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Precious Metals Preview:

Download-Gold-PNGSigns Of Bargain Buying Visible In Gold.

COMEX Gold saw some buying after recent tumble. US stocks saw a choppy movement though some buying was visible after the deep losses this week. Gold edged up amid these cues, rising from a two month low as the US dollar eased a little. COMEX Gold currently trades at $1873 per ounce, down 0.20% on the day. MCX Gold closed at Rs 49827 per 10 grams, up 0.64% on the day as traders eyed a pickup in Indian demand following the slide under Rs 50K in retail spot prices. Local traders also focused on sliding Indian Rupee which closed at 73.89 in last session, down 32 basis points on the day. INR almost tested 74 mark, registering its one month low.

Base Metals Preview:

download (16)Copper Up Around Half A Percent In Asia.

COMEX Copper futures slipped to around one month low yesterday before witnessing some support. The global economic outlook is less bleak than in June, an IMF spokesman said Thursday, according to media reports. The recent incoming data suggests that the outlook may be somewhat less dire than at the time of the (World Economic Outlook) update released in June. COMEX Copper currently trades at $2.97 per pound, up 0.46% on the day. MCX Copper ended flat around Rs 518 per kg.
Economic data was mostly good. The US Commerce Department said new home sales soared by 4.8% to an annual rate of 1.011 million in August after skyrocketing by 14.7% to an upwardly revised rate of 965,000 in July. The US Labor Department said US initial jobless claims inched up to 870,000, an increase of 4,000 from the previous week’s revised level of 866,000. German business confidence index rose to 93.4 in September from 92.5 in August, reports said citing survey data from ifo Institute on Thursday. Firms’ assessment of current situation as well as their expectations improved from the previous month. The current conditions index climbed to 89.2 from 87.9 in the previous month. The expected reading was 89.5. The expectations index rose to 97.7 in September from 97.2 a month ago.

Energy Preview:

imagesWTI Crude Stabilises Above $40 Per Barrel

WTI Crude oil futures rose above the watershed $40 per barrel as the US dollar index eased and commodities stabilized. The counter currently trades at $40.47 per barrel, up 0.40% on the day. MCX Crude oil futures closed at Rs 2970 per barrel, up 0.78% on the day. Overall sentiments remain steady in oil. The OPEC+ production cuts and curtailments in the United States are set to help global inventories to continue drawing down for the rest of the year and most of next year, resulting in a relatively balanced market by the end of 2021, the US Energy Information Administration (EIA) said in a latest update. Good fund buying and a possible pullback in equities after recent tumble could also benefit oil.

Investment & Trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.

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