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You are here : IndiaNotes >> Market Action >> Commodities >> Gold [Sona]

Commodity Daily Report: 26 Oct 2017

SMC | 26 Oct, 2017  | Follow Author | Add to my Favourites 
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Market Update (Bullions)


Bullion counter may open on positive path as movement of greenback and ECB interest rate decision coupled with ECB press conference to give further direction to the prices. Meanwhile movement of local  currency rupee will give further  direction  to  the  prices.  Gold  can  move  in  range  of  29320-29600  while  silver  can  move  in  range  of  39300-39600 in  near term.  The market was pricing in  one rate increase  in  December and one more next year ,  while the  Fed itself envisaged three rate hikes in 2018 and was likely to move more rapidly than previously expected under Taylor . A senior diplomat in North Korea said the foreign minister's warning of a possible atmospheric nuclear test over the Pacific Ocean should be taken literally . North K orean Minister of Foreign Affairs Ri Y ong Ho said in September that Pyongyang may consider conducting "the most powerful detonation" of a hydrogen bomb over the Pacific Ocean amid  rising  tensions  with  the  United  States.

Market Update (Base Metals)

Base  metals complex  may  remain  with sideways  bias as  US pending home sales  data to  give  further direction  to  the prices.  Copper  may  trade  in  range  of  452-462.  Aluminum  can  move  in  the  range  of  139-142  in  MCX.  Nickel  can  move in  range  of  760-780.  Lead  can  hover  in  the  range  of  158-162.  Zinc  may  move  in  range  of  210-214.  Copper  steadied  on Wednesday after two days of gains as stock markets slid after a series of record  highs, pointing to a more cautious mood among  investors.  But  a  retreat  in  the dollar  lifted  the  broader  metals complex.  Copper  hit  a  three-year  high  of $7,177  a tonne  earlier in  October and moved back above $7 ,000  an ounce this  week, but has struggled to  maintain momentum as confidence in the broader economy lost steam. 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 .

 


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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 IndiaNotes.com accept any liability whatsoever arising from the use of any of the above contents.



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