Commodity Opening Bell 

Bullion - Opens on positive Note Gold -29100-29130 Silver -39200-39250 

Energy - Opens on negative Note Crude Oil -3010-3005 Natural Gas -185.80-185.70 

Base Metals - Opens on positive Note Copper -419.50-420.20 Nickel -691-692 Lead -160.50-160.80 Zinc - 200.50-200.70 Aluminium -134.10-134.20

STOCK MARKET NEWS

Bullion counter may open on positive path tracking strong international markets on safe haven demand as US initial jobless claim data to give further direction to the prices. Meanwhile movement of local currency rupee can give further direction to the prices. Gold can move in range of 28800-29500 while silver can move in range of 38700-39700 in near term. Gold prices finished with a gain on Wednesday as news that two White House business advisory groups have disbanded, fueling haven demand and prompting a late-session turn higher for the yellow metal. Most senior Federal Reserve officials wanted to wait until an “upcoming” meeting to unveil a long-awaited selloff of the central bank’s $4.5 trillion in bondholdings, hinting at an announcement in September, according to minutes of the Fed’s meeting in July. The government has banned exports of gold jewellery, medallions and other articles with purity above 22 carats in a bid to check round tripping of the precious metal.

Base metals complex may open in green however profit booking at higher levels can be seen. Today US industrial production data can give further direction to the prices. Copper may move in the range of 416-425. Aluminum can move in the range of 132-135 in MCX. Nickel can move in range of 675-695. Lead can hover in the range of 158-162. Zinc may move in range of 195-203. A broad-based rally in metals extended on Thursday to new multi-year peaks for London aluminium, copper and zinc, on expectations that China's reform of its metals industry will curb supply against a background of robust demand. LME aluminium hit its highest since late 2014, while zinc hit a new peak since 2007 at $3,145 a tonne. Both LME zinc and LME lead held the prior day's 5 pct gains and all three are up between 21-25 percent this year. Chinese traders are diverting money from steel to zinc on the Shanghai Futures Exchange after a hike in trading fees on Monday cut the appeal of steel itself even as booming construction activity fuels demand for steel-making essentials like zinc.

Crude oil can open in green as it can move in range of 2980-3050. Oil prices edged up early on Thursday, clawing back some ground after losses in the previous session. Traders said the market was range-bound as falling crude inventories provided price support while high output was capping gains. Data published late on Wednesday by the Energy Information Administration (EIA) showed that commercial U.S. crude oil stocks have fallen by almost 13 percent from their peaks in March to 466.5 million barrels, well below this time last year. Some traders said that the soaring U.S. output is eroding efforts by the Organization of the Petroleum Exporting Countries which, together with non-OPEC producers like Russia, has pledged to restrict output by 1.8 million barrels per day (bpd) between January this year and March 2018 to tighten the market and prop up prices. Natural gas may move in range of 185-189 as weekly inventory data to give further direction to the prices.