record levels, almost double the previous record in 2009. The gold-to-silver ratio declined to 75 in September from an all-time peak of 125 in March but was still above its long-term average. Prices are expected to average nearly 30% higher in 2020, before falling 14% in 2021. Powered by Commodity Insights |
| Working gas storage in the contiguous United States was 3,926 billion cubic feet in the week ending October 16th, a net increase of 49 billion cubic feet, or 1.3%, from the previous week, the US Energy Information Administration (EIA) said Thursday in a report. The total working gas storage increased by 9.6% from this time last year, or 9.1% above the five-year average, according to the EIA's Weekly Natural Gas Storage Report. Powered by Commodity Insights |
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