Globe Capital Research Report

Oil steadied after signs of weakening demand and concerns about a slowdown in global growth sparked the steepest one-day plunge in more than a year. West Texas Intermediate traded near $84 a barrel after sinking 5.6% on Wednesday. The drop came after official US data showed the weakest seasonal demand for gasoline in 25 years and a small build in crude holdings.

METALS – Copper hits over 4 – month low on firm dollar, high inventory

Bullions counter may trade on weaker path as gold prices headed back towards seven-month lows on as an ascending dollar and bond yields after strong U.S. jobs data kept markets expectant of further monetary policy tightening. Yellow metal can move in range of 56600-57000 while silver also can move in range of 66500-67500.  

The US 30-year yield rose to the highest level since 2007 amid expectations that the Federal Reserve will maintain interest rates at a high level and an increasing supply of Treasury debt.

METALS – Copper hits over 4 – month low on firm dollar

Bullions counter may trade on weaker path as gold continued to sell off, clocking its longest losing streak since Aug. 2022 in the last session as Federal Reserve officials underscored the likelihood of interest rates staying high.