Wednesday, May 2, 2018
Mcx Market News Update
Gold dropped as the dollar strengthened ahead of Fed policy meeting, which is being watched for clues on the future pace of interest rate hikes -
Gold on MCX settled down -0.34% at 30929 tracking weakness from Comex Gold prices which tumbled in yesterday’s session fell $12.40 to settle at $1306.80/oz, the lowest settlement in two months along with U.S. stocks ahead of tomorrow's interest rate decision. Rising inflation would be a catalyst to push the Fed toward raising interest rates at a faster pace than currently expected. The Fed is due to conclude its two-day meeting on Wednesday and is not expected to take any action on interest rates. Expectations for a faster pace of rate hikes tend to be bearish for gold, which struggles to compete with yield bearing assets when interest rates rise.
Copper prices dropped due to worries about demand from top consumer China and a stronger US dollar ahead of a monetary policy decision from the Federal Reserve -
Copper on MCX settled down -0.51% at 451.40 on fresh selling tracking weakness from LME copper which settled at $6740.50, its lowest since April 6, prices hit three-week lows on Tuesday due to worries about demand from top consumer China and a higher dollar ahead of a monetary policy decision from the U.S. Federal Reserve. Chinese demand for industrial metals typically picks up in the second quarter ahead of construction activity over the summer months.
Zinc dropped after US delayed aluminium and steel tariffs for some countries and announced permanent exemptions for -
Zinc on MCX settled down -1.25% at 205.55 as prices came under pressure after the United States delayed aluminium and steel tariffs for some countries and announced permanent exemptions for others, raising the prospect of better metal supply. US President Donald Trump's administration has extended negotiations on steel and aluminium tariffs for 30 days with Canada, the EU and Mexico. It has also reached a deal in principle with Argentina, Brazil and Australia. In March, Mr Trump imposed worldwide tariffs of 25% on US imports of steel and 10% on aluminium.
Oil steady on Iran sanction worries, but surging U.S. supplies cap market -
Oil prices were stable on Wednesday, supported by concerns that the United States may re-impose sanctions on major exporter Iran, although soaring U.S. supplies capped gains.Iran, a member of the Organization of the Petroleum Exporting Countries (OPEC), re-emerged as a major oil exporter in January 2016 when international sanctions against Tehran were lifted in return for curbs on Iran's nuclear program. Iran's oil exports hit 2.6 million barrels per day (bpd) in April, the Oil Ministry's news agency SHANA reported on Tuesday, a record since the lifting of sanctions, with China and India buying more than half of Iran's oil. The United States, however, has expressed doubts over Iran's sincerity in implementing those curbs and President Donald Trump has threatened to re-impose sanctions.
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