Market Update (Bullions)
Bullion counter may open on positive path as movement of greenback and ECB interest rate decision coupled with ECB press conference 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 29320-29600 while silver can move in range of 39300-39600 in near term. The market was pricing in one rate increase in December and one more next year , while the Fed itself envisaged three rate hikes in 2018 and was likely to move more rapidly than previously expected under Taylor . A senior diplomat in North Korea said the foreign minister's warning of a possible atmospheric nuclear test over the Pacific Ocean should be taken literally . North K orean Minister of Foreign Affairs Ri Y ong Ho said in September that Pyongyang may consider conducting "the most powerful detonation" of a hydrogen bomb over the Pacific Ocean amid rising tensions with the United States.
Market Update (Base Metals)
Base metals complex may remain with sideways bias as US pending home sales data to give further direction to the prices. Copper may trade in range of 452-462. Aluminum can move in the range of 139-142 in MCX. Nickel can move in range of 760-780. Lead can hover in the range of 158-162. Zinc may move in range of 210-214. Copper steadied on Wednesday after two days of gains as stock markets slid after a series of record highs, pointing to a more cautious mood among investors. But a retreat in the dollar lifted the broader metals complex. Copper hit a three-year high of $7,177 a tonne earlier in October and moved back above $7 ,000 an ounce this week, but has struggled to maintain momentum as confidence in the broader economy lost steam. The copper market should see a deficit of 151,000 tonnes this year and a deficit of 104,000 tonnes in 2018, the International Copper Study Group (ICSG) said on Tuesday .
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