Market Roundup on Gold, Silver, Crude and Copper
Gold prices edged higher as a weaker dollar pushed investors to lock in gains on the metal’s recent turn down. Gold trading range for the day is 27700-28130. Some Fed policymakers have expressed confidence in the U.S. economy and signaled a possible near-term interest rate climb. SPDR gold trust holdings dropped by 0.72% i.e. 6.23 tones to 863.67 tons from 869.90 tones.
MCX Free Tips: Silver gained as the dollar eased in front of an ECB meeting, and on the view that a U.S. rate increase next week was already reflected in prices. Silver trading range for the day is 40451-42747. A report released by the Federal Reserve showed U.S. consumer credit increased by less than expected in the month of October. The Fed said non-revolving credit such as student loans and car loans ascend by $13.7 billion in October after rising by $17.7 billion in September.
Crude oil dropped on persistent doubts whether a planned crude production cut led by OPEC and Russia would be deep enough to end a supply overhang. Crude oil trading range for the day is 3304-3528. The EIA said crude inventories fell by 2.389 mn barrels after a drop of 884,000 barrels the previous week. OPEC and non-OPEC oil producers will meet in Austria’s to agree details of the output cut, which targets an overall reduction of 1.5 mbpd.
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Copper prices dropped on profit booking buoyed by signs that global manufacturing activity will return to a healthier footing next year. Copper trading range for the day is 384.8-412.2. LME stocks have fallen to around 230,000 tones, the lowest since August, and down around 40 percent since late September. A few reports are showing a supply deficit emerging in 2020, making current prices still look cheap.
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