Today’s Highlights on MCX Market by CapitalStars – 10 FEBRUARY 2021
MCX COMMODITY DAILY UPDATES
Precious Metals Preview:
MCX Gold Ends With Modest Gains.
MCX Gold futures managed to end with modest gains but the Rs 48000 per 10 grams mark acted as a stiff resistance. The COMEX Gold futures moved back from a one week high amid profit selling pressure as recent surge in equities and continued Covid-19 vaccination weighed on the commodity. The safe haven demand is limited now and traders are looking at the near term Indian imports scenario after the recent import duty cut on precious metals. COMEX Gold currently trades at $1843 per ounce, up 0.31% on the day. MCX Gold futures closed at Rs 47930 per 10 grams, up 0.19% on the day. Gold could see some negative reaction coming in from the awesome surge in digital currency Bitcoin as it powered to another high near $47000.
Energy Preview:
Crude Hits Near Rs 4280 Per Barrel On MCX.
WTI Crude steadied around a 13 month high above $58 per barrel on sustained buying. The supply cuts by major producers and optimism over fuel demand recovery support energy markets. Additional supply reductions by top exporter Saudi Arabia in February and March, following cuts by producers in the Organization of the Petroleum Exporting Countries and their allies, are boosting the prices. MCX Crude oil ended at Rs 4247 per barrel, up 0.38% on the day after hitting a high of Rs 4278 per barrel. Meanwhile, India will overtake the European Union as the world’s third-largest energy consumer by 2030, the International Energy Agency (IEA) said on Tuesday as it estimated India accounting for the biggest share of energy demand growth over the next two decades. In its India Energy Outlook 2021, IEA saw primary energy consumption almost doubling to 1,123 million tonnes of oil equivalent as the Gross Domestic Product (GDP) expands to USD 8.6 trillion by 2040.
Base Metals Preview:
Copper Soars To Seven Year Top, Chinese Demand In Focus.
COMEX Copper scaled up a fresh seven year high above $3.70 per pound in last session as equities remained supported and firm demand trends from China boosted the sentiments. MCX Copper soared 1.35% to close at Rs 628.50 per kg. Ahead of the Lunar New Year, copper inventories in China have dropped to near decade lows on robust demand from factories that are maintaining high operating rates over the usually slow holiday period. Copper demand in China, the world’s top metal consumer, typically softens as businesses close for the week-long Spring Festival, which starts on February 11th. However, this year, factories with strong order books have shortened planned shutdowns. Refined copper inventories in warehouses tracked by the Shanghai Futures Exchange were at 68,588 tonnes on February 5th, slipping near their lowest since 2011.
