THE EQUICOM PROFIT UPDATE: PLEASE CLOSE YOUR POSITION IN COPPER, OUR SL TRIGGERED
DAILY MCX NEWSLETTER
US gold held gains on Tuesday morning after
US Govt shutdown entered for a second week.
The commodity was supported by weak US
Dollar index and hopes that US Central Bank
may continue with its monetary stimulus amid
gloomy economic outlook on US. Chinese
markets have reopened on Tuesday after a
week long National Day holiday and are
expected to support the yellow metal
movement in the global market.
Good physical demand from Asia was noted on
Tuesday after China returned from its week
long holidays. Upcoming India's festive and
wedding season demand is expected to support
the yellow metal prices to certain extent in the
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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