BULLIONS
Bullions counter may trade on positive path as yellow metal edged higher on Thursday after the U.S. Federal Reserve kept its key interest rate steady, as expected, and indicated that it is still leaning toward eventual rate cuts. Overall gold can move in range of 70800-71300 while silver also can move in range of 81000-82000. The Fed held interest rates steady on Wednesday, but put a red flag on recent disappointing inflation readings that could make those rate cuts a while in coming. Chair Jerome Powell said his forecast remained for inflation to fall over the course of the year, but that “my confidence in that is lower than it was.” The ADP Employment report on Wednesday showed that U.S. private payrolls increased more than expected in April while data for the prior month was revised higher. A report from the U.S. Labor Department showed that U.S. job openings fell to a three-year low in March, while the number of people quitting their jobs declined.
BASE METALS
In base metal counter, Copper prices can trade on firm path as it can move range of 852-864. Prices of nonferrous metals in London rose on Thursday, as a softer dollar made greenback-priced metals cheaper to holders of other currencies. China’s copper producers are planning to export up to 100,000 metric tons of metal, the largest volume in 12 years, aiming to cool a rally that has propelled prices towards record highs and hit their order books. On-warrant aluminium stocks in LME-approved warehouses dropped to 131,375 tons on Tuesday, their lowest level since at least 1998, as cancelled warrants metals earmarked for delivery – surged 82% in just over two weeks. LME aluminium prices rose 10.9% last month, the best monthly gain since January 2023, on supply disruption concern amid sanctions on Russian metal, and optimism around China’s economic recovery. Zinc may move in range of 252-257.
ENERGY
Crude oil may remain on negative path as it may move in range of 6500-6850. Crude oil came under pressure recently on expectations the lower levels may prompt the U.S., the world’s biggest crude consumer, to start replenishing its strategic reserve, putting a floor under prices. prices fell more than 3% on Wednesday to a seven-week after the U.S. Federal Reserve kept interest rates steady, which may curtail economic growth this year and limit oil demand increase. Crude was also pressured by an unexpected increase in U.S. crude inventories and signs of an impending Israel-Hamas ceasefire that would ease Middle East supply concerns. The U.S. has said it aims to replenish Strategic Petroleum Reserve (SPR) after a historic sale from the emergency stockpile in 2022 and wants to buy back oil at $79 a barrel or less. Natural gas prices may witness lower level buying as it may move in range of 161-168.

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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