Bullion counter may open on positive note as gold prices edged up on Tuesday as Washington moved to choke off Iran's oil revenues, prompting safe haven buying,
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MCX Daily Report 23RD
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News Highlights
BULLION - Bullion counter may open on positive note as gold prices edged up on Tuesday as
Washington moved to choke off Iran's oil revenues, prompting safe haven buying, but gains
were capped by a strong dollar and Asian shares hovering near a nine-month peak. The United
States on Monday demanded that buyers of Iranian oil stop purchases by May 1 or face
sanctions, a move to choke off Tehran's oil revenues which sent crude prices to six-month
highs on fears of a potential supply crunch. Russia raised its gold holdings by 19.4 tonnes in
March, data from the International Monetary Fund showed on Monday. U.S. home sales fell
more than expected in March as rising demand stoked by declining mortgage rates and
slowing house price inflation continued to be frustrated by a lack of properties, especially in
the lower-priced segment of the market, data showed on Monday.
ENERGY- Crude oil may extend recent gains as oil prices hovered near 2019 peaks in early
trading on Tuesday after Washington abruptly moved to end all Iran sanctions waivers by
May, pressuring importers to stop buying from Tehran. The United States on Monday
demanded that buyers of Iranian oil stop purchases by May 1 or face sanctions, ending six
months of waivers which allowed Iran’s eight biggest buyers, most of them in Asia, to
continue buying limited volumes. Before the reimposition of sanctions last year, Iran was the
fourth-largest producer among the Organization of the Petroleum Exporting Countries (OPEC)
at almost 3 million barrels per day (bpd), but April exports have shrunk well below 1 million
bpd, according to ship tracking and analyst data in Refinitiv. Saudi Arabia is the world’s biggest
exporter of crude oil and OPEC’s de-facto leader. The group is set to meet in June to discuss its
output policy. U.S. natural gas futures settled higher on Monday as warmer-than-normal
weather boosted cooling demand, ending six days of declines.
BASE METAL - Base metals prices may trade with firm bias. Manufacturers in China facing
trade barriers are deploying an array of moves to try to keep foreign customers giving
discounts, tapping tax breaks, trimming workforces and, occasionally, shifting production
overseas to skirt tariffs. Nickel prices fell on Tuesday, with new data showing a global nickel
deficit had narrowed at the end of February, while investors worried that China may ease its
stimulus measures. The global nickel market deficit narrowed to 2,000 tonnes in February
from a revised deficit of 3,700 tonnes in January, and was much smaller than a 7,200-tonne
deficit in the same month last year, the International Nickel Study Group said on Monday.
Sentiment was also weighed down by worries that China will ease up on simulative policies
after some signs of stabilization in its economy, pulling Chinese stocks down in their worst
session in nearly four weeks on Monday.
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MCX Daily Report 23RD
APR 2019
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Pick for the DAY
MCX CRUDE OIL MAY on MONDAY as seen in the Daily chart opened at 4475.00 levels and
made day low of 4475.00 Levels. During this period CRUDE OIL MAY High is 4613.00 levels
and finally closed at 4593.00 levels. Now, there are chances of up movement technically &
fundamentally.
DAILY RECOMMENDATION: BUY MCX CRUDE OIL MAY ABOVE 4616 LEVELS FOR
TARGET OF 4636/4660 WITH SL 4586 OF LEVELS.
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MCX Daily Report 23RD
APR 2019
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