MCX MORNING UPDATE
BULLION – Bullion counter may trade with sideways bias .Gold traded flat early on Friday but the metal was poised to end the week lower, as investors preferred the safety of the dollar in the wake of political uncertainties in the United States. The dollar was holding near multi-week highs against most major currencies, while Asian shares were on course for a second strai hit weekly loss. A whistleblower report released on Thursday said President Donald Trump not only abused his office in attempting to solicit Ukraine interference in the 2020 U.S. election for his political benefit, but that the White House tried to lock down evidence about that conduct. China net monthly gold imports via Hong Kong in August surged nearly 61%, after falling to their lowest in more than eight years in July, the Hong Kong Census and Statistics Department data showed on Thursday.
ENERGY- Crude oil may witness lower level buying .Oil prices recently erased more of the gains realized after the Sept. 14 attacks on Saudi Arabian oil facilities, as the rapid return of production capacity from the world top exporter squashed risk premiums. Saudi Arabia had brought its production capacity back to 11.3 million barrels per day (bpd) less than two weeks after the attacks on it oil facilities. The attacks, which knocked out 5.7 million bpd of production, initially sent oil prices up 20% although they dropped soon after as the kingdom pledged to bring back output by the end of September. U.S. natural gas futures fell to a three-week low on Thursday following the release of a federal report showing a bigger-than-expected storage build. The U.S. Energy Information Administration (EIA) said utilities added 102 billion cubic feet (bcf) of gato storage during the week ended Sept.
BASE METAL- Base metals may trade with sideways to positive bias. Copper prices ticked higher on Friday, but the market was on track for a second consecutive weekly loss on concerns over weak demand in top consumer China. China was willing to buy more U.S. products, China’s top diplomat said, adding that trade talks would yield results if both sides “take more enthusiastic measures” to show goodwill and reduce “pessimistic language” in their trade dispute. The United States and China are preparing for another round of high-level trade talks in early October in Washington to try to find a way out of their nearly 15-month trade war.