SMC’s commodity updates for Oct 5 | commodity outlook for the day |

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


   Click here to read the full report