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Wednesday, 25 July 2018

Capitalstars News Updates For MCXTips Traders.



BULLION :- The gold prices trading unchanged on early Wednesday, hovering near last week’s 12-month low following positive preliminary
manufacturing and service-sector sentiment data The flash U.S. manufacturing Purchasing Managers Index for July expanded relatively in line with
expectations, coming in at 55.4 in comparison to June’s revised reading of 55.4, research firm IHS Markit said in its latest report. Economists were
expecting a reading around 55.1. At the same time, the firm’s service sector PMI reading was at 56.2 down slightly comparison to June’s reading of
56.5. Economists were projecting the index to remain unchanged on the month. Any monthly reading above 50 points to an expanding sector, while
anything below that shows contraction in activity. "U.S. private sector companies experienced a robust rise in overall business activity during July,
supported by an improving economic backdrop and another sharp upturn in incoming new work," the report said. According to the report, the
sentiment growth in the manufacturing sector was the strongest since May 2016. Meanwhile the service sector saw its slowest gains since April.
The report noted that solid domestic demand is boosting manufacturing growth. Domestic growth will help the sector combat negative
international effects of a stronger U.S. dollar. Despite the positive growth, the report did not that there are growing concerns related to the U.S.
government’s trade policies.

ENERGY :- The American Petroleum Institute (API) reported a crude oil draw of 3.16 million barrels of United States crude oil inventories for the week
ending July 21, compared to analyst expectations that this week would see a smaller draw in crude oil inventories of 2.331 million barrels. Last
week, the American Petroleum Institute (API) reported a surprise build of 629,000 barrels of crude oil. The API also reported a huge draw in
gasoline inventories for week ending July 21 in the amount of 4.87 million barrels. Analysts predicted the draw, but expectations were for a much
smaller one of 713,000 barrels. Crude oil prices were trading up today as tensions continued to escalate between Iran and the United States and as
IMF’s prediction that Venezuela would see a million-percent inflation rate this year, making any oil production increases that Venezuela may have
had its sights set on seem like a rather lofty goal as PDVSA employees struggle to make ends meet. US crude oil production hit a new high last
week, finally hitting the 11 million bpd mark for the week ending July 13. US production had stagnated in the five weeks prior, holding fast at 10.9
million bpd.

BASE METAL:- Shanghai copper rose 2 percent to a three-week high in early trade on Wednesday, tracking a rise in London Metal Exchange (LME) prices on
Tuesday amid tense negotiations at Chile's Escondida copper mine, the world's largest. Speculation last month about a possible strike at Escondida
pushed London copper to a near 4 1/2-year high of $7,348 a tonne on June 7, before fears that a U.S.-China trade war could crimp demand pushed
the price below $6,000 tonne last week. BHP's Escondida copper mine in Chile said on Tuesday it had made a final offer in talks with the union
representing its rank-and-file workers that includes a beefed up contract signing bonus and a 1.5 percent increase in wages. The Shanghai base
metals complex was up across the board, with zinc and nickel both gaining more than 1 percent. A computer system used by customs officials in
Democratic Republic of Congo had technical problems at the weekend, adding to delays to mining trucks carrying copper and cobalt, sources and
officials said on Tuesday. orwegian aluminium producer Norsk Hydro said the timing for resuming full output at its Alunorte alumina refinery in
Brazil remained uncertain, with the possibility it could be achieved between October and the middle of next year.
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