The document provides a daily report on commodities markets including precious metals, energy, and base metals. It notes that gold prices declined slightly due to a stronger US dollar amid better-than-expected US economic data. Crude oil prices rose due to OPEC supply cuts but gains were limited by oversupply from other producers and global economic slowdown. Base metals traded marginally higher but were pressured by signs of slowing growth in China. The report also provides trading recommendations and pivot levels for various commodities.
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PRECIOUS METALS:
Gold on Thursday, Spot gold prices declined 0.54 percent to close at $1312.7 per tonne. Recovery was seen
in the Dollar over better than expected U.S. economic data which pushed Gold lower. As per reports from
the U.S. Commerce Department, US GDP grew at an annualized rate of 2.6 percent in the fourth quarter
which made the Dollar stronger. On the MCX, Gold prices declined by 0.24 percent to close at Rs.33286.0
per 10gms.
ENERGY:
Crude on Thursday, WTI Crude prices rose by 0.5 percent to close at $57.2 per barrel. Supply cuts by OPEC
continue to support the crude. However, excessive supply by US and slowdown in the global economic
growth continues to restrict the gains for crude. Venezuela’s oil exports declined by over 40 percent to
around 920,000 barrels per day(bpd) after the USsanctions which were imposed IN January2019.
BASE METALS:
Base metals on Thursday, base metals on the LME traded marginally higher. Dollar recovered in
yesterday’s trading session over better than expected USeconomic data which restricted the gains for base
metals. Base metals were further pressurized after week number posted by China. China’s Manufacturing
sector PMI declined for the third straight month in February to 49.2 further confirming signs of slowdown
in the world’s biggest metal consumer. On the MCX, Base metals traded in line with the international
market trends.
MARKETWRAP
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Date: 2019.03.01 11:17:08+05'30'