Real Time MCX Weekly Research Report By Neal Bhai Get our expert opinion on short term outlook on commodities based on technical analysis. Weekly commodity insights and forecast.
MCX Forecast Dated: 17 Dec 2018 To 21 Dec 2018
In the national capital, gold of 99.9 per cent and 99.5 per cent purities dropped by Rs 30 to Rs 32,190 and Rs 32,040 per 10 gram, respectively. Sovereign gold stood steady at Rs 25,000 per 8 gram.
The Nifty 50 traded near 10,900. Asian stocks began the week on a cautious note after soft economic data from China and Europe added to evidence of cooling global growth. US equity futures edged up with stocks in Japan and Australia, while shares slipped in Shanghai and Hong Kong. Oil prices climbed after US drilling activity fell to its lowest level in about two months.
The Fed is expected to raise interest rates Wednesday by a quarter point, and the pressure is on for Fed Chairman Jerome Powell to sound dovish — but not too dovish. Fed officials are also expected to revisit their fed funds rate forecasts and roll back some of the rate hikes expected in the next several years.
The Organization of the Petroleum Exporting Countries and its Russia-led allies agreed on Dec. 7 to cut output by more than expected, despite pressure from U.S. President Donald Trump to reduce the price of crude.
They expect the Fed will raise rates by a quarter percentage point at its Dec. 18-19 meeting while dialing back the number of moves next year to two, in March and September, from the three hikes economists saw in September. Median responses in the Dec. 7-11 poll also anticipate one additional hike in mid-2020 when the rate would peak in this tightening cycle at a target range of 3 per cent to 3.25 per cent.
Lower cotton shipments from India will allow rivals such as United States, Brazil and Australia to increase cargoes to key Asian buyers such as China and Pakistan, reports said. India is expected to produce more cotton than what is estimated by the Cotton Advisory Board (CAB).