|
Prev
Next
|
|
| As on Aug 10, 2020 12:00 AM |
Your results on : End Session |
|
|
| WTI Crude oil futures rose at an impressive pace today as US drillers cut exploration in US oil fields to a 15-year low. The number of active oil rigs in the US fell by four to 176, the lowest since 1940, according to Baker Hughes data released Friday, media reports noted. Beyond the addition of a single rig two weeks ago, explorers have been shutting off rigs for last four and half months. Global stock markets were also upbeat after US President Donald Trump signed executive actions extending financial relief to Americans hit by the coronavirus pandemic. This pushed up the WTI Crude oil futures near $42 per barrel, recording a spurt of 1.5% on the day. MCX Crude oil futures are currently trading at Rs 3141 per barrel, up 1.50% on the day. Powered by Commodity Insights |
Gold eased a little ahead of the nonfarm payrolls today as commodities stayed under pressure ahead of the critical US nonfarm payrolls data. The commodity has jumped after breaking above $2000 per ounce mark. Excellent fund demand and soaring global coronavirus cases also boosted the metal. COMEX Gold currently trades at $2050 per ounce, down 0.29% on the day. MCX Gold futures are trading at Rs 55705 per 10 grams, down 0.25% on the day. Total global count for confirmed cases of the coronavirus that causes COVID-19 climbed above 19 million on Friday, according to data from Johns Hopkins University, and the death toll rose to 715,163. At least 11.5 million people have recovered. The US case tally climbed to 4.88 million and the death toll rose above 160,000, after the US added another 1,000 deaths yesterday.
Powered by Commodity Insights |
| Gold-backed ETFs and similar products (gold ETFs) recorded their eighth consecutive month of positive flows, adding 166 tonnes (t) in July - equivalent to US$9.7bn or 4.1% of assets under management (AUM). Global holdings have once again reached a new all-time high of 3,785t1 and the price of gold hit a record high of US$1,976/oz by the July-end, leaving global AUM standing at $239bn. Global net inflows of 899t (US$49.1bn) to date are considerably higher than previous annual highs, and the trend of inflows has continued in the first few trading days of August as the price of gold has breached US$2,000/oz. Powered by Commodity Insights |
| Gold soared further today amid a massive jump in precious metals. The commodity has jumped after breaking above $2000 per ounce mark. Traders are focusing on the rising global monetary and fiscal stimulus across the globe and a sustained drop in government yields in the US is benefiting the metal. Flows from exchange traded funds are keeping the sentiments well supported despite lax retail buying. COMEX Gold currently trades at $2060 per ounce, up 1.10% on the day. MCX Gold futures are trading at Rs 55879 per 10 grams, up 1.40% on the day. Powered by Commodity Insights |
| The Bank Of England's main lending rate was kept at 0.1%, after it cut rates twice from 0.75% since the beginning of the coronavirus pandemic. The Monetary Policy Committee opted against extending its bond buying program, having announced a £100 billion expansion in June which took the total Asset Purchase Facility to £745 billion. Powered by Commodity Insights |
| Gold soared today as the break above $2000 per ounce has triggered a massive spurt in the buying. Traders are focusing on the rising global monetary and fiscal stimulus across the globe and a sustained drop in government yields in the US is benefiting the metal. Flows from exchange traded funds are keeping the sentiments well supported despite lax retail buying. Gold has managed to soar even as equity markets stayed supported. COMEX Gold currently trades at $2045 per ounce, up 1.80% on the day. MCX Gold futures are trading at Rs 55369 per 10 grams, up 1.50% on the day. The break above Rs 50K has turned the sentiment around in local futures market. US dollar index slipped today as risk appetite hurt the currency. Dollar index quotes down 0.56% at 92.84 right now, approaching its 26 month low yet again. Powered by Commodity Insights |
| Gold stayed mildly supported amid firm global equities today. Some resistance is emerging in the yellow metal after prices eased from all-time high near $2000 per ounce mark. COMEX Gold currently trades at $1978 per ounce, up 0.15% on the day. MCX Gold futures are currently trading at Rs 53760 per 10 grams, almost unchanged on the day. Traders are waiting for cues on Indian retail demand front and are also eying a mild recovery in the US dollar index from 26 month low. Powered by Commodity Insights |
| Energy giant British Petroleum or BP is planning to slash oil and gas production and pour billions of dollars into clean energy as part of a major strategic overhaul unveiled on Tuesday alongside a huge second quarter loss and dividend cut, media reports noted. The London-based company said that it plans a 10-fold increase in annual low carbon investments to $5 billion by 2030 as it tries to deliver on its promise of net zero emissions by 2050. This coming decade is critical for the world in the fight against climate change, and to drive the necessary change in global energy systems will require action from everyone, BP said in a statement. BP's oil and gas production is expected to fall by at least one million barrels a day by 2030, a 40% reduction on 2019 levels. The bulk of its annual capital expenditure over the next five years will, however, still be in oil and gas. Powered by Commodity Insights |
| Crude oil futures stayed in a range as traders eyed the US oil rig count data. The number of drilling rigs operating in the United States stood at 251 for the second straight week, Baker Hughes Co. reported Friday. Baker Hughes' latest U.S. rig count comprises 180 oil rigs (a one-unit drop from last week), 69 natural gas rigs (a one-unit increase) and two miscellaneous rigs (unchanged). Against the year-ago figure of 942, the US rig count is down 691 drilling units, Baker Hughes noted. Recent data is indicating that the slide in rig count may have bottomed out. WTI Crude oil is lingering around $40 per barrel amid these cues, almost unchanged on the day. MCX Crude oil futures are currently quoting at Rs 3025 per barrel, up 0.17% on the day. Powered by Commodity Insights |
| Gold saw steady moves but a rebound in US dollar index from 26 month low capped the upside for the commodity. Rising European equities also weighed and COMEX Gold futures are currently trading at $1972 per ounce, down slightly on the day. US dollar index edged up after falling to two year low and currently quotes at 93.80, up 0.52% on the day. MCX Gold is trading at Rs 53654 per 10 grams, up 0.39% on the day. This was because of th slide in Indian Rupee. The INR closed at 75.01 per US dollar, falling 20 paise on the day. Worries over fiscal front and economic growth weighed on the INR as local equities slipped. Powered by Commodity Insights |
UK manufacturing Purchasing Managers' Index rose to a 16-month high of 53.3 in July from 50.1 in June, final data from IHS Markit showed Monday. However, this was below the flash estimate of 53.6. Respondents noted that manufacturers either restarted or raised production in response to clients reopening. Production was raised to the greatest extent since November 2017. Driven by domestic demand, new orders expanded for the first time since February. Meanwhile, export business fell for the ninth straight month. The survey showed that sentiment among manufacturers reached its highest since March 2018. Employment fell for the sixth consecutive month in July, albeit to the least marked extent since March. Purchasing activity was raised for the first time since last October. Powered by Commodity Insights |
| Large base metals speculators continued to increase net long positions in the Copper futures markets last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday. The non-commercial futures contracts of Copper futures, traded by large speculators and hedge funds, totaled a net position of 42490 net contracts in the data reported through July 27th 2020. This was a weekly gain of 3856 net contracts from the previous week. The net longs are now at the highest mark in nearly two years. Meanwhile, the commercial traders' position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -41929 contracts, recording a weekly change of -4264 net contracts. Powered by Commodity Insights |
| Silver futures saw massive buying this week as prices hit seven year highs around $26.30 per ounce. Prices slipped from these levels though as continued acceleration in Covid-19 cases globally hurt the sentiments. COMEX Silver corrected after a break under $25 per ounce and ended just around $24.60 per ounce mark. MCX Silver rose above Rs 65500 per kg and ended just under Rs 65000 per kg mark. Worries over retail Indian demand stayed in place as prices have jumped nearly 30% over last three weeks. The local economic activity has come to a crawl amid extended lockdowns and labour markets remain in extreme stress. Powered by Commodity Insights |
Copper slipped even as equities stayed firm as global Covid-19 cases continued to surge. COMEX Copper broke under $2.90 per pound and tested three week low mark. MCX Copper followed similar moves to end around Rs 500 per kg mark. LME Copper inventories have dropped to seven month low and could possibly curb the downside for the red metal. Economic cues remain weak for the metal. Consumer sentiment in the US deteriorated by more than initially estimated in the month of July, according to a report released by the University of Michigan. The report said the consumer sentiment index for July was downwardly revised to 72.5 from the preliminary reading of 73.2. The index is down from 78.1 in June. US real gross domestic product plummeted at an annual rate of 32.9% in the second quarter reflecting the impact of the coronavirus pandemic and following a 5% slump in the first quarter, the Commerce Department reported. Consumer spending led the decrease, cratering by 34.6% in the second quarter, as the coronavirus-induced lockdowns in late March and April forced many consumers to stay at home. The record contraction in GDP also reflected decreases in exports, private inventory investment, non-residential fixed investment, residential fixed investment, and state and local government spending. Eurozone economy also contracted 12.1% on a quarterly basis, bigger than the 3.6% drop in the first quarter amid the coronavirus pandemic, preliminary flash estimate published by Eurostat showed. This was the sharpest decline seen since the series began in 1995. Year-on-year, GDP was down 15% in the second quarter versus a 3.1% decline a quarter ago. Powered by Commodity Insights |
|
|