Market Update (Bullions)
Bullion counter may open on firm path as weaker greenback and safe haven demand amid geopolitical tensions to give support to the prices. Meanwhile movement of local currency rupee will give further direction to the prices. Gold can move in range of 29300-29800 while silver can move in range of 39700-40200 in near term. Gold edged up on Tuesday , recovering from a more than two-week low hit in the previous session, on the back of a slightly weaker dollar . Gold edged up on T uesday , recovering from a more than two-week low hit in the previous session, on the back of a slightly weaker dollar . U.S. President Donald T rump will urge President Xi Jinping to make good on his commitments to pressure North Korea when he visits China next month, a senior White House official said on Monday , stepping up a strategy to have Beijing help rein in Pyongyang. U.S. President Donald Trump is considering nominating Fed Governor Jerome Powell and Stanford University economist John T aylor for the Federal Reserve's top two jobs. Powell is considered less hawkish than T aylor , who is seen advocating higher interest rates.
Market Update (Base Metals)
Base metals complex may extend yesterday gains and open on strong note tracking firm international markets as US manufacturing PMI data to give further direction to the prices. Copper may trade in range of 450-462. Aluminum can move in the range of 137-140 in MCX. Nickel can move in range of 760-780. Lead can hover in the range of 160-165. Zinc may move in range of 205-209. A wave of fresh investment drove Chinese copper futures more than 2 percent higher on T uesday . T raders said the weaker U.S. dollar prompted investors to buy into copper contracts on the London Metal Exchange (LME). The lower greenback makes dollar-denominated LME contracts less expensive for holders of other currencies. LME copper stockpiles are down 10 percent over the past four weeks, with more than 13,000 tonnes of copper warrants cancelled a sign of further deliveries out of warehouses in coming days. China will strive to comply fully with its own air quality standards by 2035, the country's environment minister said on Monday , adding that the long and difficult battle against pollution would eventually benefit the economy .
Click here to read the full report