BULLIONS
Bullions counter may trade on mixed path as yellow metal prices steadied on Monday as investors looked forward to more U.S. economic data for clues on when the Federal Reserve might start its monetary policy easing this year. The personal consumption expenditures (PCE) price index increased 0.3% last month, the Commerce Department’s Bureau of Economic Analysis said on Friday, matching the unrevised gain in March. Overall gold can move in range of 71200-71600 while silver also can move in range of 89000-92000. Traders are currently pricing in about a 54% chance of a rate cut by September, according to the CME FedWatch Tool. Price cuts by major U.S. retailers and new data showing a slowdown in consumer spending may boost the Fed’s confidence in falling inflation. Bullion is known as an inflation hedge, but higher rates increase the opportunity cost of holding non-yielding gold.
BASE METALS
In base metal counter, Copper prices can open in red as it can move range of 860-870. London copper rose on Monday, as a private sector survey showed strong factory activity in top consumer China, and stabilising inflation in the United States suggested the Federal Reserve’s interest rate cut plans later this year remained intact. China’s manufacturing activity in May grew at the fastest pace in about two years with strong production and new orders across smaller, export-oriented firms, a private sector survey showed, contrasting a surprise fall in the broader official purchasing managers’ index. The discount to import copper into China tightened to $10 a ton on Friday, from $20 on May 22, indicating some improvement in physical demand. However, overall consumption remained tepid due to high and volatile prices. Aluminium may trade on negative path as it can move in range of 234-244.

ENERGY
Crude oil may trade on subdued path pas it may move in range of 6340-6480. Oil prices fell early on Monday, despite a move by producer group OPEC+ to extend deep output cuts well into 2025. The Organization of the Petroleum Exporting Countries and allies led by Russia, together known as OPEC+, are currently cutting output by a total of 5.86 million barrels per day (bpd), which is about 5.7% of global demand. But on Sunday, the group agreed to extend the cuts of 3.66 million bpd by a year until the end of 2025. It will also prolong the cuts of 2.2 million bpd by three months until end-September 2024, before phasing it out over a year from October 2024 to September 2025. But on Sunday, the group agreed to extend the cuts of 3.66 million bpd by a year until the end of 2025. It will also prolong the cuts of 2.2 million bpd by three months until end-September 2024, before phasing it out over a year from October 2024 to September 2025. Natural gas can open in green as it can move in range of 210-230.

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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