Daily

Daily Metal & Agro Buzz:


HIGHLIGHTS:

Gold fell in Asia on Wednesday with Fed minutes later in the day expected to set the tone for insight into chances of a March rate hike. Gold for April delivery on the Comex division of the New York Mercantile Exchange eased 0.13% to $1,237.25 a troy ounce, while copper futures inched up 0.04% to $2.743 a pound as investors watched by 13:05 ET, after falling to a session low of $1,226.50 Copper prices are up more than 40% since January 2016 due to worries about supplies after disruptions in top producers Chile and Indonesia. A strike continues at BHP Billiton (LON:BLT)'s Escondida mine in Chile, the world's largest, while all production has stopped at Freeport-McMoRan's giant Grasberg copper mine in Indonesia Overnight, Gold bounced off session lows but ultimately traded lower on Tuesday, pressured by a spike in the dollar, after two Federal Reserve policymakers hinted at a possible rate hike in March. Gold started the session on back foot, after the dollar surged to session highs, following bullish comments from two Federal Reserve policymakers. Philadelphia Fed President Patrick Harker said Monday that he would likely support an interest rate increase at the central bank’s next meeting in March should the economy continue to strengthen. Harker’s comments came fresh of the heels of Cleveland Fed President Loretta Mester's statement, the Cleveland Fed member said she would be “comfortable” raising interest rates at this point as inflation pressures pick up. The yellow-metal recovered from an early session slump, as the dollar was pegged back, following a report from Market, a market research group, which revealed U.S. Services Purchasing Managers’ Index (PMI) eased to 53.9 in February, falling short of analysts’ expectation of increase to 55.8.

Tags: Technical


Search Reports

SEARCH

Open an account

OPEN AN ACCOUNT

Reports

Daily Market Update...

Nifty opened on a subdued...

Read More

Grasim Q1FY20 Result...

Grasim Industries came out...

Read More

Daily Market Update...

Nifty opened on a subdued...

Read More

Daily Market Update...

Nifty opened on a subdued...

Read More

Daily Market Update...

Nifty opened higher traded...

Read More

PRESTIGE

SHORT TERM TRADING CALL BUY...

Read More

Voltamp Transformers...

Voltamp Transformers came out...

Read More

Sundaram Finance Ltd...

Sundaram Finance (SUF)...

Read More

Shakti Pumps Q1FY20...

Shakti Pumps came out with...

Read More

Sunteck Realty Ltd...

Sunteck Realty Ltd (SRL)...

Read More

Subscribe to newsletter

Request a call back

DISCLAIMER: This document has been prepared by Arihant Capital Markets Limited (hereinafter called as Arihant) and its subsidiaries and associated companies. This document does not constitute an offer or solicitation for the purchase and sale of any financial instrument by Arihant. This document has been prepared and issued on the basis of publicly available information, internally developed data and other sources believed to be reliable. Whilst meticulous care has been taken to ensure that the facts stated are accurate and opinions given are fair and reasonable, neither the analyst nor any employee of our company is in any way is responsible for its contents and nor is its accuracy or completeness guaranteed. This document is prepared for assistance only and is not intended to be and must not alone be taken as the basis for an investment decision. All recipients of this material should before dealing and or transacting in any of the products referred to in this material make their own investigation, seek appropriate professional advice. The investments discussed in this material may not be suitable for all investors. The recipient alone shall be fully responsible/are liable for any decision taken on the basis of this material. Arihant Capital Markets Ltd (including its affiliates) or its officers, directors, personnel and employees, including persons involved in the preparation or issuance of this material may; (a) from time to time, have positions in, and buy or sell or (b) be engaged in any other transaction and earn brokerage or other compensation in the financial instruments/products discussed herein or act as advisor or lender/borrower in respect of such securities/financial instruments/products or have other potential conflict of interest with respect to any recommendation and related information and opinions.