GOLD COMES OFF HIGHS AFTER U.S HOUSE REPUBLICATIONS PROPOSE TAX CUTS | TODAY MCX MARKET OUTLOOK 03 NOV 2017.
Commodity Opening Bell
Bullion - Opens on positive Note Gold -29250-29240 Silver -39670-39650
Energy - Opens on positive Note Crude Oil -3540-3544 Natural Gas -190-190.10
Base Metals - Opens on positive Note Copper -449.50-449 Nickel -815-820 Lead -159.20-159 Zinc - 212-211.80 Aluminium -140.10-140.25
Precious Metals
Precious metals are likely to open flat as Jerome
Powell was announced as the next Fed Chairman as
expected. Powell is a centrist and his polices are
unlikely to be radically different than those of the
current Fed Chair Janet Yellen. The other important
event out of the US was the introduction of the new
tax bill which again provided no major surprises. The
corporate tax rate is likely to be cut to 20% from 35%
and the proposal includes doubling the standard
deduction for individuals and families, capping the
deduction for state and local property taxes and
maintaining the current tax treatment of 401(k) and
retirement pension plans
Base Metals
Base metals traded firm across board with nickel posting its biggest two-day jump in more than three years, zinc hit its highest in decade and aluminium matched last week's five-year peak. Nickel has been on tear surging by around 10% over last 3 days on expectations that demand would be boosted by a rise in electric car buying, while zinc hit its highest since August 2007 on deficit expectations.
Energy
Crude oil prices are likely to stay firm as optimism remains high amid expectations that OPEC cuts could be extended for another nine months. Discussion about it will happen in OPEC meeting later this month. Oil prices have jumped in last couple of weeks as OPEC output dropped in Oct and compliance to cuts increased.
Base Metals
Base metals traded firm across board with nickel posting its biggest two-day jump in more than three years, zinc hit its highest in decade and aluminium matched last week's five-year peak. Nickel has been on tear surging by around 10% over last 3 days on expectations that demand would be boosted by a rise in electric car buying, while zinc hit its highest since August 2007 on deficit expectations.
Energy
Crude oil prices are likely to stay firm as optimism remains high amid expectations that OPEC cuts could be extended for another nine months. Discussion about it will happen in OPEC meeting later this month. Oil prices have jumped in last couple of weeks as OPEC output dropped in Oct and compliance to cuts increased.
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