Precious Metals Preview:
Gold futures moved in a range yesterday after Pfizer and BioNTech disclosed positive final-analysis data from a trial of their coronavirus vaccine. COMEX Gold pulled back near $1860 per ounce. The metal currently trades down 0.47% at $1864 per ouncw. MCX Gold ended at Rs 50328 per 10 grams, down 0.86% on the day after testing a low of Rs 50053 per 10 grams. Indian rupee continued its winning momentum on gains in domestic equities. A surge in foreign fund inflows has boosted sentiment for INR. INR closed at 74.19 per US dollar, up 28 paise on the day. INR tested near 74 level in intraday moves.
US commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 0.8 million barrels from the previous week. At 489.5 million barrels, US crude oil inventories are about 6% above the five year average for this time of year, according to the EIA crude oil and petroleum weekly storage data, reporting inventories as of November 13, 2020.
US crude oil refinery inputs averaged 13.8 million barrels per day during the week ending November 13, 2020, which was 395,000 barrels per day more than the previous week’s average. Refineries operated at 77.4% of their operable capacity last week.
US crude oil imports averaged 5.3 million barrels per day last week decreased by 245,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 5.4 million barrels per day, 12.5% less than the same four-week period last year.
In gasoline, the EIA reported an inventory build of 2.6 million barrels for the week to November 13, compared with a decline of 2.3 million barrels for the previous week. Gasoline production averaged 9.1 million bpd last week, versus 9.3 million bpd a week earlier. In distillate fuels, the agency estimated an inventory decline of 5.2 million barrels, which compared with a hefty 5.4-million-barrel draw a week earlier. Distillate fuel production went up last week, averaging 4.3 million bpd.
Base Metals Preview:
COMEX Copper slipped for third session in a row today. The metal saw lax activity yesterday but major losses were capped on continued strong US housing data. New residential construction in the US rose in the month of October, according to a report released by the Commerce Department on Wednesday. The report said housing starts surged up by 4.9% to an annual rate of 1.530 million in October after soaring by 6.3% to an upwardly revised rate of 1.459 million in September. COMEX Copper flipped back in Asia though as equities turned lower. The red metal currently trades at $3.18 per pound, down 0.31% on the day. MCX Copper futures ended at Rs 542.50 per kg in last session, down 0.16% on the day and should ease further today.
Investment & Trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.
CapitalStars Investment Adviser: SEBI Registration Number: INA000001647.