Powell has begun putting his stamp on the U.S. central bank as ... 21, U.S. Commodity Futures Trading Commission (CFTC)
0*-
Satco Commodities Pvt Ltd. Daily Report – Aug 27th 2018
Outlook for the day Spot gold was up 0.1 percent at $1,206.57 an ounce as of 0105 GMT. Gold prices inched up on Monday after marking their biggest one-day percentage gain in over a year the session before, with the U.S. dollar easing on comments from the Federal Reserve chairman in support of a gradual approach to raising rates. The dollar index, which tracks the greenback against a basket of six major currencies, was down 0.1 percent at 95.075. Fed chair Jerome Powell on Friday defended the U.S. central bank’s push to raise interest rates as healthy for the economy and signaled more hikes were coming despite President Donald Trump’s criticism of higher borrowing costs. Powell has begun putting his stamp on the U.S. central bank as someone who will rely more on data-informed judgment and less on some of the models and theoretical values that have shaped the Fed’s course in recent years. But St. Louis Fed President James Bullard on Friday raised new alarm bells over the U.S. central bank’s plan to keep raising interest rates, warning that even one more rate hike could set the stage for recession. A rise in activity in gold options amid geopolitical tensions and a record-long bull market for U.S. equities suggests that investors are betting gold prices have found a floor, traders said. Hedge funds and money managers increased their net short position in COMEX gold contracts to another record in the week to Aug. 21, U.S. Commodity Futures Trading Commission (CFTC) data showed on Friday. Demand for physical gold was modest in India last week as the top bullion consuming state of Kerala coped with floods, while interest for the metal remained lacklustre elsewhere in Asia as buyers awaited a dip in prices. Holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.35 percent to 764.58 tons on Friday from 767.23 tons on Thursday. U.S. West Texas Intermediate (WTI) crude futures were down 9 cents at $68.63 a barrel.Oil prices dipped slightly on concerns that a U.S.-China trade dispute will erode global economic growth, although looming U.S. sanctions against Iran’s oil sector kept crude from falling further, traders said. “Falling U.S. rig counts and last week’s decline in U.S. inventories are supporting oil prices amid a protracted U.S.-China trade war that could dampen global growth and weigh on oil demand,” said Stephen Innes, Head of Trading for Asia/Pacific at futures brokerage OANDA in Singapore. “Despite growing concerns about potential oversupply, the markets will continue to get a fillip from U.S. sanctions against Iran,” Innes added. U.S. energy companies cut nine oil drilling rigs last week, dropping to 860, the biggest reduction since May 2016, energy services firm Baker Hughes said on Friday. Washington will target Iran’s oil exports with sanctions from November. OPEC-member Iran has exported around 2.5 million barrels per day of crude oil so far this year. Most analysts expect this figure to fall by at least 1 million bpd once sanctions kick in. Commodity Gold Silver Crude oil Aluminum Cardamom Copper Cpo Lead Mentha oil
Open 29600 36598 4790 144.80 1330.00 412.50 595.30 145.00 1672.00
High 29967 37130 4857 146.10 1330.00 418.85 596.70 146.40 1683.80
Low 29570 36534 4779 144.05 1293.10 412.05 593.80 144.30 1666.00
Close 29903 37004 4804 144.75 1301.80 416.25 595.50 144.55 1678.80
Change +1.00 +1.08 +0.63 +0.14 -1.85 +1.34 +0.03 +0.28 +0.54
Natural Gas
208.50
209.00
203.70
204.30
-2.06
Nickel Zinc
932.90 176.00
938.00 178.90
926.10 174.30
933.70 177.95
+0.88 +2.12
Indices Sensex Nifty Nikkei Hang Seng SGX Nifty Nasdaq DAX FTSE
Close 38251.80 11557.10 22759.53 28194.67 11618.00 7945.98 12394.52 7577.49 3232.03
Change -0.20 -0.20 +0.69 +1.85 +0.38 +0.85 +0.23 +0.19 +0.59
Shanghai
2749.09
+0.72
CAC40
5432.50
+0.24
Straits
Currency Levels
LME Inventory Data
Metal
Date : 23/08/2018 -2475
Date : 24/08/2018 -4850
+4100
+125
-75
+175
+114
-948
-800
-1175
Aluminum Copper Lead Nickel
Currency
Open
High
Low
Close
USDINR
70.1800
70.2650
69.9150
69.9425
69.9425
EURINR
81.0975
80.9850
80.9850
81.0250
81.0250
GBPINR
89.9900
90.1025
89.8525
89.9075
89.9075
JPYINR
63.1300
63.1300
62.8000
62.8175
62.8175
Zinc
Today’s Calls
COPPER Buy Above - 416.20, Target – 422.40, SL – 412.40
SYOREF – Sep – NCDEX Buy Above - 736.00, Target – 744.00, SL – 730.00
Sett.Price
Global Data
Time
Country
Event
All Day
GBP
Bank Holiday
1:30pm
EUR
German Ifo Business Climate
Forecast
Previous
101.9
101.7
Disclosures and Disclaimers
This Document is for private circulation and for information purposes only. It does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person who may receive this report. Investors should seek financial advice regarding the appropriateness of investing in any securities or investment strategies discussed or recommended in this report and should understand that statements regarding future prospects may not be realized. In no circumstances it be used or considered as an offer to sell or a solicitation of any offer to buy or sell the commodities mentioned in it.
Caution: Risk of loss in trading in can be substantial. You should carefully consider whether trading is appropriate for you in light of your experience, objectives, financial resources and other relevant circumstances.
