SMC’s commodity updates for Oct 18 | commodity outlook for the day | IndiaNotes.com
Bullion counter may witness some short covering at lower levels as movement of greenback can 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 29500-29850 while silver can move in range of 39000-40200 in near term. Gold prices inched up on Wednesday from a one-week low with the dollar holding steady , but speculation that President Donald Trump might pick a policy hawk to lead the U.S. Federal Reserve weighed on the metal. U.S. President Donald T rump has a pool of five candidates to choose from for the next chair of the Federal Reserve and is likely to announce his choice before going to Asia in early November , a source familiar with the situation said on T uesday . India’s Multi Commodity Exchange (MCX) on Tuesday launched the country’s first gold options contract in New Delhi to coincide with the goldbuying festival of Dhanteras.
Base metals complex may witness profit booking at higher levels. Copper may trade in range of 456-465. Aluminum can move in the range of 135-138 in MCX. Nickel can move in range of 755-775. Lead can hover in the range of 160-164. Zinc may move in range of 200-203. London copper climbed on Wednesday , supported by demand growth expectations and relief from a stronger dollar , while markets looked ahead to policy announcements from China’s Communist Party conference. U.S. industrial production rebounded modestly in September as the lingering effects of Hurricanes Harvey and Irma hobbled activity at factories, but the outlook for the industrial sector remains bullish amid a strengthening global economy and weakening dollar .
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