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Commodity Daily Report: 25 Oct 2017

SMC | 25 Oct, 2017  | Follow Author | Add to my Favourites 
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Market Update (Bullions)

Bullion counter may open on volatile path as movement of greenback and fear of interest rate hike in US to give support to the prices. Meanwhile movement of local currency rupee will give further direction to the prices. Gold can move in range of 29400-29800 while silver can move in range of 39500-40000 in near term. Gold prices dipped on Tuesday as investor’s anxiously awaited news on the next head of the U.S. Federal Reserve, while strong share markets and a calmer geopolitical environment sapped safe-haven demand. A hawkish candidate would be expected to favor higher interest rates, boosting the value of the dollar and making greenback-denominated gold more expensive for holders of other currencies.

Market Update (Base Metals)

Base metals complex may witness profit booking at higher levels as US durable goods order data to give further direction to the prices. Copper may trade in range of 458-465. Aluminum can move in the range of 138-142 in MCX. Nickel can move in range of 770-790. Lead can hover in the range of 159-163. Zinc may move in range of 208-212. London copper was steady on Wednesday, after hitting its highest in a week in the previous session, on encouraging prospects for economic growth in China, the world's top consumer of metals. China's economy will likely grow 6.8 percent in 2017, topping the state target and accelerating for the first time in seven years, as Beijing walks a tightrope by containing debt and property risks without stunting economic growth. The copper market should see a deficit of 151,000 tonnes this year and a deficit of 104,000 tonnes in 2018, the International Copper Study Group (ICSG) said on Tuesday.

Market Update (Energy)

Crude oil may open on flat note as it can move in range of 3390-3460. Oil prices were largely steady in early Asian trade on Wednesday, hovering near a four-week high hit a day earlier after top exporter Saudi Arabia said it was determined to end a supply glut. Saudi Arabia’s energy minister said the focus remained on reducing oil stocks in industrialized countries to their five-year average and raised the prospect of prolonged output restraint once an OPEC-led supply-cutting pact ends. The Organization of the Petroleum Exporting Countries, plus Russia and nine other producers, have cut oil output by about 1.8 million barrels per day (bpd) since January. The pact runs to March 2018, but they are considering extending it. U.S. crude stocks fell by 519,000 barrels last week, industry group the American Petroleum Institute said on Tuesday after settlement. Natural gas may move in range of 192-197.

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About SMC
SMC Research, founded in 1990, is India’s leading share and stock broker, provides a wide range of financial services and investment solutions. A blend of extensive experience, diverse talent and client focus has made us the 4th largest broking house in India(Source: Dun and Bradstreet, 2008). Over the years, SMC has expanded its operations domestically as well as internationally. Existing network includes regional offices at Mumbai, Kolkata, Chennai, Cochin, Ahmedabad, Jaipur, Hyderabad, Bangalore plus a growing network of 2100+ offices spread across 425 cities/towns in India.

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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor accept any liability whatsoever arising from the use of any of the above contents.

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