U.S. crude futures fell in early Asian trading on Friday, partly reversing sharp gains from the previous session, amid ongoing turmoil in the oil industry with nearly a quarter of U.S. refining capacity offline.
U.S. West Texas Intermediate (WTI) was down 27 cents, or 0.6 percent, at $46.96 barrel at 0145 GMT. The contract settled up 2.8 percent on Thursday.
The new Brent contract for November delivery was down 14 cents at $52.72 barrel. The contract for October delivery, which ended trading on Thursday, closed up $1.52, or 2.99 percent, at $52.38 a barrel. For More Information About Commodity Market Tips Please Visit : www.paceresearchindia.com and Call : 8817774774
Gold rose on Wednesday as safe-haven demand was buoyed by expectations that geopolitical tensions could persist, although further gains were capped as the dollar recovered slightly amid perception of a brief lull in tensions surrounding North Korea.
Spot gold rose 0.3% to $1,313.10 per ounce, but was off a more than nine-month peak hit on Tuesday at $1325.94. US gold futures were little changed at $1,318.30 per ounce. For More Information About Commodity Market Tips Please Visit : www.paceresearchindia.com and Call : 8817774774
Gold on Thursday edged away from two-week lows hit in the previous session on scepticism over President Trump's proposed U.S. tax reform, with markets awaiting central bank meetings in Europe and Japan.
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Gold dipped on Wednesday to a two-week low after a near 1 percent decline in the previous session as increased investor appetite for risk boosted equities and dulled demand for safe-haven assets.
Russia May Raise Oil Output If Sees No Risks Of Price Fall
Russia is ready to keep its oil production stable, but may increase output if it feels that prices are unlikely to fall as a result. A fragile balance has been reached in the global oil market, which should not be disturbed by any "sharp moves", according to the agency. A decision on whether to extend a deal to curb oil output into the second half of the year would depend on how well the Organization of the Petroleum Exporting Countries and other producers stick to their production cut pledges. OPEC, along with Russia and other non-OPEC producers, pledged to cut output by 1.8 million barrels per day (bpd) in the first half of 2017. The option of extending the cuts was set out in last year's deal.
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Gold and Silver futures on the Multi Commodity Exchange (MCX) were trading on a flat note in early trade on Tuesday on the back of subdued demand of precious metals from jewellers, industries and retailers.
The yellow metal was trading 0.03 per cent, or Rs 10, down at Rs 28935 per 10 gram, while the white metal was trading 0.08 per cent, or Rs 34, down at Rs 42,395 per 1 kg. Precious metals prices declined for the third straight session on Monday, but hovered above Frid .
Zink :
Zinc futures traded 0.70 per cent lower at Rs 184.55 per kg on Monday after speculators trimmed positions, tracking a weak trend at the domestic spot market.
In futures trading at Multi Commodity Exchange, zinc for delivery in current month declined by Rs 1.30, or 0.70 per cent, to Rs 184.55 per kg. It clocked a business turnover of 669 lots.
Lead :
Amid sluggish domestic demand and profit-booking by speculators, lead prices softened 0.83 per cent to Rs 149.30 per kg in futures trade.
At Multi Commodity Exchange, lead for delivery in March month moved down by Rs 1.25, or 0.83 per cent to Rs 149.30 per kg in business turnover of 434 lots.
Copper :
Copper futures traded 0.35 per cent lower at Rs 397.10 per kg as speculators offloaded bets.At the Multi Commodity Exchange, copper for delivery in April shed Rs 1.40, or 0.35 per cent, to Rs 397.10 per kg, in a business turnover of 831 lots.
Crude palm oil :
Crude palm oil prices were up by 1.11 per cent to Rs 545.60 per 10 kg in futures trade today as speculators indulged in enlarging positions, driven by a firm demand at the spot market.
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The Sensex was down 93.18 points at 28746.61, while the Nifty was down 29.25 points at 8870.50. The market breadth indicated strain with about 1,098 shares having advanced, 1,397 shares declined. Meanwhile, 138 shares were unchanged.
Reliance and Bharti Infratel rallied on the back of positive feedback from brokerages, while Asian Paints and HDFC were the top losers. For Information : www.paceresearchindia.com and Call : 8817774774
Gold edged up at the start of the Friday’s session (and other precious metals gained as well), but the rise followed Thursday’s drop that was the biggest one-day drop this year. The slump coincided with the rally of the US dollar. Metals and the US currency often move in reverse correlation to one another.
The reason for the gold’s big slump was anticipation for an interest rate from the Federal Reserve soon. CME Fed Watch shows about 75% probability of a hike as soon as this month, up from 34% just a week ago.The speech that US President Donald Trump delivered to the Congress earlier this week was well-received by markets, putting them into a risk-on mode. That also affected gold negatively.
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U.S. crude futures fell in early Asian trading on Friday, partly reversing sharp gains from the previous session, amid ongoing turmoil in the oil industry with nearly a quarter of U.S. refining capacity offline.
