MCX - WEEKLY NEWS LETTERS
✍ GLOBAL UPDATE
The data released from US yesterday showed that the Philly Fed manufacturing index in July hit -2.9, a stark divergence from the 5.1 estimate  The data released from Japan showed that the Flash Manufacturing PMI came at 49.0 against 48.1 in June.
Friday's U.S. manufacturing PMI numbers reflected the trend; the employment index hit the highest since July last year. 
U.S. drillers this week added oil rigs for a fourth consecutive week, according to a closely followed report on Friday, with the recent return to the well pad expected to soften the decline in domestic crude production.
✍ BULLION
Gold rebounded from a three-week low after Bank of Japan Governor Haruhiko Kuroda’s dismissed the use of so-called helicopter money as stimulus, pushing stocks lower and spurring demand for a haven. Prices recovered towards $1333.9/ounce yesterday to end the session higher by 1.20 %. In today’s session prices are trading nearly flat at $ 1327/ounce. Prices however are still down for the second consecutive week The ECB held rates at record lows as it seeks to revive growth and inflation with cheap credit to the economy. It left the door open to more policy stimulus, highlighting "great" uncertainty and abundant risks to the economic outlook.reflecting tension between a global backdrop of easier interest rates and the chance of U.S. monetary policy being tightened before the end of the year. Bullion has benefited significantly - hitting its highest in two years this month - as central banks from Europe to Japan keep policy looser for longer, which neutralizes the opportunity cost of holding an asset that does not pay interest. But the dollar has gained on strong U.S. data, boosting bets the Fed will raise U.S. rates by year-end. Friday's U.S. manufacturing PMI numbers reflected the trend; the employment index hit the highest since July last year. The European Central Bank, meanwhile, held rates at record lows on Thursday but left the door open to more policy stimulus. In U.S. politics, Donald Trump accepted the Republican presidential nomination and vowed to be tough on crime and illegal immigrants in a speech on Thursday

✍ BASE METAL
A stronger dollar knocked industrial metals prices on Friday while nickel was also hit as some investors locked in profits from a recent rally. Aluminium bucked the weaker trend and ticked higher as industrial consumers took advantage of recent declines to make purchases. A firmer dollar weighs on commodities priced in the U.S. currency, making them more expensive for buyers using other currencies. Nickel has been the top performer on the LME since June 1, surging 23 percent, boosted by concerns the Philippines will intensify a crackdown on mining companies that do not meet environmental standards, potentially putting at risk supply from the worlds' top exporter of nickel ore.Copper stocks for the same moved up around 0.20%, while the cancelled warrants declined by more than a percent, which was negative for prices China's exports of unwrought copper including copper alloy products stood at 42,615 tonnes in June, nearly trebling from the same month a year earlier, Chinese customs data showed on Thursday Exports for the first six months of 2016 were up 65.1 percent at 205,809 tonnes, the data showed.Nickel stocks and cancelled warrants declined by around 0.50% and 0.90% respectively With adding up of new miners list for mine closure in Philippine’s due to environmental issues, the same is enjoying support, anticipating lower production figures and declined exports to China Imports of refined nickel, used in stainless steel, surged 120 percent to 229,600 metric tons, including 37,013 tons in June, according to Chinese customs data

✍ ENERGY
Oil prices settled lower on Friday, losing 4 percent on the week, after the fourth weekly rise in the U.S. oil rig count added to worries about a global crude glut. Aug contract MCX crude oil also went down by around 2%, ending the session at Rs.3038/bbl.Crude futures were already down, with Brent at two-month lows, on fears of more Iraqi supply before a report by energy services firm Baker Hughes showed U.S. oil drillers added 14 rigs this week to bring the total rig count to 371. Earlier this week, the U.S. government reported that domestic crude inventories were at 519.5 million barrels last week, historically high for this time of year, even after a ninth straight week of drawdowns. On Thursday, traders said market intelligence firm Genscape reported a build of 725,176 barrels in the latest week at the Cushing, Oklahoma delivery point for U.S. crude futures. Falling oil prices have encouraged traders to send U.S. supplies to Europe, counterbalancing 700,000 barrels per day in lost Nigerian supply. U.S., European and Asian oil product stocks rose 2.35 million barrels last week for a second week of growth Natural gas futures on Friday climbed to a two-week high on forecasts the hottest weather of the year will blanket much of the country and on smaller-than-expected storage injections. The gains put the front-month higher for the first week in three. Out West, Southern California Gas issued its second notice this summer that it could be forced to curtail gas supplies to power generators if squeezed by too much electricity demand from consumers cranking up air conditioners to escape the heat wave. The U.S. Energy Information Administration said utilities added 34 billion cubic feet of gas into storage during the week ended July 15, which was less than the 39 bcf analysts' consensus forecast in a Reuters poll.


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