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| As on Aug 02, 2021 12:00 AM |
Your results on : End Session |
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| Copper futures stayed largely supported today as traders eyed positive cues from world equities and improving manufacturing data globally. Asian stocks rose on bargain buying today. Shanghai Composite index jumped around 2%. Hong Kong's Hang Seng index added around 1%. Japanese Nikkei index moved up 0.77%. European stocks edged up amid good buying support with UK's FTSE index rising around 1%. Copper also benefitted due to weakness in the US dollar and currently trades at $4.51 per pound, up 0.61% on the day. MCX Copper futures are also trading at Rs 754.85 per kg, up 0.42% on the day. Powered by Commodity Insights |
| COMEX Silver futures saw volatile action. The metal tanked near a four-month low of around $24.50 per ounce before witnessing some recovery. Weakness in the US dollar capped losses. The metal also looked at rising industrial demand. The global economy is projected to grow 6% in 2021. For 2022, growth forecast was raised to 4.9% from 4.4%, the IMF said in an update to its World Economic Forecast. The 2021 global forecast is unchanged from the April 2021 WEO, but with offsetting revisions. Prospects for emerging market and developing economies have been marked down for 2021, especially for Emerging Asia. By contrast, the forecast for advanced economies is revised up. These revisions reflect pandemic developments and changes in policy support. The 0.5 percentage-point upgrade for 2022 derives largely from the forecast upgrade for advanced economies, particularly the United States, reflecting the anticipated legislation of additional fiscal support in the second half of 2021 and improved health metrics more broadly across the group. Powered by Commodity Insights |
| COMEX Copper futures scaled up. The red metal has been well supported in last few days on supply issues in China following recent floods. Traders also eyed weakness in the US dollar and falling inventories in China. Copper inventories in Shanghai Exchange fell to their lowest in around five months last week, offering good buying support for the red metal. MCX Copper approached Rs 760 per kg mark. Powered by Commodity Insights |
| WTI Crude oil soared near $74 per barrel as the US stock markets jumped. The MCX Crude oil futures closed above Rs 5500 per barrel. The Dow hit a fresh record high on strong corporate earnings and a pickup in US economic growth. Crude oil continued to benefit from dropping US oil inventories. The US Energy Information Administration reported an inventory draw of 4.1 million barrels to stand at 435.6 million barrels for the week to July 23. This compared with a build of 2.1 million barrels reported for the previous week. Total US crude production was down 200,000 b/d at 11.2 million b/d, a four-week low, EIA noted. The traders continued to focus on the US demand trends. The US Department of Transportation stated in a latest update that the total number of flights operated in May 2021 has reached 76% of pre-pandemic levels with 517,709 flights operated in May 2021 and 680,165 flights operated in May 2019. Flights operated in May 2021 (517,709) were more than double the flights operated in May 2020 (180,151). Powered by Commodity Insights |
| Gold stayed broadly supported on rising Covid-19 worries. The surge in the COVID-19 infections worldwide has been relentless, with spiking cases in the US and Japan so much so that the world's third-largest economy is set to expand the state of emergency to Tokyo's three neighboring prefectures of Osaka, Saitama, Chiba and Kanagawa. The COVID-19 outbreak in Malaysia has become one of the worst globally. This is keeping the metal broadly supported after it hit a two week high around $1830 per ounce. MCX Gold also surged above Rs 48000 per 10 grams. The World Gold Council (WGC) noted in a latest update that strong consumer demand recovery and Q2 gold ETF inflows were not enough to offset heavy Q1 outflows. Gold demand (excluding OTC) for Q2 was virtually in line with Q2 2020 at 955.1t (-1%). That took H1 demand to 1,833.1t, down 11% y-o-y. Q2 jewellery demand (390.7t) continued to rebound from 2020's COVID-hit weakness, although it remained well below typical pre-pandemic levels, partly due to weaker Indian demand growth. Demand for H1, at 873.7t, was 17% below the 2015-2019 average. Bar and coin investment saw a fourth consecutive quarter of strong year-on-year gains: Q2 demand of 243.8 resulted in a H1 total of 594.t, the strongest since 2013. Powered by Commodity Insights |
| Gold consolidated around $1830 per ounce mark on rising Covid-19 worries. The surge in the COVID-19 infections worldwide has been relentless, with spiking cases in the US and Japan so much so that the world's third-largest economy is set to expand the state of emergency on Friday to Tokyo's three neighboring prefectures of Osaka, Saitama, Chiba and Kanagawa. The COVID-19 outbreak in Malaysia has become one of the worst globally. This is keeping the metal broadly supported after it hit a two week high in last session. MCX Gold trades flat at Rs 48385 per 10 grams after the latest break above Rs 48K. Powered by Commodity Insights |
German economy recovered in the second quarter driven by higher household and government consumption, data released by Destatis showed on Friday. Gross domestic product grew 1.5 percent from the first quarter, when it was down 2.1 percent. Nonetheless, the second quarter growth was slower than the expected expansion of 2 percent. On a yearly basis, GDP grew by calendar-adjusted 9.2 percent, in contrast to the 3.1 percent drop posted in the first quarter. Powered by Commodity Insights |
| COMEX Gold futures hit a one week high amid weak US dollar and good buying support as traders focused on the recent break above $1800 per ounce. The yellow metal trades up 1.23% at $1821 per ounce. The MCX Gold futures edged up above Rs 48000 per 10 grams and currently trade at Rs 48050 per 10 grams, up 1% on the day. The US dollar remained under pressure, following FOMC meet that failed to set a timeline for tapering Fed purchase, even as the central bank showed optimism on economic recovery. The dollar index, that measures the greenback against a basket of six currencies dipped to a three-week low of 92. Gold also saw a critical data today as the World Gold Council (WGC) came up with its latest demand trends report. The WGC noted that strong consumer demand recovery and Q2 gold ETF inflows were not enough to offset heavy Q1 outflows. Gold demand (excluding OTC) for Q2 was virtually in line with Q2 2020 at 955.1t (-1%). That took H1 demand to 1,833.1t, down 11% y-o-y. Demand for H1, at 873.7t, was 17% below the 2015-2019 average. WGC also stated that total Q2 gold supply was 13% higher y-o-y. H1 demand was 4% higher. The industry experienced far less COVID-related disruption than in Q2 2020 - the most interrupted quarter last year. Powered by Commodity Insights |
| COMEX Copper futures pulled back from a seven-week high in last session as corrective selling hurt the metal amid weak US equities. The US stocks slipped after rising for five consecutive sessions. Tech counters saw heavy losses. Downside was limited for Copper. COMEX Copper eased around half a percent in last session and currently quotes marginally lower at $4.53 per pound. MCX Copper futures are trading at Rs 756.20 per kg, down 0.31% on the day. Meanwhile, Asian stocks stayed mostly weak. Shanghai Composite index fell 0.58%. Hong Kong's Hang Seng index jumped 1.54% as some bargain buying emerged in the counter after a 4% plunge in last session. Japanese shares fell near six-month lows as daily COVID-19 cases in Olympic host city Tokyo hit a record high for a second straight day. The Nikkei average lost 1.40% on the day. European markets advanced on Wednesday, amid a busy day for major corporate earnings while investors awaited a key policy announcement from the US Federal Reserve. Powered by Commodity Insights |
COMEX Gold futures continued to witness a narrow movement as the metal consolidated just above $1800 per ounce mark. A slight drop in the US dollar capped downside for Gold though overall sentiments remained muted on lack of major economic cues. The metal currently trades up 0.17% at $1802 per ounce. MCX Gold futures are trading at Rs 47610 per 10 grams, up 0.31% on the day. WTI Crude oil futures edged up in Asia today as equities tried to recover following a string of losses in last few days. The commodity had tumbled near $70.50 per barrel in last session but steady uptick in the US equities had capped the losses. The WTI Crude oil extended upmove and broke above $72 per barrel today. The US dollar continued to weaken, supporting oil further. Meanwhile, the European markets declined across the board on Tuesday as investors continued to monitor corporate earnings, along with extreme weather and the spread of COVID-19 across the continent. The US stocks hit record closing highs for a second straight session on Monday as investors were optimistic heading into a slew of earnings from heavyweight technology and internet names this week, while caution ahead of a Federal Reserve policy meeting kept the market in check. Powered by Commodity Insights |
Euro area money supply grew at a slower pace in June and the credit to the private sector logged a steady expansion, data from the European Central Bank revealed on Tuesday. The M3 money supply rose 8.3 percent on a yearly basis in June, which was slower than the revised 8.5 percent growth posted in May. At the same time, annual growth in the narrow measure M1 increased marginally to 11.7 percent from 11.6 percent in the previous month. Data showed that the credit to the private sector registered an annual increase of 3.5 percent, the same rate as seen in May. The annual growth rate of adjusted loans to the private sector increased to 3.0 percent in June from 2.7 percent in May. Powered by Commodity Insights |
| COMEX Gold continued to hold above $1800 per ounce amid volatile global equities. Investors continue to monitor a surge in COVID-19 cases across the continent driven by the highly-transmissible delta variant, which has led several countries to re-impose social restrictions. Investors likely continued to monitor the COVID-19 situation in Asia as it weighs on sentiment. In South Korea, the second highest level of virus restrictions will be reportedly applied to non-capital areas starting Tuesday. Indonesia on Sunday also reportedly extended its COVID-19 restrictions by a week. COMEX Gold futures are currently trading at $1803 per ounce, up marginally on the day. MCX Gold trades at Rs 47565 per 10 grams, up 0.07% on the day after almost hitting Rs 47800 mark. Powered by Commodity Insights |
The US dollar is on a free fall since early trades on Monday, 26 July 2021, ahead of this week's important policy meeting by the US Federal Reserve. The Federal Reserve policy-making committee will wrap up two-day meeting on July 28, with investors looking for clues on the timing of tapering the monetary stimulus. The dollar index, the measured the greenback against a basket of six currencies traded lower at 92.72, just below the 3 1/2-month high of 93.194 seen last week. USD/JPY fell to 110.29, GBP/USD edged lower to 1.3782, EUR/USD gained to 1.1790, while the risk-sensitive AUD/USD fell to 0.7354. US Treasury yields fell sharply on Monday amid a sell-off in world stock markets, fuelled by losses in Chinese shares. Additionally, investors continued to monitor the COVID situation in Asia, particularly its potential influence on the pace of the economic recovery. The US. 10-year Treasury yield was last down at 1.24%, inching towards more than five-month lows hit last week at around 1.13%. Powered by Commodity Insights |
Euro area private sector expanded at the fastest pace in 21 years in July, as the member countries eased COVID-19 restrictions, flash survey results from IHS Markit showed on Friday. At 60.6, the composite output index hit a 252-month high in July, up from 59.5 in June. The services activity grew the most in 15 years, while growth in manufacturing moderated to a four-month low due to worsening supply lines. The services Purchasing Managers' Index advanced to 60.4 from 58.3 in June. The score was forecast to climb to 59.5. On the other hand, the factory PMI dropped to 62.6 from 63.4 in the previous month. The reading was expected to fall to consensus 62.5. Powered by Commodity Insights |
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