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Commodity daily report 24 Oct 17

SMC | 24 Oct, 2017  | Follow Author | Add to my Favourites 
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Market Update (Bullions)

Bullion counter may open on firm path as weaker greenback and safe haven demand amid geopolitical tensions 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 29300-29800 while silver can move in  range of 39700-40200 in  near term. Gold edged up on Tuesday , recovering from a more than two-week low hit in the previous session, on the back of a slightly weaker dollar .  Gold  edged  up  on  T uesday ,  recovering  from  a  more  than  two-week  low  hit  in  the  previous  session,  on  the  back of  a  slightly  weaker  dollar .  U.S.  President  Donald  T rump  will  urge  President  Xi  Jinping  to  make  good  on  his commitments  to  pressure  North  Korea  when  he  visits  China  next  month,  a  senior  White  House  official  said  on  Monday , stepping  up  a  strategy  to  have  Beijing  help  rein  in  Pyongyang.  U.S.  President  Donald  Trump  is  considering  nominating Fed Governor Jerome Powell and Stanford University economist John T aylor for the  Federal Reserve's top  two  jobs. Powell  is  considered  less  hawkish  than  T aylor ,  who  is  seen  advocating  higher  interest  rates.

Market Update (Base Metals)

Base  metals complex  may  extend  yesterday  gains  and  open  on  strong  note  tracking  firm  international  markets  as  US manufacturing  PMI  data  to  give  further  direction  to  the  prices.  Copper  may  trade  in  range  of  450-462.  Aluminum  can move  in  the  range  of  137-140  in  MCX.  Nickel  can  move  in  range  of  760-780.  Lead  can  hover  in  the  range  of  160-165. Zinc may move in  range of 205-209. A wave of fresh  investment drove Chinese copper futures more than  2 percent higher  on  T uesday .  T raders  said  the  weaker  U.S.  dollar  prompted  investors  to  buy  into  copper  contracts  on  the  London Metal Exchange  (LME).  The  lower  greenback  makes  dollar-denominated  LME  contracts  less  expensive  for  holders  of other  currencies.  LME  copper  stockpiles  are  down  10  percent  over  the  past  four  weeks,  with  more  than  13,000  tonnes of  copper  warrants  cancelled  a  sign  of  further  deliveries  out  of  warehouses  in  coming  days.  China  will  strive  to  comply  fully with its  own  air  quality  standards  by  2035,  the  country's  environment  minister said  on  Monday ,  adding  that  the long  and  difficult  battle  against  pollution  would  eventually  benefit  the  economy .
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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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