Gold Prices Edge Up; Dollar Trades Sideways -
Gold prices edged up on Thursday while the dollar traded sideways. Meanwhile, the U.S. dollar index that tracks the greenback against a basket of six major currencies last stood at 92.93, up 0.01%. The greenback reached this year’s new high on Wednesday at 93.22. On Tuesday, U.S President Donald Trump said the U.S. will back out from the Iran nuclear deal, putting oil supply in uncertainty as Iran will face sanctions again. Asian stocks climbed on Thursday following a positive session on Wall Street, with energy shares leading the gain after U.S. President Donald Trump’s decision to pull out from the Iran nuclear deal. Crude oil prices reached 3-1/2 year highs following the news as investors bet the development would intensify tension in the Middle East and curtail oil supply, while an unexpected drop in stockpiles were also cited as tailwind for the West Texas oil.
Copper rose as expectations for solid demand this quarter helped the metal claw back some lost ground -
Copper on MCX settled up 0.35% at 457.90 gained on fresh buying while we see prices to continue to trade in range bound patterns. Yesterday copper rose for a second session as falling inventories and strong import numbers from top consumer China continued to support prices. Support seen as China imported 442,000 tonnes of unwrought copper in April, according to customs data released this week, the highest monthly total so far in 2018. Copper stocks in LME-registered warehouses dropped 9,600 tonnes to 293,025 tonnes, their lowest since late January, exchange data showed on Wednesday. While the US dollar is likely to remain range bound around 93 in the short term while base metals are expected to continue their range bound patterns. The two-year treasury yield hit 2.53%, its highest level since September 8, 2008, while the 10-year yield topped 3%, a key psychological level for the benchmark for the first time since late April.
Oil Prices Hit New Records As Iran Sanctions Loom -
Oil prices climbed to multi-year highs on Thursday morning in Asia as markets adjusted to the prospects of renewed U.S. sanctions against major crude exporter Iran.U.S. President Donald Trump on Tuesday pulled the U.S. out of an international nuclear deal reached in late 2015 which curbed Iran’s nuclear program in exchange for removing U.S.-Europe sanctions. The move raised the risk of conflict in the Middle East and cast uncertainty over global oil supplies. The U.S. plans to impose new sanctions against Iran, which produces around 4% of global oil supplies and is the third-largest producer in the Organization of the Petroleum Exporting Countries (OPEC).
Click here for Our Best Services
Free Commodity Tips
Precious Metal Pack is one of our packages for MCX Traders. In this package, we provide Accurate Mcx Tips & Free Commodity Tips i.e. gold tips & silver tips
Equity Tips
Stock Cash Intraday Trading tips are completely based on technical analysis and charting. U can also get stock market live update news, equity intraday tips.
0 comments:
Post a Comment