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Gold can move in range of 29550-29950 while silver can move in range of...

SMC | 10 Oct, 2017  | Follow Author | Add to my Favourites 
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Bullion counter may trade on positive path as weaker greenback and safe haven demand can give support to the prices.  Meanwhile movement  of  local  currency  rupee  will give  further  direction  to  the  prices.  Gold  can  move  in  range of  29550-29950  while  silver  can  move  in  range  of  39800-40400  in  near  term.  Gold  prices  inched  up  to  their  highest  in more  than  a  week  on  T uesday ,  but  the  gains  were  capped  as  the  dollar  held  firm  bolstered  by  expectations  of  another Federal Reserve interest  rate hike this  year .  The European  Central Bank should  reduce  its  asset buys from  next year with the  aim  of  ending  them  altogether ,  ECB  Executive  Board  member Sabine  Lautenschlaeger  said  on  Monday ,  just weeks  before  policymakers  decide  whether  to  curb  stimulus.  The  International  Monetary  Fund  is  likely  to  nudge  up  its growth forecast for the global economy this week and this means it is high time for policy makers to dial back their ultra-loose  monetary  stimulus,  German  government  officials  said  on  Monday .

Base  metals  complex  may  trade  on  volatile  path  as  China  new  loan  data  to  give  further  direction  to  the  prices.  Copper may  trade  in  range  of  434-442.  Aluminum  can  move  in  the  range  of  139-143  in  MCX.  Nickel  can  move  in  range  of  710-727 .  Lead can  hover  in  the  range  of  162-166.  Zinc  may  move  in  range  of  212-216.  Concerns  of  tight  supply  ahead  of  a traditional peak demand season for copper is  expected to lend  support to copper prices throughout the day .

The global refined copper market recorded  a deficit of 70,000 tonnes in  June, pushing the supply/demand balance to a deficit of 75,500 tonnes between January and June 2017 , the International Copper Study Group estimates. In the physical market, the supply of red metal was tight before [China’s] week-long holiday while [copper] stocks on the SHFE  continuously  declined,  with  over  100,000  tonnes  coming  out  of  SHFE-approved  warehouses  in  September .  The rebuilding effort in and around Houston, Texas, is having a noticeable impact on the country’ s copper wire market while  people  start  repairing  their  homes  and  replacing  flooded  cars.  Nickel  has  risen  $265  per  tonne  and  looks  to  climb back  above  $11,000  per  tonne  after  Chinese  market  participants  returned  from  the  Golden  Week  holiday .

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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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