Commodity 

Oil glut trade on brink of a return; Brent crude falls below $40

By Administrator_India Capital Sands The combination of a stalling Asian demand recovery, the end of the US summer driving season, and increased supply from the Opec+ alliance are signaling a bleak short-term outlook for oil prices. The global Brent crude benchmark is currently trading quite deeply in a bearish pattern known contango, where the most immediate prices are far below those for contracts for supply in later months. The discount has gotten so big that it appears to cover the nominal cost of hiring 1,200-ft long supertankers. In other words: Traders…

Read More
Commodity Economic News 

Hike in Gold Price Slows, Still Near Record Highs

By Administrator_India Capital Sands   Gold hovered around record highs on Wednesday morning in Asia as the US dollar remained weak and debate continued in the U.S. over the next COVID-related stimulus package. Gold futures gained 0.05% to $1,945.60, lower than the $1,968.00 level hit on Tuesday, suggesting that the relentless climb in the price of the yellow metal may be coming to an end. Investors are also looking to the U.S. Federal Reserve’s meeting, scheduled for later in the day, for clues on the U.S. economy’s health. However, some…

Read More
Commodity Covid-19 

Oil Holds Near $41 Amid Concerns About U.S. Demand Recovery

By Administrator_India Capital Sands   Oil held losses near $41 a barrel in New York as signs of weakness in the U.S. labor market cast doubt on the strength of the demand recovery in the world’s biggest crude consumer. The first increase in jobless claims since March comes as lawmakers negotiate another virus relief package, while infections and deaths surged across many regions in the U.S. Oil was still poised to eke out a second weekly gain, buoyed earlier in the week by stimulus measures agreed by European Union leaders.…

Read More
Commodity Covid-19 

Gold hovers near nine-year high as virus fears drive safe-haven demand

By Administrator_India Capital Sands   Gold rose on Tuesday, hovering near a nine-year peak hit in the last session, as worries over a spike in COVID-19 cases and expectations for inflation from more economic stimulus measures boosted demand for the safe-haven metal. Spot gold was up 0.1% at $1,817.23 per ounce, after hitting its highest since September 2011 at $1,820.06 on Monday. U.S. gold futures were little changed at $1,817.80. European Union leaders appeared to near an agreement on Monday on a 750-billion-euro stimulus plan for regional economies hit by…

Read More
Commodity Economic News 

Gold Down Over Hopes For a COVID-19 Vaccine

By Administrator_India Capital Sands   Gold was down on Thursday morning in Asia, with investor sentiment boosted by positive results from yet another potential COVID-19 vaccine. U.S. pharmaceutical company Pfizer announced the results from the early stage human trial for BNT162b1, its mRNA candidate jointly developed with German biotech firm BioNTech, on Wednesday. The results showed production of neutralizing antibodies in all the patients who were inoculated after 28 days. Pfizer also has three other mRNA candidates under development. Gold futures slid 0.16% to $1,777.05, as investors retreated from the…

Read More
Commodity Economic News 

Oil rises after drop in U.S. crude stocks suggests demand pickup

By Administrator_India Capital Sands   Oil prices rose more than 1% on Wednesday after data showed crude inventories in the United States fell much more than expected, suggesting demand is improving even as the coronavirus outbreak spreads around the world. Brent crude rose 48 cents, or 1.2%, to $41.75 a barrel after declining more than 1% on Tuesday. U.S. crude was up 54 cents, or 1.4%, at $39.81 a barrel, having dropped by 1.1% in the previous session. U.S. crude and gasoline stocks declined more than expected last week, while distillate…

Read More
Commodity Commodity Broker 

Gold Up Over Rising COVID-19 Cases and U.S.-China Tensions

By Administrator_India Capital Sands   Gold was up on Friday morning in Asia, amid a rising number of COViD-19 cases in China and the U.S. as well as rising U.S.-China tensions. Beijing reported 25 new COVID-19 cases on Thursday, with the number of cases linked to an outbreak in the Xinfadi market now standing at almost 200. Some U.S. states also reported a spike in cases. Meanwhile, U.S. President Trump also warned on Thursday that cutting ties with China remained a possibility a day after Secretary of State Mike Pompeo…

Read More
Commodity Covid-19 

Gold Down Over Record Jump in U.S. Retail Sales Data and Potential COVID-19 Cure

By Administrator_India Capital Sands   Gold was down on Wednesday morning in Asia, with the yellow metal stemmed by positive U.S. retail sales data and mounting COVID-19 and geopolitical fears. Gold futures fell by 0.13% at $1,734.20. Stocks, which usually move in the opposite direction to gold, were mostly down on Wednesday. The U.S.’ announcement of a record increase in May retail sales on Tuesday led to an investor retreat from gold as hopes of a quick recovery from the economic impact of COVID-19 increased risk appetite and the dollar rose. Meanwhile,…

Read More
Asian Market Commodity 

Asian stocks, oil fall as second wave fears grow

By Administrator_India Capital Sands   Asian shares stumbled on Monday and oil prices slipped as fears of a second wave of coronavirus infections in Beijing sent investors scurrying for safe-havens while underwhelming data from China further weighed on sentiment. MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.3% with Australian shares off 0.1% and South Korea easing 0.3%. Japan’s Nikkei faltered 0.7%. Chinese shares opened in the red with the blue-chip CSI300 index down 0.1%. Monday’s losses follow a strong rally in global equities since late March, fuelled by the…

Read More
Commodity South Korea 

South Korea’s jobs fall in April at sharpest pace since 1999

By Administrator_India Capital Sands South Korea’s unemployment rate was unchanged in April but the number of employed fell at its fastest in more than two decades, data showed on Wednesday, as efforts to contain the coronavirus pandemic shut businesses and cut social activity. The nation’s unemployment rate was a seasonally adjusted 3.8% in April, unchanged from March. However, the number of employed was 26.6 million in April, 476,000 fewer than a year earlier, for the worst plunge since February 1999, when the figure shrank 658,000, data from Statistics Korea showed.…

Read More