MCX MARKET NEWS UPDATES



Gold prices gained after the U.S. central bank reassured investors that increases to interest rates would be gradual and as the U.S. dollar softened - 

Gold on MCX settled up 0.39% at 31046 after the U.S. central bank reassured investors that increases to interest rates would be gradual and as the U.S. dollar softened. Uncertainties supported bullion, including U.S.-China trade talks and the potential U.S. withdrawal from the Iranian nuclear accord. The greenback was little changed, but seeped into negative territory in a choppy trading session as investors took profits. The Fed said inflation on a 12-month basis was "expected to run near the committee's symmetric 2 percent objective". The focus for markets will be on the U.S. jobs data, with the April report likely to underscore labour market strength. U.S. President Donald Trump praised his relationship with Chinese President Xi Jinping as officials from the world's two largest economies began trade talks in Beijing, while state media said China would stand up to U.S. bullying.

  Zinc concentrate benchmark TC lowest since 2006 on tight supply - 

The 2018 annual benchmark zinc concentrate treatment charges (TCs) dropped 14.5% from that of 2017 to a 12-year low as supply dwindled. Zinc concentrate supply has been declining over the past few years following the closures of the Century mine in Australia and Lisheen mine in Ireland in 2015. The two mines had a combined output of more than 630,000 mt. TCs fell as smelters competed for supplies in a tight market. In China, the average TCs for imported spot zinc concentrated dipped to an all-time low at $12.5/mt in January this year, and only edged up to $20/mt as of May 1, SMM data showed.

Oil prices hold steady as U.S. decision on Iran sanctions looms -

Oil prices held steady on Friday after shedding earlier gains, as market jitters kicked in over the prospect of geopolitical risks from possible new U.S. sanctions against Iran.Friday morning's fluctuations came as investors sifted through the upcoming Iran sanction decision and an increasing U.S. crude inventory build for clues. Iran's foreign minister said on Thursday U.S. demands to change its 2015 nuclear agreement with world powers were unacceptable, as a deadline set by President Donald Trump for Europeans to "fix" the deal loomed. "Current prices reflect a premium for Iran uncertainties. Investors are worried about supplies after Iran took a tough stance in its response to the United States," Wang Xiao, Head of Crude Research with Guotai Junan Futures said, adding prices may fall if expectations for new sanctions ease.


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