BULLIONS

Bullions counter may trade on weaker path as yellow metal prices edged lower on Tuesday as the U.S. dollar climbed, while investors looked forward to key economic data this week for signs on how long the interest rates could keep rising to quell sticky inflation. Gold can move in range of 59500-60000 while silver also can move in range of 73500-76000. Gold prices ended July 2.3% higher, the biggest monthly rise in four months on expectations that an end to the rate-hiking cycle by global central banks was nearing. U.S. employment data later this week will be a key marker for interest rate expectations from the Fed and any upside surprises could remind traders that a further rate hike remains a possibility, which would weigh on gold

BASE METALS

In base metal counter, Copper can trade on positive path as it can move in range of 750-760. Copper hit a three-month high as it headed for its biggest monthly advance since January, supported by growing optimism over Chinese demand and mounting supply risks in Chile. On the demand side, Beijing’s leadership has promised more support for the real estate sector and a reduction in the local-government debt burden, which are expected to boost the need for commodities in the top metals consumer. Supply risks were also in focus after Chilean copper mining giant Codelco on Friday lowered its annual production guidance and raised cost estimates after another disappointing quarter. Zinc may remain on sideways path as it can move in range of 225-230.  Aluminum can move in range of 200-205.

ENERGY: Crude oil may trade on strong path as it may move in range of 6600-6780. Crude oil prices rose on expectations of a further tightening in supply as well as U.S. growth optimism. These strong monthly gains were prompted by a couple of the world’s biggest oil exporters, Saudi Arabia, and Russia, announcing plans to further reduce their production levels, starting in August, reducing global supply. Goldman Sachs revised up its global oil demand forecast for the year, to an all-time high of 102.8 million barrels per day in July, and expected solid demand driving a larger-than-expected 1.8 million barrels a day deficit in the second half this year. Natural gas prices may trade on upside path in range of 215-225.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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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