BULLIONS

Bullions counter may trade on mixed path as US interest rate decision and FOMC statement will give further direction to the prices. Gold can move in range of 60500-61300 while silver also can move in range of 70500-71500. Gold prices started November lower on Wednesday as cautious investors awaited U.S. Federal Reserve’s policy decision, after the Middle-East worries led to a strong safe-haven rally last month and pushed prices above $2,000.  Israeli bombings killed at least 50 Palestinians on Tuesday including a Hamas commander in a densely packed refugee camp in Gaza, as medics battled to treat the injured. Market focus is on the outcome of the Fed’s two-day monetary policy meeting concluding later in the day, followed by the U.S. monthly jobs report on Friday. Gold prices near record highs could dampen demand in India during the peak festival season and lead to the lowest purchase volumes in three years, the World Gold Council (WGC) said on Tuesday.

BASE METALS

In base metal counter, Copper can move on weaker path as it can move in range of 700-710. The global refined copper market recorded a 33,000 metric ton deficit in August, compared to a 30,000 metric ton deficit in July, per the International Copper Study Group (ICSG). However, the market showed a 99,000 metric ton surplus for the first 8 months of the year, contrasting with a 313,000 metric ton deficit in the same period last year. In August, world refined copper output stood at 2.25 million metric tons, with consumption at 2.28 million metric tons. To counter this, Beijing expanded its budget by CNY 1 trillion for manufacturing investments, aiming to boost industrial input demand and alleviate concerns about low residential construction demand. Concurrently, copper stocks at exchanges in Shanghai and London plummeted by 40%, signalling increased physical demand in Asia. Aluminum can move in range of 205-208.

ENERGY

Crude oil may trade on weaker path as it may move in range of 6700-6850. Crude prices are steadying ahead of a key issuance update by the Treasury and FOMC rate decision. Crude oil inventories in the U.S. rose by about 1.3 million barrels last week, while fuel stockpiles fell by about 360,000 barrels, according to market sources citing American Petroleum Institute figures on Tuesday. Distillate inventories fell by about 2.5 million barrels. Interest rate hikes aimed at taming inflation can slow economic growth and reduce oil demand, while rate cuts to spur spending could increase oil consumption. U.S. Secretary of State Antony Blinken, who will visit Israel on Friday, said the U.S. and other countries are looking at “a variety of possible permutations” for the future of the Gaza Strip if Hamas militants are removed from control. Natural gas prices may trade on upside path as it can move in range of 290-310.

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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