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DAILY MCX NEWSLETTER
The second biggest gold imported China's gold
imports to keep providing a floor for the gold
market, said HSBC in a research note.
According to the data from the Hong Kong
Census and Statistics Department this week
shows Chinese imports from Hong Kong
increased to 131 metric tons in August from 54
in the same month a year ago and also up from
129 this July.
“Bullion’s premium on the Shanghai Gold
Exchange, an indicator of China’s gold appetite,
moved higher to $10/oz from the upper single
digits seen prior to being closed for holiday,”
“We expect gold imports in China to remain at
historically high levels and continue to provide
a floor of support for bullion,” HSBC concluded
US crude oil futures rose from a four day low
amid concerns over partial shutdown of the
US government and higher than expected
crude oil stock-piles. WTI crude oil for
November delivery on NYMEX was seen
trading with the gain of 80 cents at $103.83
per barrel as of 16.28 IST on Tuesday.
Technically, the trend in crude oil futures for
October delivery on India's Multi Commodity
Exchange (MCX) looks sideways to bullish for
the day and traders are advised to take buy
Intra-day support for the commodity is seen at
6350 while resistance is seen at 6470. If prices
break the level of 6470, then further upside is
expected till 6530.
India lead futures edged up on Tuesday on
short covering amid depreciation of Indian
Rupee (INR) against US Dollar (USD). The
commodity is expected to trade with a
positive bias during intra-day trade.
Chinese service sector recorded a decline in
September. HSBC China Services Purchasing
Managers' Index fell to 52.4 from 52.8
recorded in August, according to the data
released on Tuesday.
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