SMC’s commodity updates for Oct 5 | commodity outlook for the day | IndiaNotes.com
Bullion counter may trade with sideways path as US initial jobless claim data and movement of greenback 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 29200-29600 while silver can move in range of 38600-39300 in near term. Gold prices were little changed early on Thursday as the dollar held firm on strong US services sector growth, with markets awaiting the key US non-farm payrolls report on Friday .
The pace of growth in the US services sector accelerated in September to its fastest in 12 years, led by stronger new orders and employment, according to an industry report released on Wednesday .
Market Update (Base Metals)
Base metals complex may witness profit booking at higher levels as US factory orders data to give further direction to
the prices. China markets will remain closed for this week for national day holidays. Copper may trade in range of 422-430.
Aluminum can move in the range of 138-141 in MCX. Nickel can move in range of 680-710. Lead can hover in the
range of 164-169. Zinc may move in range of 214-218. Base metals prices on the London Metal Exchange were mostly lower during
the Asian morning trading session on Thursday amid quiet trading conditions and a recovery in the dollar .
Throughout September , copper prices erased August’ s rally due to a surge in LME stocks, a stronger dollar and meddling Chinese
data. Investors are likely to remain cautious leading up to this week’s US jobs report. However , liquidity will remain low with China’s markets
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