mcx tips today
The rupee soared 42 paise to 66.18 against the US dollar in early trade on increased selling of the US currency by exporters and banks along with higher foreign inflows following BJP’s booming win in Uttar Pradesh. Further, industrial production expanding by 2.7% in January also supported the rupee.
Meanwhile, Crude oil slides Near Rs 3200 Levels On Multi Commodity Exchange. WTI Crude oil has dropped below USD 50 for the first time since in nearly three months following heavy US inventories and selling pressure in major industrial commodities.
US commercial crude supplies have grown for nine consecutive weeks, reaching a record 528.4 million barrels last week, as per the US Energy Information Administration. WTI futures are currently trading just above USD 48 per barrel. MCX Crude dropped 0.77% yesterday to close around Rs 3,200 per barrel.
Gold is trying to edge up after the recent slip. A near 2-month low around USD 1200 per ounce seems to be working for the metal. MCX Gold closed down 0.45% at Rs 28, 238 per 10 grams yesterday, seeing another drubbing after the weekend.
Gold prices slipped lower on Friday, since the U.S dollar recovered moderately from losses posted in the previous session, despite the ongoing geopolitical concerns expected to support safe-haven demand. In the New York Mercantile Exchange’s Comex division, gold futures for April delivery were down 0.28% at USD 1,238.05. The April contract ended Thursday’s session 0.69% higher at USD 1,241.60 an ounce. However, the dollar regained some ground on Friday, aided by recent upbeat data and positive comments by Federal Reserve Chair Janet Yellen.
Meantime, in Indian domestic stock market, Nifty50 closed at 8821.70 levels, up by 43.70 points while Sensex closed at 28468.75 levels, up by 167.48 points.
Gold slipped on Monday as the dollar made stronger against the yen after Trump-Abe meet. Spot gold had slipped 0.31% to USD 1,230.22 per ounce, while US gold futures were down 0.36% at USD 1,231.3. The US dollar also found broad support in the wake of comments by Trump on Thursday that he planned to announce an ambitious tax reform plan in the next few weeks, relighting expectations for big tax cuts. The dollar index was firm at 100.820.
In other precious metals, spot silver was mostly unaffected at USD 17.95 per ounce, after touching USD 18, the highest since Nov. 11, 2016, earlier in the session.
COMEX Gold soared to near 3-month highs on 3 February, since a break above USD 1200 per ounce extended. The commodity currently trades at USD 1223 per ounce, up about 1.25% on the day. The breakout is seeing solid after prices tested their 2-week low near USD 1185 levels earlier this week before recovering sharply. The MCX Gold April futures ended at Rs. 28,874 per 10 grams after hitting highs near Rs 29,080 per 10 grams on 2 Jan, adding 0.67% on the day.
The Finance Minister has proposed to trim down the existing rate of taxation for individual assesses between income of Rs 2.5 lakhs to Rs. 5 lakhs to 5% from the prevailing rate of 10%. This would reduce the tax liability of all persons below Rs 5 lakh income either to zero (with rebate) or 50% of their existing liability.
Crude oil futures chop down Friday, projecting a weekly decline amid concern that OPEC will curtail supplies. WTI light sweet crude oil was down 1.2%, to end at USD 52.37 per bbl. Prices were down 3% for the biggest weekly decline in two months. A report from the Energy Information Administration indicated a build of 4.1 million barrels in crude oil inventories for January 6 week, immediately after the American Petroleum Institute had projected inventories were 1.5 million barrels higher in the period.
As per Energy Information Administration, commercial crude oil inventories starting January 6, stood at 483.1 million barrels, within seasonal limits, near the upper end. Refineries operated at 93.6 percent capacity, processing 17.1 million barrels of crude and generating 9.7 million barrels of gasoline and 5.3 million barrels of distillate daily. Gasoline inventories for the period were 5 million barrels higher than in the preceding week, after an 8.3 million-barrel build in the last week of 2016.