Bullion: Gold futures contracts were trading higher on domestic exchanges as the rupee fell to a seven-week low against the dollar. Precious metals prices are trading little changed on MCX today. We do not expect any major movement ahead of the US presidential elections which is likely to affect the US dollar thus, leading the direction for precious metals.
Metals: Base metal futures on the MCX were trading higher due to sharp fall in rupee against the US dollar, while benchmark contracts on the London Metal Exchange moved with a negative bias, as market remained cautious ahead of US election. Industrial metals prices are trading higher on international bourses today. We expect Lead and Aluminium prices to remain firm for the day on account of high physical premiums in major markets.
Support for November copper is seen at Rs.416 while Resistance is seen at Rs. 426.
Energy: Crude oil prices are trading little changed on MCX today. We do not expect any major rise in the prices of oil on account of subdued US demand due to the Hurricane season.
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