Bullions
Bullion counter can trade on sideways path as investors awaits the outcome of key FOMC meeting tomorrow Meanwhile
local currency rupee can also affect the domestic prices. Gold can move in range of 28400-28767 while silver can move in range of
37800-38600 in near term. Gold prices inched lower early Tuesday after hitting a one-month high in the previous session as the
dollar firmed ahead of a US Federal Reserve monetary policy meeting. The US dollar rose from its lowest in more than a year and
Treasury yields climbed on Monday as investors braced for news from this week's central bank meeting and possible hints on when
the next interest rate hike is coming. The greenback was also assisted by stronger-than-expected readings on the US economy, as
investors kept a wary eye on developments concerning possible ties between Russia and aides to US President Donald Trump.
Holdings at the SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, fell 0.51 per cent to 809.62 tonnes on
Monday from 813.76 tonnes on Friday.
Base Metals
Base metals complex may trade on mixed path as US consumer confidence data to give further direction to the
prices. Copper may move in the range of 388-396. Aluminum can move in the range of 121-124.50 in MCX. Nickel can move in range
of 620-643. Lead can hover in the range of 143-147. Zinc may move in range of 178-183. Union-represented workers and
management at Antofagasta's Zaldivar copper mine in Chile failed to reach a wage deal last week and they agreed to extend
government-mediated talks into this week. Disruptions to copper shipments from Canada and Chile have undermined expectations
for rising global copper supplies in the second half of the year, cutting the fees that smelters charge miners to process metal. An
estimated 5,000 workers at the giant Grasberg copper mine operated by Freeport-McMoRan Inc's Indonesian unit will extend their
strike for a fourth month in a dispute over layoffs and employment terms.
Energy
Crude oil can move in range of 2960-3070. Oil prices extended gains on Tuesday after OPEC moved to cap Nigerian oil
output and Saudi Arabia pledged to limit exports next month to help rein in global oversupply. OPEC member Nigeria had been
exempt from the cartel's deal with non-OPEC producers led by Russia to cut oil output by a combined 1.8 million barrels per day
(bpd) from January 2017 to March 2018. OPEC agreed on Monday that Nigeria would join the pact by capping or even cutting its
output from 1.8 million bpd, once it stabilizes at that level from 1.7 million bpd recently. Oil was also supported by comments from
Saudi Energy Minister Khalidal-Falih, who said his country would limit crude oil exports at 6.6 million barrels per day in August,
almost 1 million bpd below levels a year ago. Natural gas may move in range of 184-190.
LME
Inventories
|
Copper
|
Lead
|
Zinc
|
Aluminium
|
Nickel
|
Current Stock
|
305875
|
155275
|
268050
|
1351400
|
375240
|
Change
|
-750
|
0
|
-1175
|
-3150
|
-942
|
% Change
|
-0.24%
|
0.00%
|
-0.44%
|
-0.23%
|
-0.25%
|
