BULLIONS
Bullions counter may trade on upside path as a softer U.S. inflation report cemented bets that the Federal Reserve would deliver its first interest rate cut of the year in June. Overall gold (Jun) can move in range of 68400-69200 while silver (May) also can move in range of 75000-76300. The latest U.S. inflation data is “along the lines of what we would like to see,” Fed Chair Jerome Powell said, indicating that a June interest rate cut was on the table. Traders are currently pricing in a 69% probability that the Fed would begin cutting rates in June, up from 64% before the data came in on Friday, according to the CME Group’s FedWatch Tool.

BASE METALS
In base metal counter, Copper can move on strong path as it can move range of 762-770. Copper prices kick started April higher on Monday, as positive industrial data posted by China bolstered demand outlook from the world’s top metal consumer. China’s manufacturing activity expanded for the first time in six months in March, an official factory survey showed on Sunday. Though the pace of growth was modest, it was also the highest PMI reading since March of last year, when momentum from the lifting of tough COVID-19 restrictions began to stall. Investors also eyed the Federal Reserve to cut interest rates in June after data showed easing U.S. prices. Zinc may trade on firm path as it may move in range of 215-220.

ENERGY
Crude oil may remain on firm path as it may move in range of 6900-7100. Oil prices edged down slightly on Monday, holding on to most of their recent gains amid expectations of tighter supply from OPEC+ cuts, attacks on Russian refineries and upbeat Chinese manufacturing data. Russian Deputy Prime Minister Alexander Novak said on Friday that its oil companies will focus on reducing output rather than exports in the second quarter in order to evenly spread production cuts with other OPEC+ member countries. Both benchmarks finished higher for a third consecutive month, with Brent holding above $85 a barrel since mid-March, as the Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, pledged to extend production cuts to the end of June which could tighten crude supply during summer in the northern hemisphere. Natural gas prices may trade on mixed path as it may move in range of 140-155.

Disclosure

Globe Capital Market Limited (“GCML”) is a Stock Broker registered with BSE, NSE, USE and MSEI in all the major segments viz. Capital, F & O and CDS segments. GCML is also a Depository Participant and registered with both the Depositories viz. CDSL and NSDL. Further, GCML is a SEBI registered Portfolio Manager. GCML includes subsidiaries, group and associate companies, promoters, directors, employees and affiliates.

Globe Commodities Limited, Globe Derivatives and Securities Limited & Globe Fincap Limited are subsidiaries of GCML. Rolex Finvest Private Limited, A to Z Consultants Private Limited, A to Z Venture Capital Limited, M. Agarwal Stock Brokers Private Limited, A M Share Brokers Private Limited, Shri Adinath Advertising Company Pvt. Ltd., Orient Landbase Private Limited, Bolt Synthetic Private Limited, Price ponder Private Limited and Lakshya Impex Private Limited are associates of GCML. Globe Comex International DMCC is step down subsidiary of GCML.

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