Bullions counter may trade on weaker path as yellow prices eased to a near one-week low as the dollar firmed and safe-haven demand slowed.
Bullions counter may trade on weaker path as yellow prices eased to a near one-week low as the dollar firmed and safe-haven demand slowed, while investors awaited comments from Federal Reserve officials, including Chair Jerome Powell, for more clarity on the interest rate outlook. Gold can move in range of 60400-60800 while silver also can move in range of 71200-72000. Prime Minister Benjamin Netanyahu said Israel would consider “tactical little pauses” in Gaza fighting to facilitate the entry of aid or the exit of hostages, but again rejected calls for a general ceasefire despite growing international pressure. Meanwhile, investors grew more confident that the Fed may be done with its rate hikes following a soft U.S. October non-farm payrolls data last week. However, Fed Bank of Minneapolis President Neel Kashkari said that the central bank likely has more work ahead of it to control inflation.
In base metal counter, Copper can move on firm path as it can move in range of 707-715. However, China’s manufacturing data failing to meet expectations impacted the demand outlook for copper. On the supply side, legislative changes in Panama focus on banning new mining concessions while preserving an existing lucrative copper mine. Despite positive developments, concerns arose from China’s lower-than-expected manufacturing data and Chile’s 4.1% year-on-year increase in copper output for September. The Caixin/S&P Global manufacturing PMI dropping to 49.5 in October, below forecasts, indicated the first contraction since July. Despite increased inventories in both LME-registered and a Shanghai Futures Exchange-monitored warehouse, the impact on prices was tempered by a weaker dollar and the anticipation of crucial upcoming U.S. data. Aluminum can move in range of 206-210.
Crude oil may trade on weaker path as it may move in range of 6600-6950. Oil prices eased as it gave up most of the gains from the previous day, on concerns over weak demand in China, with investors focusing on trade data due later in the day to gauge demand from the world’s second-largest oil consumer. Prime Minister Benjamin Netanyahu said Israel would consider “tactical little pauses” in Gaza fighting to facilitate the entry of aid or the exit of hostages, but again rejected calls for a general ceasefire despite growing international pressure. Saudi Arabia confirmed on Sunday it would continue with its additional voluntary cut of 1 million barrels per day (bpd) translating into production of about 9 million bpd for December, a source at the ministry of energy said in a statement. Also on supply side, Venezuela’s state-owned PDVSA is in talks with local and foreign oilfield firms to hire equipment and services that would allow it to revive depressed output, sources close to the meetings said, after the U.S. relaxed sanctions on the country. Natural gas prices may tad further lower as it can move in range of 265-285
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