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| As on May 08, 2024 12:00 AM |
Your results on : End Session |
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| COMEX Gold futures are witnessing very tight movement amid slight upmove in the US dollar index and firm risk appetite in European equities. The counter currently trades at $2321 per ounce, almost unchanged on the day. Meanwhile, according to Geeta Gopinathan, first Deputy Managing Director of International Monetary Fund (IMF), looking at global FX reserves, the most notable development during 2022-23 has been an increase of gold purchases by central banks. Gold is generally viewed as politically neutral safe asset, which can be stored at home and be insulated from sanctions or seizure. It can also be an inflation hedge but cannot be easily used in transactions. She noted that the share of gold in the FX reserves of the China bloc has been rising since 2015?a trend not exclusively driven by China and Russia. Importantly, during the same period, the share of gold in FX reserves of countries in the U.S. bloc has been broadly stable. This suggests that gold purchases by some central banks may have been driven by concerns about sanctions risk. This is consistent with a recent IMF study confirming that FX reserve managers tend to increase gold holdings to hedge against economic uncertainty and geopolitical including sanctions risk. Powered by Commodity Insights |
| Copper eased on Tuesday following a sharp spurt yesterday tracking positive cues from global risk appetite. COMEX copper is currently quoting at $4.57 per pound, down 0.80% on the day as it fell from a one-week high. The red metal eased despite firm cues from equities. Asian stocks mostly gained. China?s Shanghai Composite index added 0.22%. Japanese market ended up 1.60%. Hong Kong?s Hang Seng index eased 0.53%. European stocks saw good gains. German DAX rose 0.72% while French CAC has added 0.35%. UK?s FTSE100 index spiked around 1%. The US stocks continued to garner good gains. The major averages reached their best closing levels in almost a month. Powered by Commodity Insights |
| COMEX Copper futures saw excellent gains today, soaring in tune with increased risk appetite in world markets. The metal currently quotes at $4.63 per pound, up 1.60% on the day to approach two year high mark yet again. Asian stocks mostly rose today while European stocks soared with German DAX jumping around 0.87% on the day. U.S. stocks jumped on Friday following the April jobs report. Major indices added 1-2%. Copper also eyed firm Chinese economic cues. China's service economy expanded moderately in the opening month of the second quarter of 2024. Faster new business growth, the quickest in nearly a year, supported the latest rise in activity and an improvement in confidence. New export business also rose at a faster rate in April. The seasonally adjusted headline Caixin China Composite Output Index rose to 52.8 in April, up from 52.7 in March, to indicate a sustained expansion of overall Chinese business activity for the sixth successive month and at the fastest pace since May 2023. Powered by Commodity Insights |
| Silver futures drifted lower to test one month low near $26 per ounce before witnessing a modest recovery. Prices have eased considerably over last few weeks after hitting a three year high of $30 per ounce in mid-April 2024. Powered by Commodity Insights |
| WTI Crude oil futures stayed slippery. Prices fell to six week low of $78 per barrel with a break under $80 per barrel mark leading to further pressure on crude. Easing geo political tensions in the Middle East weighed on mood despite firm cues from US equities and weak US dollar. Traders also eyed soaring US oil inventories. The U.S. Energy Information Administration reported an inventory increase of 7.3 million barrels for the week to April 26.This compared with a substantial draw of 6.4 million barrels for the previous week. In gasoline, the authority reported an inventory rise of 300,000 barrels for last week, which compared with a modest draw of 600,000 barrels for the week before. Meanwhile, India has cut its windfall tax on petroleum crude to 8,400 Indian rupees a metric ton from 9,600 rupees with effect from May 1. The tax, which is revised every fortnight, was left unchanged at zero for diesel and aviation turbine fuel. Powered by Commodity Insights |
| Gold mostly stayed weak, finding it difficult to hold onto modest gains. Sustained drop in the US dollar index is not helping the metal much as the metal lingers around one month low. The metal closed around $2310 per ounce. Gold prices have come off nearly $150 per ounce after hitting a record high in mid-April. The metal is likely headed for a sideways movement as it has recovered from lows under $2300 per ounce after the US Federal Reserve decided to maintain the target range for the federal funds rate at 5.25 to 5.50 percent. Federal Reserve Chair Jerome Powell also said that it was unlikely that the central bank?s next move will be a rate hike, pulling down US dollar index. Powered by Commodity Insights |
| COMEX Copper futures are staying supported at a two year high amid positive risk sentiments and sustained decline in LME copper inventories. The counter has zoomed around 20% compared to same time last year. The upturn in global manufacturing was sustained into April, as rising intakes of new work and a slight expansion of international trade volumes supported mild production growth. There were also signs of price pressures building, as rates of increase in both input costs and selling prices accelerated. The J.P.Morgan Global Manufacturing PMI ? a composite index produced by J.P.Morgan and S&P Global Market Intelligence in association with ISM and IFPSM ? dipped to 50.3 in April, down from March's 20-month high of 50.6 but above the neutral 50.0 mark for the third consecutive month. Powered by Commodity Insights |
| The Labor Department said non-farm payroll employment climbed by 175,000 jobs in April after surging by an upwardly revised 315,000 jobs in March, marking the slowest expansion in six months. Average hourly earnings rose by 0.2% over the month. The report also showed the unemployment rate edged up to 3.9% in April from 3.8% in March. Powered by Commodity Insights |
| WTI Crude oil futures are trading with mild gains today as some buying stayed in place after recent slide to six week low. Easing geo political tensions in the Middle East had pulled the commodity down this week with WTI futures breaking under $80 per barrel mark. The counter currently trades at $79.30 per barrel, up 0.52% on the day. Meanwhile, Asian stocks ended mixed on Friday as investors look ahead to the release of key U.S. employment data later today. European stocks edged up. Stocks in the US closed higher on Thursday as investors looked ahead to more earnings. Powered by Commodity Insights |
| FAO Food Price Index (FFPI) stood at 119.1 points in April 2024, up 0.3 points (0.3 percent) from its revised March level, as an increase in the price index for meat and smaller upturns of vegetable oil and cereal indices slightly more than offset decreases in those for sugar and dairy products. Although it registered a second monthly uptick in April following a seven-month long declining trend, the FFPI was down 9.6 points (7.4 percent) from its corresponding value one year ago. Powered by Commodity Insights |
| COMEX Copper futures fell sharply today on profit selling after recent spurt. The metal broke under $4.50 per pound and currently quotes at $4.48 per pound, down 1.29% on the day. Copper is down to one week low following this amid largely mixed movement in world equities. In Asia, China?s Shanghai Composite index fell 0.26%. Hong Kong?s Hang Seng index spiked 2.5%. Japan?s Nikkei 225 index gained 0.10%. European stocks saw tepid moves with French CAC leading losses with 0.84% tumble. DOW gained in volatile trades, adding 0.23% on the day. The Nasdaq slipped 0.33%. Powered by Commodity Insights |
COMEX Copper futures gave up gains made earlier in the day and plummeted by over 1% on the day to be currently quoting at $4.62 per pound. The red metal came off multi month highs as dollar index regained momentum ahead of FOMC due this week. The counter has zoomed around 11% compared to same time last year. However, a pullback in equities is also seen weighing on the commodity. European stocks were subdued on Tuesday as investors looked forward to the Federal Reserve providing an update on when interest rates might be cut. German DAX slipped 0.4 percent and France's CAC 40 eased 0.2 percent while the U.K.'s FTSE 100 rose 0.4 percent. Powered by Commodity Insights |
| More companies in Germany plan to increase prices in April and inflation is likely to remain above the European Central Bank's 2 percent target in the coming months, the ifo institute said Monday. The ifo price expectations measure gained to 15.1 points in April from 14.3 points in March. Powered by Commodity Insights |
| COMEX Copper futures zoomed up well above $4.50 per pound to near 22 month high amid largely steady equities. Markets eyed M&A activity in the mining sector, as Australian giant BHP Group's takeover proposal for Anglo American. Equities also rose in Europe and Asia. China?s Shanghai Composite index surged 1.18%. Hong Kong?s Hang Seng index spiked 2%. Japan?s Nikkei 225 index soared 0.81% after deep losses in last session. European stocks edged up with German DAX adding 0.78%. COMEX Copper futures are currently quoting at $4.57 per pound, up 1.30% on the day. Powered by Commodity Insights |
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