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commodity-update

COMMODITY MARKET UPDATES FOR NOV 02, 2016

Gold futures were trading higher during the noon trade in the domestic market on Wednesday as investors and speculators started looking for safe-haven assets as traders remained warry over the global economic outlook and on signs that the US presidential election race was tightening.

Investors across the globe turned cautious after a new opinion poll showed that Donald Trump slightly ahead of market favourite Hillary Clinton in the race of US presidential elections after the renewal of the FBI probe into Clinton’s emails.

Also, traders keenly awaited the outcome later in the day of the US Fed meeting for clues on the timing of a possible US interest rate hike.

At the MCX, gold futures for December 2016 contract is trading at Rs 30,427 per 10 grams, up by 0.47 per cent, after opening at Rs 30,350, against a previous close of Rs 30,285. It touched the intra-day high of Rs 30,465

Crude oil futures were flat during the noon trade in the domestic market on Wednesday as speculators remained on the sidelines in the energy commodity as investors’ awaited official US stockpile data later in the day after the American Petroleum Institute (API) data showed a surprise build in inventories, underlining a persistent global glut.

API said crude stockpiles rose by 9.3 million barrels in the week to Oct. 28, more than 9 times the amount expected by analysts.

At the MCX, crude oil futures for November 2016 contract is trading flat at Rs 3,105 per barrel after opening at Rs 3,100, against a previous close of Rs 3,105. It touched the intra-day low of Rs 3,095

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