COMMODITY MARKET NEWS - 5 Oct 2016

Gold to trade in 29336-31256 range

Gold Gold trading range for the day is 29336-31256.Gold dropped as a stronger dollar and signals that Fed might be closer to raising interest  rates this year drove investors out of the precious metal.   Fed’s Evans said he would be "fine" with raising U.S. interest rates by year end if U.S.  economic data continued to come in firm.   Positive economic data usually puts pressure on gold prices as it increases expectations of  a U.S. interest rate hike.   SELL GOLD DEC ON JUMP @ 30350 SL 30540 TGT 30180-30000.MCX.

Crudeoil to trade in 3198-3308 range

Crudeoil trading range for the day is 3198-3308.Crude oil remained supported as the oil production freeze deal by OPEC continued to boost investors’ confidence.However gains were seen limited due to a rise in Iranian exports which add to a global  supply overhang.   The American Petroleum Institute data showed that U.S. crude inventories likely fell for a  fifth straight week, declining by 7.6 million barrels.   BUY CRUDE OIL OCT @ 3240 SL 3200 TGT 3285-3320.MCX.

Silver to trade in 40990-46040 range

Silver trading range for the day is 40990-46040.Silver dropped weighed down by a stronger U.S. dollar following recent upbeat U.S. data continued to weigh on the precious metal.     Fed’s Lacker that there was a strong case for raising interest rates, stoked expectations  that the Fed will lift rates by year-end. The reports added to optimism over the strength of the economy after Friday’s  upbeat U.S. consumer sentiment data.     SELL SILVER DEC ON JUMP @ 43500 SL 43850 TGT 43150-42800.MCX.

Copper to trade in 319.3-326.7 range

Copper trading range for the day is 319.3-326.7.Copper prices slipped as the dollar strengthened although improving signals from China's economy cushioned the fall.   A flurry of Chinese data is expected to point to a modest improvement in the economy in  the third quarter.   Stockpiles tracked by the LME are up more than 160 percent in the past six months.   SELL COPPER NOV @ 327 SL 330 TGT 324.20-320.50.MCX.

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