Bullions continued their downward trend for the seventh consecutive day yesterday, influenced by the surge in US yields as per the latest commodity market news. Dollar index paused the recent rally and retreated, after weaker-than-expected U.S. private payrolls based on the ADP National Employment Report.
Crude oil plunged following reports that Russia may lift its diesel ban in coming days and U.S. government data that indicated weak demand for gasoline.
U.S. nationwide crude stocks fell by 2.2 million barrels to 414.1 million barrels in the week to Sept. 29, the U.S. Energy Information Administration (EIA) reported, but stocks at Cushing, Oklahoma, the WTI delivery hub, rose for the first time in eight weeks.
Gasoline stocks rose by 6.5 million barrels, far exceeding expectations of a 200,000-barrel rise as per recent commodity market news. Finished motor gasoline supplied fell to about 8 million bpd, its lowest since the start of this year.
The dollar index which measures the currency against six major counterparts went down 0.24% at 10.8170 (At 11.50pm). MCX Gold future settled at 56721 down 0.36%. Silver at 66885 down 0.76%. Copper prices settled at 699.50 down 0.75%. Crude oil settled at 7064 down 5.16%. Natural gas settled at 250.30 up 1.91% as per the late commodity market news coming out in the market.
Commodity Market News | Economic data and events scheduled
Eurozone
At 11.30am – German Trade Balance. Data is foreseen at 14.9B from previous 15.9B.
At 12.15pm- French Industrial Production m/m. Data is foreseen at -0.40% from previous 0.80.
Tentative – Spanish 10-y Bond Auction. French 10-y Bond Auction.
At 6.30pm- German Buba President Nagel Speaks.
At 8.30 pm- German Buba President Nagel Speaks
All above data could have a volatile impact on the Euro.
U.K.
At 2.00pm- Construction PMI. Data is foreseen at 50.00 from previous 50.80.
Tentative – Housing Equity Withdrawal q/q. Data is foreseen at -14.5B from previous -22.9B.
At 3.15pm – MPC Member Broadbent Speaks.
Above data could have a volatile impact on the pound.
Canada
At 6.00pm – Trade Balance. Data is foreseen at -1.4B from previous -1.0B.
At 7.30pm – Ivey PMI. Data is foreseen at 50.8B from previous 53.5.
Above data could have a negative impact on the dollar.
U.S.
At 6.00pm – Unemployment Claims. Data is foreseen at 211K from the previous 204k.
Trade Balance. Data is foreseen at -60.5B from previous -65.0B.
At 8.00pm – Natural Gas Storage.
At 9.45pm – FOMC Member Barr Speaks
All above data could have a neutral impact on the dollar.