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MCX Report By Ways2Captial 22 July 2014

US Building Permits was at 0.96 million in the last month. Sanctions on Russia’s biggest oil company boosted crude oil prices.

July 22, 2014 - PRLog -- MCX - WEEKLY NEWS LETTERS

Important News

US Building Permits was at 0.96 million in the last month.

Sanctions on Russia’s biggest oil company boosted crude oil prices.

Euro Zone CPI unchanged at 0.5 percent in the month of June.

Renewed Ukraine concerns spurred safe haven status of gold.

US Philly Fed Manufacturing Index gained to 23.9-mark in July.

Indian Currency

The Indian Rupee traded on a flat note and depreciated for fourth consecutive days and fell around 0.1 percent in yesterday’s trading session. The currency depreciated on the back of dollar demand from state run banks for oil and defense related payments. Further, rise in oil prices after new sanctions imposed by the US on Russia exerted downside pressure on the currency. Unfavorable trade balance data in prior trading session lead to concerns over the financial stability of the country and acted as a negative factor.

Precious Metals

Spot gold prices gained by around 1.4 percent on Thursday as investors sought shelter in the precious metal on fears of further turmoil after news that a Malaysian passenger jetliner had been downed in Ukraine. Earlier, safe-haven bids had already boosted bullion prices on new U.S. and European Union sanctions on Russia, fresh on the heels of news that a Ukrainian fighter plane had been shot down over eastern Ukraine. Gold rallied $20 per ounce in about 40 minutes and the S&P 500 equities index tumbled after the Malaysian airliner was brought down over eastern Ukraine, killing all 295 people aboard and sharply raising the stakes in a conflict between Kiev and pro-Moscow rebels in which Russia and the West back opposing sides.

Before the Malaysian jetliner news, precious metal prices were higher on U.S. President Barack Obama's move to impose sanctions on some of Russia's biggest companies for the first time over Moscow's failure to curb violence in Ukraine.

On the MCX, gold prices rose by around 1.8 percent taking cues from strong international markets and closed at Rs.28199/10gms.

On an next trading session basis, we expect gold and silver prices to trade on a positive note on escalation of tensions in the Ukrainian peninsula and fresh round of sanctions imposed by US on Russia. Housing data released last night did not come as per expectations appealing bullions safe haven

appeal in turn acting as a positive factor for prices.

On the MCX, gold and silver prices are expected to trade on a positive note taking cues from strong international markets.

Base Metals

Base metals on the LME largely gained on Thursday as the manufacturing data from the US turned out to be positive despite expectations of it slowing down. Aluminum prices rose to a 16-month high yesterday as LME inventories slump to the lowest in 22 months.

However, sharp gains were capped on the back of unfavorable housing data from the US. Also, concerns regarding the health of construction sector in China after Huntington Road & Bridge Group warned that it might not be able to repay a $65 million debt due next week exerted downside pressure on prices.

In the Indian markets, all the base metals traded on a positive note taking cues from international markets.


Oil prices gained on Thursday, extending their rebound from a weeks-long decline as new U.S. sanctions announced on Wednesday took aim at some of Russia's biggest companies for the first time, including Rosneft, the largest oil producer. Gains accelerated over the afternoon as news spread of a Malaysian airliner crash in eastern Ukraine, where government forces are fighting pro-Moscow rebels. U.S. Vice President Joseph Biden said the jet was "blown out of the sky" and Ukraine accused "terrorists" of shooting it down. On the MCX, crude oil prices rose by around 2.2 percent and closed at Rs.6221/bbl.

Natural gas prices on the NYMEX declined by more than 3 percent on moderating climate in the US and inventory additions in storage more than the market expectations. Utilities have added 107Bcf of gas in the previous week as against previous addition of 93Bcf acting as a negative factor for prices.

On the MCX, NG prices declined by more than 4 percent on weakness in international markets and closed at Rs.238.60/Mmbtu.

On next trading session basis, we expect crude oil prices to trade on a positive note continuing its gains from the previous session. Escalating tensions in Ukraine coupled with additional sanctions imposed on Russia by the US will push crude prices higher.

Besides, incremental demand for crude in the US is visible in draw down in inventories for continuous two weeks in a row is acting as a positive factor. On the MCX, crude prices are expected to trade on a positive note taking cues from strong international markets.



Monsoon covers entire India—IMD

The Rainfall deficiency falls to 36% from 42%

Agri counters trade with high volatile as moderate corrections seen over revival of Monsoon.

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