Gold Silver Reports — Base metals pack may trade sideways as US Chicago PMI data to give further direction to the prices. MCX Copper may move in the range of 327-332.
All Base Metal Intraday Trading Zone, Copper, Zinc
Lead MCX can hover in the range of 119-123. Zinc may move in range of 145-150. Nickel may move in the range of 695-720 in MCX. Aluminum MCX can move in the range of 105-107 in MCX. Copper MCX has climbed, boosted by a lower greenback after the US central bank left rates unchanged and some expectations of steady demand in top consumer China.
The Fed said near-term risks to the economic outlook had diminished, but gave no firm indication of whether it would raise rates at its meeting in September. Demand for copper in China, which accounts for nearly 50% of global consumption estimated at around 22 million tonnes this year, has fallen sharply in recent years as growth and investment spending has slowed.
Nickel ended up 3.2 per cent at $US10,695 a tonne on worries about ore supplies from the Philippines and a pollution-related crackdown in China’s nickel pig iron smelters in Linyi city, Shandong. — Neal Bhai Reports