Precious Metals Preview:
Gold saw some buying around one week low as traders eyed developments on the US fiscal stimulus bill and a bounce in crude oil prices. US stocks slipped as stimulus remained in a limbo and investors braced for third quarter earnings. The Gold traders also eyed the rising Coronavirus cases in Europe. The commodity slipped today though and currently trades at $1900 per ounce, down 0.37% on the day. MCX Gold futures are closed at Rs 50510 per 10 grams, up 0.53% on the day. Gold traders also focussed on reports that Johnson & Johnson has paused a late-stage trial of its Covid-19 vaccine candidate due to an unexplained illness in a study participant. Local traders are likely to track movement in Indian Rupee too. Indian Rupee saw choppy moves yesterday after recent correction. INR closed at 73.31, adding 4 paise on the day.
Base Metals Preview:
Copper saw steady moves on firm Chinese import data and weakness in the US dollar. Chinas copper imports surged in September, official data showed on Tuesday. Total imports of unwrought copper and copper products came in at 722,450 tonnes last month, the General Administration of Customs said, close to the record 762,210.9 tonnes in July. The latest figure marked an 8.1% increase from August and was up sharply by 62.3% from September 2019. The unwrought copper and copper products imports have soared 41% in first nine months of this year compared to same period last year. The red metal currently quotes at 3.04 per pound, down 0.17% on the day. MCX Copper futures ended at Rs 525.40 per kg, up 0.25% on the day after hitting Rs 528 per kg in intraday moves.
The US natural gas futures dropped over 8.50% on Wednesday to test near one week low of $2.60 per mmbtu amid a frantic slide as traders eyed output increases with Gulf Coast wells returning to service after Hurricane Delta. Prices also plummeted on forecasts for milder weather and lower heating demand in the US than previously expected in next few weeks. The commodity has tumbled after hitting a 20-month top on Monday. MCX Natural Gas futures also fell 1.59% to close at Rs 235.40 per mmbtu.
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