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GLOBAL MARKET ROUND UP

Gold held steady in Asia as traders focused on the Federal Reserve meeting later Wednesday for clues on when the US central bank will start scaling back jumbo-sized interest-rate hikes. On Tuesday, gold gained from its lowest price in more than a week as the dollar fell. Economic data showed a surprise rebound in US job openings, likely fueling further wage gains and adding pressure on the Fed to keep implementing aggressive rate hikes to curb inflation.

Base metals rallied on speculation that Beijing will make preparations to ease China’sstringent Covid rules that have stifled commodities prices. Nickel on the LME settled 8.2% higher at $23,600 a metric ton, the most since March 24, to lead other main basemetals higher on Tuesday; copper climbed 2.7%.

Oil extended gains after an industry report pointed to another big decline in US crude inventories, adding to signs of markettightness

US natural gas futures tumbled the most since June as potential delays to the restart of a key export plant and uncertainty about mid-November cold eased concern abouttightsupplies

Asian stocks are set to follow Wall Street lower, as hopes the Federal Reserve would soften its hawkish stance vanished on robustUS jobs data.

 Commodity Daily BULLION

COMEX Gold prices held recent gains today as the dollar steadied before the conclusion of a Federal Reserve meeting. The dollar index steadied around 111 today, with the focus turning to the conclusion of a Federal Reserve meeting later in the day. While the bank is widely expected to hike interest rates by 75 basis points, markets will be watching for any indication from the Fed on when it plans to ease its hawkish tone. Still, strong U.S. economic data this week showed that the central bank likely has enough headroom to keep raising interest rates at a sharp clip- a scenario that is negative for gold.

Trading Strategy: MCX Gold and Silver December Future rose with strong momentum in yesterday’s session. Silver Dec Fut surpassed the previous top resistance of 58520 and entered into a short-term uptrend. The next resistance for Silver Dec Fut is seen at 60000 and 62300. Supports for the same are seen at 57050. Gold Dec Fut has resistance at 50900, while support for the same is seen at 49800. Both underlying can be traded with positive bias in short term.

Commodity Daily| ENERGY

Oil extended gains after an industry report pointed to another big decline in US crude inventories, adding to signs of market tightness. The American Petroleum Institute reported crude stockpiles shrunk by 6.53 million barrels last week. Speculation that China is searching for a path out of Covid Zero helped to drive oil and other markets higher on Tuesday, although a Chinese foreign ministry spokesman said he was unaware of the plan. US natural gas futures tumbled the most since June as potential delays to the restart of a key export plant and uncertainty aboutmid-November cold eased concern abouttightsupplies.

Trading Strategy: MCX crude oil Nov. fut. is expected to trade higher with immediate resistance at 7400 and then 7710 while on the downside 7080 remains strong support. MCX Natural Gas Nov. future is expected to trade lower with downside support at 450 and support at 510.

Commodity Daily| BASE METALS

Industrial metal prices ended on a positive note on Tuesday with Zinc, Copper and Aluminum gaining 1-2%. Industrial metals prices rose on optimism that China, the world's second-largest oil consumer, could reopen from strict COVID curbs. The weaker dollar index also helped the base metal markets. Fed’s outlook on monetary policy will be closely watched, amid some expectations that the central bank will soften its hawkish stance. Markets are mixed over the possibility of a 50 bps hike by the Fed in December, especially amid expectations that high-interestrates are likely to erode economic growth.

Trading Strategy: Immediate support for MCX Copper November is placed at Rs. 651 and resistance at Rs. 661 and 666. MCX Zinc Nov support lies at Rs. 252,resistance at Rs. 261. MCX Aluminium Nov support lies at Rs. 196 with resistance at Rs. 201 and 206. Base metals prices are likely to trade firm today

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