- Bullions counter may trade on upside path as gold prices edged higher on Wednesday, hovering near record levels as the U.S. moved closer to a government shutdown, bolstering safe-haven demand, while weak U.S. labor data reinforced expectations of further Federal Reserve rate cuts.
Commodity Morning Trading Guide
Report Overview
BULLIONS
- Bullions counter may trade on upside path as gold prices edged higher on Wednesday, hovering near record levels as the U.S. moved closer to a government shutdown, bolstering safe-haven demand, while weak U.S. labor data reinforced expectations of further Federal Reserve rate cuts.
- Overall Gold (Dec) can move in range of 116000-118500 while Silver (Dec) also can move in range of 142000-145000.
- The U.S. Senate failed on Tuesday to pass legislation extending government funding, pushing the nation closer to a shutdown, while U.S. President Donald Trump threatened additional federal workforce cuts.
- SPDR Gold Trust , the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.11% to 1,012.88 tons on Tuesday from 1,011.73 tons on Monday.
BASE METALS
- In base metal counter, Copper (Oct) prices can trade on firm path as it can move in range of 945-960. London copper futures strengthened on Wednesday, as investors weighed supply concerns following top-producer Chile’s steepest output drop in over two years.
- Chile’s output fell 9.9% year-on-year in August on the back of an accident at Codelco’s flagship mine on July 31 that killed six people. The company, the world’s top copper producer, was forced to halt mining and smelting operations, which knocked 33,000 metric tons off the facility’s output forecast for 2025.
- Freeport declared force majeure at the mine last month due to torrential mudslides, which killed two workers. The mine is not expected to return to pre-accident operating rates until at least 2027, weighing on global copper supplies.
- Aluminum prices can trade on upside path as it may move in range of 257-262.while Zinc may move on volatile path as it may trade in range of 282-288.
ENERGY
- Crude oil may trade with mixed path as it can move in range of 5520-5620. Oil prices steadied in early trade on Wednesday after two consecutive days of losses as investors weighed potential OPEC+ plans for a larger output hike next month against the prospect of shrinking inventories in the U.S.
- The prospect of shrinking U.S. crude oil inventories helped keep prices from falling farther. U.S. crude stocks fell while gasoline and distillate inventories rose last week, market sources said, citing American Petroleum Institute estimates on Tuesday.
- OPEC+ could agree to raise oil production by up to 500,000 barrels per day (bpd) in November, triple the increase made for October, as Saudi Arabia seeks to reclaim market share, three sources familiar with the talks said.
- Natural gas (Oct) may move on firm path as it can move in range of 290-305.
Disclosure
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AY Securities and Commodities Limited, Globe Derivatives and Securities Limited & Globe Fincap Limited are subsidiaries of GCML. AtoZFinstock 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, LakshyaImpex Private Limited and Launchpad Fintech Private Limited are associates of GCML.
This report has been prepared by GCML and published in accordance with the provisions of Regulation 19 of the Securities and Exchange Board of India (Research Analysts) Regulations, 2014, for use by the recipient as information only and is not for general circulation or public distribution. This report is not to be altered, transmitted, reproduced, copied, redistributed, uploaded, published or made available to others, in any form, in whole or in part, for any purpose without prior written permission from GCML. The projections and the forecasts described in this report are based on estimates and assumptions and are inherently subject to significant uncertainties and contingencies. Projections and forecasts are necessarily speculative in nature, and it can be expected that one or more of the estimates on which the projections are forecasts were based may not materialize or may vary significantly from actual results and such variations will likely increase over the period of time. This report should not be construed as an offer to sell or the solicitation of an offer to buy, purchase or subscribe to any securities, and neither this report nor anything contained therein shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. It does not constitute a personal recommendation or take into account the particular investment objective, financial situation or needs of any individual in particular. The research analysts of GCML have adhered to the code of conduct under Regulation 24 (2) of the Securities and Exchange Board of India (Research Analysts) Regulations, 2014. The recipients of this report must make their own investment decisions, based on their own investment objectives, financial situation or needs and other factors. The recipients should consider and independently evaluate whether it is suitable for its/ his/ her/their particular circumstances and if necessary, seek professional / financial advice as there is substantial risk of loss. GCML does not take any responsibility thereof.
Any such recipient shall be responsible for conducting his/her/its/their own investigation and analysis of the information contained or referred to in this report and of evaluating the merits and risks involved in securities forming the subject matter of this report. The price and value of the investment referred to in this report and income from them may go up as well as down, and investors may realize profit/loss on their investments. Past performance is not a guide for future performance. Actual results may differ materially from those set forth in the projection.
AY Securities and Commodities Limited, Globe Derivatives and Securities Limited & Globe Fincap Limited are subsidiaries of GCML. AtoZFinstock 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, LakshyaImpex Private Limited and Launchpad Fintech Private Limited are associates of GCML.
This report has been prepared by GCML and published in accordance with the provisions of Regulation 19 of the Securities and Exchange Board of India (Research Analysts) Regulations, 2014, for use by the recipient as information only and is not for general circulation or public distribution. This report is not to be altered, transmitted, reproduced, copied, redistributed, uploaded, published or made available to others, in any form, in whole or in part, for any purpose without prior written permission from GCML. The projections and the forecasts described in this report are based on estimates and assumptions and are inherently subject to significant uncertainties and contingencies. Projections and forecasts are necessarily speculative in nature, and it can be expected that one or more of the estimates on which the projections are forecasts were based may not materialize or may vary significantly from actual results and such variations will likely increase over the period of time. This report should not be construed as an offer to sell or the solicitation of an offer to buy, purchase or subscribe to any securities, and neither this report nor anything contained therein shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. It does not constitute a personal recommendation or take into account the particular investment objective, financial situation or needs of any individual in particular. The research analysts of GCML have adhered to the code of conduct under Regulation 24 (2) of the Securities and Exchange Board of India (Research Analysts) Regulations, 2014. The recipients of this report must make their own investment decisions, based on their own investment objectives, financial situation or needs and other factors. The recipients should consider and independently evaluate whether it is suitable for its/ his/ her/their particular circumstances and if necessary, seek professional / financial advice as there is substantial risk of loss. GCML does not take any responsibility thereof.
Any such recipient shall be responsible for conducting his/her/its/their own investigation and analysis of the information contained or referred to in this report and of evaluating the merits and risks involved in securities forming the subject matter of this report. The price and value of the investment referred to in this report and income from them may go up as well as down, and investors may realize profit/loss on their investments. Past performance is not a guide for future performance. Actual results may differ materially from those set forth in the projection.
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